Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 27, 2019 | Jun. 30, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
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 Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 40,654,965 | ||
Entity Public Float | $ 1,400,000,000 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Assets | ||
Cash and cash equivalents | $ 458,102 | $ 742,546 |
Accounts receivable, net of allowance for doubtful accounts of $1,733 and $105, respectively | 468,161 | 436,560 |
Contract assets | 140,082 | 146,496 |
Inventories | 309,975 | 268,917 |
Prepaid expenses and other assets | 27,024 | 36,018 |
Income taxes receivable | 206 | 120 |
Total current assets | 1,403,550 | 1,630,657 |
Property, plant and equipment, net | 210,954 | 186,473 |
Goodwill | 192,116 | 191,616 |
Deferred income taxes | 2,478 | 4,034 |
Other, net | 90,685 | 96,524 |
Total assets | 1,899,783 | 2,109,304 |
Current liabilities: | ||
Current installments of long-term debt and capital lease obligations | 6,793 | 18,274 |
Accounts payable | 422,053 | 362,701 |
Income taxes payable | 10,435 | 11,663 |
Accrued liabilities | 97,878 | 85,679 |
Total current liabilities | 537,159 | 478,317 |
Long-term debt and capital lease obligations, less current installments | 147,277 | 193,406 |
Other long-term liabilities | 68,799 | 89,749 |
Deferred income taxes | 14,323 | 8,694 |
Shareholders' equity: | ||
Preferred stock, $0.10 par value; 5,000 shares authorized, none issued | ||
Common stock, $0.10 par value; 145,000 shares authorized; issued and outstanding - 41,357 and 49,143, respectively | 4,136 | 4,914 |
Additional paid-in capital | 554,939 | 634,192 |
Retained earnings | 584,274 | 708,181 |
Accumulated other comprehensive loss | (11,124) | (8,149) |
Total shareholders' equity | 1,132,225 | 1,339,138 |
Commitments and contingencies | ||
Total liabilities and shareholders' equity | $ 1,899,783 | $ 2,109,304 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Condensed Consolidated Balance Sheets [Abstract] | ||
Allowance for doubtful accounts, accounts receivable | $ 1,733 | $ 105 |
Preferred shares, par value | $ 0.1 | $ 0.1 |
Preferred shares, shares authorized | 5,000 | 5,000 |
Preferred shares, issued | ||
Common stock, par value | $ 0.1 | $ 0.1 |
Common stock, shares authorized | 145,000 | 145,000 |
Common stock, issued | 41,357 | 49,143 |
Common stock, outstanding | 41,357 | 49,143 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Consolidated Statements Of Income (Loss) [Abstract] | |||
Net sales | $ 2,566,465 | $ 2,454,479 | $ 2,322,285 |
Cost of sales | 2,345,872 | 2,228,559 | 2,107,600 |
Gross profit | 220,593 | 225,920 | 214,685 |
Selling, general and administrative expenses | 143,205 | 130,401 | 113,448 |
Amortization of intangible assets | 9,485 | 10,065 | 11,838 |
Restructuring charges and other costs | 9,365 | 8,628 | 12,539 |
Income from operations | 58,538 | 76,826 | 76,860 |
Interest expense | (10,473) | (9,405) | (9,304) |
Interest income | 6,848 | 5,370 | 2,136 |
Other income (expense) | 628 | (1,786) | (282) |
Income before income taxes | 55,541 | 71,005 | 69,410 |
Income tax expense | 32,724 | 102,906 | 5,477 |
Net income (loss) | $ 22,817 | $ (31,901) | $ 63,933 |
Earnings (loss) per share: | |||
Basic | $ 0.49 | $ (0.64) | $ 1.3 |
Diluted | $ 0.49 | $ (0.64) | $ 1.28 |
Weighted-average number of shares outstanding: | |||
Basic | 46,332 | 49,680 | 49,298 |
Diluted | 46,655 | 49,680 | 49,825 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Consolidated Statements Of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 22,817 | $ (31,901) | $ 63,933 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | (2,273) | 4,977 | (1,465) |
Unrealized gain on investments, net of tax | 41 | 33 | 21 |
Unrealized gain (loss) on derivative, net of tax | (1,362) | 1,192 | 286 |
Other | 619 | (175) | (2) |
Other comprehensive gain (loss) | (2,975) | 6,027 | (1,160) |
Comprehensive income (loss) | $ 19,842 | $ (25,874) | $ 62,773 |
Consolidated Statements Of Shar
Consolidated Statements Of Shareholders' Equity - 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, 2015 | 50,178 | ||||
Balances, value at Dec. 31, 2015 | $ 1,332,273 | $ 5,018 | $ 624,997 | $ 715,274 | $ (13,016) |
Stock-based compensation expense | $ 5,322 | 0 | 5,322 | 0 | 0 |
Shares repurchased and retired, shares | (1,959) | ||||
Shares repurchased and retired, value | $ (41,929) | (196) | (21,396) | (20,337) | 0 |
Stock options exercised, shares | 928 | ||||
Stock options exercised, value | $ 18,825 | 93 | 18,732 | 0 | 0 |
Vesting of restricted stock units, shares | 209 | ||||
Vesting of restricted stock units, value | $ 0 | 21 | (21) | 0 | 0 |
Shares withheld for taxes, shares | (26) | ||||
Shares withheld for taxes, value | $ (568) | (3) | (565) | 0 | 0 |
Excess tax shortfall of stock-based compensation | (976) | 0 | (976) | 0 | 0 |
Net income (loss) | 63,933 | 0 | 0 | 63,933 | 0 |
Other comprehensive loss | $ (1,160) | 0 | 0 | 0 | (1,160) |
Balances, shares at Dec. 31, 2016 | 49,330 | ||||
Balances, value at Dec. 31, 2016 | $ 1,375,720 | 4,933 | 626,093 | 758,870 | (14,176) |
Cumulative effect of accounting change | 0 | 0 | 213 | (213) | 0 |
Stock-based compensation expense | $ 7,815 | 0 | 7,815 | 0 | 0 |
Shares repurchased and retired, shares | (963) | ||||
Shares repurchased and retired, value | $ (29,348) | (97) | (10,676) | (18,575) | 0 |
Stock options exercised, shares | 582 | ||||
Stock options exercised, value | $ 11,208 | 58 | 11,150 | 0 | 0 |
Vesting of restricted stock units, shares | 206 | ||||
Vesting of restricted stock units, value | $ 0 | 21 | (21) | 0 | 0 |
Shares withheld for taxes, shares | (12) | ||||
Shares withheld for taxes, value | $ (383) | (1) | (382) | 0 | 0 |
Net income (loss) | (31,901) | 0 | 0 | (31,901) | 0 |
Other comprehensive loss | $ 6,027 | 6,027 | |||
Balances, shares at Dec. 31, 2017 | 49,143 | ||||
Balances, value at Dec. 31, 2017 | $ 1,339,138 | 4,914 | 634,192 | 708,181 | (8,149) |
Stock-based compensation expense | $ 10,089 | 0 | 10,089 | 0 | 0 |
Shares repurchased and retired, shares | (8,236) | ||||
Shares repurchased and retired, value | $ (211,858) | (823) | (91,520) | (119,515) | 0 |
Stock options exercised, shares | 200 | ||||
Stock options exercised, value | $ 3,631 | 20 | 3,611 | 0 | 0 |
Vesting of restricted stock units, shares | 306 | ||||
Vesting of restricted stock units, value | $ 0 | 31 | (31) | 0 | 0 |
Shares withheld for taxes, shares | (56) | ||||
Shares withheld for taxes, value | $ (1,408) | (6) | (1,402) | 0 | 0 |
Dividends declared | (27,209) | 0 | 0 | (27,209) | 0 |
Net income (loss) | 22,817 | 0 | 0 | 22,817 | 0 |
Other comprehensive loss | $ (2,975) | 0 | 0 | 0 | (2,975) |
Balances, shares at Dec. 31, 2018 | 41,357 | ||||
Balances, value at Dec. 31, 2018 | $ 1,132,225 | $ 4,136 | $ 554,939 | $ 584,274 | $ (11,124) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 22,817 | $ (31,901) | $ 63,933 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation | 38,439 | 36,668 | 41,398 |
Amortization | 13,400 | 12,004 | 13,741 |
Provision for doubtful accounts | 1,712 | 1,697 | 0 |
Deferred income taxes | 7,628 | 7,422 | 8,390 |
Asset impairments | 96 | 42 | 142 |
Gain on the sale of property, plant and equipment | (262) | (202) | (224) |
Stock-based compensation expense | 10,089 | 7,815 | 5,322 |
Excess tax benefits from stock-based compensation | 0 | 0 | (663) |
Changes in operating assets and liabilities, net of effects from business acquisition: | |||
Accounts receivable | (33,952) | 4,657 | 37,573 |
Contract assets | 6,414 | 9,710 | (10,931) |
Inventories | (43,264) | (24,570) | 38,397 |
Prepaid expenses and other assets | 10,238 | (7,812) | 2,207 |
Accounts payable | 61,391 | 29,542 | 76,039 |
Accrued liabilities | 5,778 | 13,519 | (28) |
Income taxes | (23,837) | 87,251 | (2,208) |
Net cash provided by operations | 76,687 | 145,842 | 273,088 |
Cash flows from investing activities: | |||
Proceeds from sales of investments at par | 522 | 250 | 200 |
Additions to property, plant and equipment | (62,808) | (50,786) | (30,478) |
Proceeds from the sale of property, plant and equipment | 239 | 280 | 357 |
Additions to purchased software | (3,924) | (3,720) | (1,856) |
Business acquisition, net of cash acquired | 10,750 | ||
Business acquisitions, net of cash acquired | (2,731) | 0 | |
Other | (147) | (2,145) | (218) |
Net cash used in investing activities | (68,849) | (56,121) | (21,245) |
Cash flows from financing activities: | |||
Proceeds from stock options exercised | 3,631 | 11,208 | 18,825 |
Excess tax benefits from stock-based compensation | 0 | 0 | 663 |
Employee taxes paid for shares withheld | (1,408) | (383) | (568) |
Dividends paid | (21,005) | 0 | 0 |
Borrowings under credit agreement | 50,000 | 100,000 | 25,000 |
Principal payments on long-term debt and capital lease obligations | (108,024) | (112,396) | (37,301) |
Share repurchases | (211,858) | (29,348) | (41,929) |
Debt issuance costs | (2,303) | (433) | 0 |
Net used in financing activities | (290,967) | (31,352) | (35,310) |
Effect of exchange rate changes | (1,315) | 2,744 | (1,095) |
Net increase (decrease) in cash and cash equivalents | (284,444) | 61,113 | 215,438 |
Cash and cash equivalents at beginning of year | 742,546 | 681,433 | 465,995 |
Cash and cash equivalents at end of period | $ 458,102 | $ 742,546 | $ 681,433 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 1 —Summary of Significant Accounting Policies (a) Business 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 services, the Company has been providi ng 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 instrumentation, next-generation telec ommunications and high-end computing. The Company has manufacturing operations located in the United States and Mexico (the Americas), Asia and Europe . (b) Principles of Consolidation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) and include the financial statements of Benchmark Electronics, Inc. and its wholly owned and majority owned subsidiaries. All significant interc ompany balances and transactions have been eliminated in consolidation. Effective January 1, 2018, the Company adopted the requirements of a new a c counting standard related to revenue recognition as discussed in Note 1 (q) . All amounts and disclosures set forth in this Form 10-K have been updated to comply with the new standard, as indicated by the “as adjusted” column heading. (c) Cash and Cash Equivalents The Company considers all highly liquid debt instruments with an original maturity at the date of purchase of three months or less to be cash equivalents. Cash equivalents of $ 265.4 million and $ 581.4 million at December 31, 2018 and 2017 , respectively, consist ed primarily of money-market funds and time deposits with an initial term of less than three months. (d) Allowance for Doubtful Accounts Accounts receivable are recorded net of allowances for amounts not expected to be collected. In estimating the allowance, management considers a specific customer’s financial condition, payment history, and various information or disclosures by the customer or other publicly available information. Acco unts receivable are charged against the allowance after all reasonable efforts to collect the full amount (including litigation, where appropriate) have bee n exhausted. During both the third quarter of 2018 and the first quarter of 2017 , the Company recorded $ 1 .7 million in charge s for a provision to accounts receivable associated with the insolvency of two customer s . (e ) Inventories Inventories include material, labor and overhead and are stated at the lower of cost (principally first -in, first-out method) or net realizable value . (f ) Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation is calculated on the straight-line method over the useful lives of the assets – 5 to 40 years for buildings an d building improvements, 2 to 15 years for machinery and equipment, 2 to 12 years for furniture and fixtures and 2 to 8 years for vehicles. Leasehol d improvements are amortized on the straight-line method over the shorter of the useful life of the improvement or the remainder of the lease term. (g ) Goodwill and Other Intangible Assets Goodwill represents the excess of purchase price over fair value of net assets acquired. Goodwill and intangible assets acquired in a business combination and determined to have an indefinite useful life are not amortized, but instead assessed for impairment at least annually. Intangible assets , including those acquired in a business combination, with estimable useful liv es are amortized over their respective estimated useful lives to their estimated residual values. (h ) Impairment of Long-Lived Assets and Goodwill Long-lived assets, such as property, plant, and equipment, and purchased intangibles subject to amortizatio n, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is evaluated by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the a sset exceeds the estimated fair value of the asset. Assets to be disposed of would be separately disclosed and reported at the lower of the carrying amount or estimated fair value less costs to sell, and are no longer depreciated. The assets and liabilitie s of a disposed group classified as held for sale would be disclosed separately in the appropriate asset and liability sections of the consolidated balance sheet. Goodwill is tested for impairment on an annual basis, during the fourth quarter , and whenever events and changes in circumstances suggest that the carrying amount may be impaired. Circumstances that may lead to the impairment of goodwill include unforeseen decreases in future performance or industry demand or the restructuring of our operations as a result of a change in our business strategy. A qualitative assessment is allowed to determine if goodwill is potentially impaired. Based on this qualitative assessment, if the Company determines that it is more likely than not that the reporting unit’s fair value i s less than its carrying value, then it performs a two-step goodwill impairment test, otherwise no further analysis is required. In connection with its annual qualitative goodwill impairment assessments as of December 31, 2018 , 2017 and 2016 , the Company con cluded that goodwill was not impaired. (i ) Earnings (Loss) Per Share Basic earnings per share is computed using the weighted-average number of shares outstanding. Diluted earnings per share is computed using the weighted-average number of shares outstanding adjusted for the incremental shares attributed to outstanding stock equivalents. Stock equivalents include common shares issuable upon the exercise of stock options and other equity instruments, and are computed using the treasury stock method. Under the treasury stock method, the exercise price of a share, the amount of compensation cost, if any, for future service that the Company has not yet recognized are assumed to be used to rep urchase shares in the current period. The following table sets forth the calculation of basic and diluted earnings (loss) per share. Year Ended December 31, (in thousands, except per share data) 2018 2017 2016 (as adjusted) Net income (loss) $ 22,817 $ (31,901) $ 63,933 Denominator for basic earnings per share – weighted-average number of common shares outstanding during the period 46,332 49,680 49,298 Incremental common shares attributable to exercise of dilutive options 104 — 313 Incremental common shares attributable to outstanding restricted stock units 219 — 214 Denominator for diluted earnings per share 46,655 49,680 49,825 Basic earnings (loss) per share $ 0.49 $ (0.64) $ 1.30 Diluted earnings (loss) per share $ 0.49 $ (0.64) $ 1.28 Potentially dilutive securities totaling 0.6 million common shares in 2017 were not included in the computation of diluted loss per share because their effect would have decreased the loss per share. Options to purchase 0.4 mi llion common shares in 2016 were not included in the computation of diluted earnings per share because their effect would have been anti-dilutive. (j ) Revenue Recognition T he Company recognizes revenue as the customer takes control of the manufacture d products built to customer specifications. 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 con tracts are recognized over time based on the cost-to-cost method. 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 revenue upon transfer of control of product to the cus tomer , which is generally when the goods are shipped . Revenue from design, development and engineering services also continues to be 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 co ntracts. 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. ( k ) Income Taxes Income taxe s are accounted for under the asset and liability method. Deferred income taxes are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respect ive tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. The Company records a valuation allowance to reduce its deferred tax assets to the amounts that are more likely than not to be realized. The Company has considered the sch eduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in assessing the need for the valuation allowance. (l ) Stock-Based Compensation All share-based payments to employees, including grants of employee stock options (which have not been awarded since 2015) , are recognized in the financial statements based on their grant date fair values. The total compensation cost recognized for stock-based awards was $10.1 million, $7.8 million and $5.3 million for 2018 , 2017 and 2016 , respectively. The total income tax benefit recognized in the income statement for stock-based awards was $2.4 million, $2.8 million and $1.1 million for 2018 , 2017 and 2016 , respecti vely. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model. Awards of restricted stock units and performance-based restricted stock units are valued at the closing market price 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 December 31, 2018 , the unrecognized compensation cost and remaining weighted-average amortization related to stock-based awards were as follows: Performance- based Restricted Restricted Stock Stock Stock (in thousands) Options Units Units (1) Unrecognized compensation cost $ 44 $ 12,738 $ 2,461 Remaining weighted-average amortization period 0.2 years 2.4 years 1.2 years (1) Based on the probable achievement of the performance goals identified in each award. The total cash received as a result of stock option exercises in 2018 , 2017 and 2016 was approximately $3.6 million, $11.2 million and $18.8 million, respectively. The actual tax benefit realized as a result of stock option exercises and the vesting of other share-based awards during 2018 , 2017 and 2016 was $2.5 million, $5.0 million and $3.7 million, respectively. For 2018 , 2017 and 2016 , the total intrinsic value of stock options exercised was $2.3 million, $7.7 million and $5.1 million, respectively. The Company awarded performance-based restricted stock units to employees during 2018 , 2017 and 2016 . The number of performance-based restric ted 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 perfor mance 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 financ ial 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 forfei ted. Shares subject to forfeited performance-based restricted stock units will be available for issuance under the Company’s 2010 Omnibus Incentive Compensation Plan (the 2010 Plan). (m ) Use of Estimates Management of the Company has made a number of est imates 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 U.S. GAAP. On an ongoing basis, management evaluates these estimates , including those related to accounts receivable, inventories, income taxes, long-lived assets, stock-based compensation a nd contingencies and litigation . Actual results could differ from those estimates. (n ) Fair Values of Financial Instruments Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A three-tier fair value hierarchy of inputs is employed to determine fair value measurements. Level 1 inputs are quoted prices (unadjusted) in active markets for id entical assets and liabilities. Level 2 inputs are observable prices that are not quoted on active exchanges, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; and model-derived valuations whose inputs are observable or whose significan t value drivers are observable. Level 3 inputs are unobservable inputs employed for measuring the fair value of assets or liabilities. This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. T he Company’s f inancial instruments include cash equivalents, accounts and other receivables, accoun ts payable, accrued liabilities and long-term debt and capital lease obligations. The Company believes that the carrying values of these instruments approxim ate their fair value. As of December 31, 2018 , all of the Company’s long-term investments and derivative instruments were recorded at f air value using Level 3 inputs. See Note 12 . (o ) Foreign Currency For foreign subsidiaries using the local currency as their functional currency, assets and liabilities are translated at exchange rates in effect at the balance sheet date and income and expenses are translated at average exchange rates. The effects of these translation adjustments are reported i n other comprehensive income. Exchange losses arising from transactions denominated in a currency other than the functional currency of the entity involved are included in other expense and totaled approximately $ 1.0 million, $ 2.1 million and $ 0.5 million in 2018 , 2017 and 2016 , respectively . These amounts include the amount of gain (loss) recognized in income due to forward currency exchange contract s. (p ) Derivative Instruments All derivative instruments are recorded on the balance sheet at fa ir value. The Company uses derivative instruments to manage the variability of foreign currency obligations and interest rates . The Company does not enter into derivative arrangements for speculative purposes . Generally, if a derivative instrument is desig nated as a cash flow hedge, the change in the fair value of the derivative is recorded in other comprehensive income to the extent the derivative is effective, and recognized in the consolidated statement of i ncome when the hedged item affects earnings. Ch anges in fair value of derivatives that are not designated as hedges are recorded in earnings. Cash receipts and cash payments related to derivative instruments are recorded in the same category as the cash flows from the items being hedged on the c onsolid ated s tatements of c ash f lows. (q) 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 dependent on future c hanges to stock-based compensation 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 changed the way the Company recognizes revenue 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 change d its accounting 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 perfor mance obligations 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 t he sale of manufactured products built to cus tomer specifications and other inventory when title and risk of ownership passed, the price to the buyer was fixed or determinable and recoverability was reasonably assured, which was generally when the goods we re 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 bui lt. 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 . The following tables summarize the im pacts of ASC 606 adoption on the Company’s 2017 and 2016 consolidated financial statements. 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 Consolidated Statement of Income Year Ended December 31, 2017 Impact of changes in accounting policies As previously (in thousands, except per share data) reported Adjustments As adjusted Sales $ 2,466,811 $ (12,332) $ 2,454,479 Cost of sales 2,239,114 (10,555) 2,228,559 Income tax expense 104,747 (1,841) 102,906 Net loss $ (31,965) $ 64 $ (31,901) Earnings (loss) per share: Basic $ (0.64) $ — $ (0.64) Diluted $ (0.64) $ — $ (0.64) Weighted-average number of shares outstanding: Basic 49,680 49,680 49,680 Diluted 49,680 49,680 49,680 Consolidated Statement of Income Year Ended December 31, 2016 Impact of changes in accounting policies As previously (in thousands, except per share data) reported Adjustments As adjusted Sales $ 2,310,415 $ 11,870 $ 2,322,285 Cost of sales 2,096,952 10,648 2,107,600 Income tax expense 4,141 1,336 5,477 Net income $ 64,047 $ (114) $ 63,933 Earnings per share: Basic $ 1.30 $ — $ 1.30 Diluted $ 1.29 $ (0.01) $ 1.28 Weighted-average number of shares outstanding: Basic 49,298 49,298 49,298 Diluted 49,825 49,825 49,825 Consolidated Statement of Cash Flows Year Ended December 31, 2017 Impact of changes in accounting policies As previously (in thousands) reported Adjustments As adjusted Net loss $ (31,965) $ 64 $ (31,901) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation 36,668 — 36,668 Amortization 12,004 — 12,004 Provision for doubtful accounts 1,697 — 1,697 Deferred income taxes 9,262 (1,840) 7,422 Gain on the sale of property, plant and equipment (202) — (202) Asset impairments 42 — 42 Stock-based compensation expense 7,815 — 7,815 Changes in operating assets and liabilities: Accounts receivable 4,657 — 4,657 Contract assets — 9,710 9,710 Inventories (14,015) (10,555) (24,570) Prepaid expenses and other assets (10,434) 2,622 (7,812) Accounts payable 29,542 — 29,542 Accrued liabilities 13,519 — 13,519 Income taxes 87,252 (1) 87,251 Net cash provided by operations 145,842 — 145,842 Net cash used in investing activities (56,121) — (56,121) Net cash used in financing activities (31,352) — (31,352) Effect of exchange rate changes 2,744 — 2,744 Net increase in cash and cash equivalents 61,113 — 61,113 Cash and cash equivalents at beginning of year 681,433 — 681,433 Cash and cash equivalents at end of period $ 742,546 $ — $ 742,546 Consolidated Statement of Cash Flows Year Ended December 31, 2016 Impact of changes in accounting policies As previously (in thousands) reported Adjustments As adjusted Net income $ 64,047 $ (114) $ 63,933 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 41,398 — 41,398 Amortization 13,741 — 13,741 Deferred income taxes 7,055 1,335 8,390 Gain on the sale of property, plant and equipment (224) — (224) Asset impairments 142 — 142 Stock-based compensation expense 5,322 — 5,322 Excess tax benefits from stock-based compensation (663) — (663) Changes in operating assets and liabilities: Accounts receivable 37,573 — 37,573 Contract assets — (10,931) (10,931) Inventories 27,749 10,648 38,397 Prepaid expenses and other assets 3,147 (940) 2,207 Accounts payable 76,039 — 76,039 Accrued liabilities (28) — (28) Income taxes (2,210) 2 (2,208) Net cash provided by operations 273,088 — 273,088 Net cash used in investing activities (21,245) — (21,245) Net cash used in financing activities (35,310) — (35,310) Effect of exchange rate changes (1,095) — (1,095) Net increase in cash and cash equivalents 215,438 — 215,438 Cash and cash equivalents at beginning of year 465,995 — 465,995 Cash and cash equivalents at end of period $ 681,433 $ — $ 681,433 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 exp ected to be material. In June 2016, the FASB issued 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 credit 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 operations or cash flows ; and will adopt this update effective January 1, 2020 . In February 2016, the FASB established Topic 842, Leases, and issued a new accounting standards u pdate (ASU) No. 2016-02, which re quires lessees to recognize leases on-balance sheet and disclose key information about leasing arrangements. Topic 842 was subsequently amended by ASU No. 2018-01, Land Easement Practical Expedient for Transition to Topic 842; ASU No. 2018-10, Codification Improvements to Topic 842, Leases; and ASU No. 2018-11, Targeted Improvements. The new standard establishes a right-of-use model (ROU) that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term long er than 12 months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. The Company adopted the new standard on its effective date of January 1, 20 19 using the effective date as our date of initial application under the modified retrospective transition approach. Consequently, financial information will not be updated and the disclosures required under the new standard will not be provided for dates and p eriods before January 1, 2019. The new standard provides a number of optional practi cal expedients in transition. Management elected the ‘package of practic al expedients’, which permits the Company not to rea ssess under the new standard its prior conc lusions about lease identification, lease classificat ion and initial direct costs. Management do es not expect to elect the use-of-hindsight or the practical expedient pertaining to land easements; the l atter not being applicable to the Company . Management elect ed all of the new standard’s available tra nsition practical expedients. The Company has completed its preliminary assessment of adopting ASC 842 as of January 1, 2019. The adoption of the standard wi ll have a material effect on its financial statem ents. The most significant effects of adoption relate to (1) the recognition of new ROU ass ets and lease liabilities on the Company’s balance sheet for its real estate and equipment operating leases; and (2) providing significant new disclosures about our leasing activities beginning with the Quarterly Report on Form 10-Q f or the first quarter of 2019. Management do es not ex pect a significant change in the Company’s leasing activities as a result of the adoption. On adoption, the Company expect s to recogn ize additional operating liabilities in the range of approximately $ 85 million to $ 90 million , with corresponding ROU assets based on the presen t value of the remaining expected rental payments. The new standard also provides practical expedients for an e ntity’s ongoing accounting. Management currently expect s to elect the short-term lease re cognition exemption for all of the Company’s leases that qualify. This means, f or those leases that qualify, the Company will not recognize ROU assets or lease liabili ties, and this includes not recognizing ROU assets or lease liabilities for existing short-term leases of those assets in transition. Th e Company also expect s to elect the practical expedient to not separate lease and non -lease components for all of its le ases other than leases of real estate. 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. |
Acquisition
Acquisition | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisition | Note 2 —Acquisition During 2018 , the Company completed a n individually immaterial 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 acquire d that could not be individually identified and separately recognized, and is attributable to the general reputation, acquisition synergies and expected future cash flows of the acquisition. |
Contract Assets
Contract Assets | 12 Months Ended |
Dec. 31, 2018 | |
Contract With Customer Asset And Liability [Abstract] | |
Contract assets | Note 3 – Contract Assets As of December 31, 2018 and 2017 , the Company had $140.1 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. Significant changes in the contract asset balance during the pe riod are as follows: December 31, (in thousands) 2018 2017 Beginning balance as of December 31, 2017 $ 146,496 $ 156,206 Revenue recognized 2,387,333 2,291,046 Amounts collected or invoiced (2,393,747) (2,300,756) Ending balance as of December 31, 2018 $ 140,082 $ 146,496 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2018 | |
Inventories [Abstract] | |
Inventories | Note 4 —Inventories Inventory costs are summarized as follows: December 31, (in thousands) 2018 2017 (as adjusted) Raw materials $ 300,439 $ 258,228 Work in process 7,321 8,600 Finished goods 2,215 2,089 $ 309,975 $ 268,917 |
Property, Plant And Equipment
Property, Plant And Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | Note 5 —Property, Plant and Equipment Property, plant and equipment consists of the following: December 31, (in thousands) 2018 2017 Land $ 6,169 $ 6,169 Buildings and building improvements 97,103 90,577 Machinery and equipment 514,450 476,466 Furniture and fixtures 9,343 8,468 Vehicles 1,341 1,244 Leasehold improvements 30,122 25,153 Construction in progress 13,134 10,439 671,662 618,516 Less accumulated depreciation (460,708) (432,043) $ 210,954 $ 186,473 |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill And Other Intangible Assets [Abstract] | |
Goodwill And Other Intangible Assets | Note 6 —Goodwill and Other Intangible Assets The changes each year in goodwill allocated to th e Company’s reportable segments were as follows: (in thousands) Americas Asia Total Goodwill as of December 31, 2015 $ 161,188 $ 38,102 $ 199,290 Purchase accounting adjustments (7,674) — (7,674) Goodwill as of December 31, 2016 153,514 38,102 191,616 Goodwill as of December 31, 2017 $ 153,514 $ 38,102 $ 191,616 Acquisition 500 — 500 Goodwill as of December 31, 2018 $ 154,014 $ 38,102 $ 192,116 During 2018 , the Company completed an individually immaterial business acquisition for $2.7 million . See Note 2 . Other assets consist primarily of acquired identifiable intangible assets and capitalized purchased software costs. Acquired identifiable intangible assets as of December 31, 2018 and 2017 were as follows: Gross Net Carrying Accumulated Carrying (in thousands) Amount Amortization Amount Customer relationships $ 100,146 $ (40,661) $ 59,485 Purchased software costs 39,069 (30,626) 8,443 Technology licenses 28,800 (21,006) 7,794 Trade names and trademarks 7,800 — 7,800 Other 868 (285) 583 Intangible assets, December 31, 2018 $ 176,683 $ (92,578) $ 84,105 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 Intangible assets, December 31, 2017 $ 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 amortized straight-line 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. During 2018 , 2017 and 2016 , $3.9 million, $ 3.7 million and $1.9 million, respectively, of purchase d software cost s were capitalized. Amortization on the statements of cash flow for 2018 , 2017 and 2016 was as follows: Year Ended December 31, (in thousands) 2018 2017 2016 Amortization of intangible assets $ 9,485 $ 10,065 $ 11,838 Amortization of capitalized purchased software costs 1,198 1,078 1,147 Amortization of debt costs 2,717 861 756 $ 13,400 $ 12,004 $ 13,741 The estimated future amortization expense of acquired intangible assets for each of the next five years is as follows (in thousands): Year ending December 31, Amount 2019 $ 10,950 2020 10,215 2021 7,136 2022 6,943 2023 6,543 |
Borrowing Facilities
Borrowing Facilities | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Borrowing Facilities | Note 7 —Borrowing Facilities Long-term debt and capital lease obligations outstanding as of December 31, 2018 and 2017 consist s of the following: December 31, (in thousands) 2018 2017 Term loan $ 150,000 $ 207,000 Capital lease obligations 6,147 7,172 Total principal amount 156,147 214,172 Less unamortized debt issuance costs 2,077 2,492 Long-term debt and capital lease obligations $ 154,070 $ 211,680 Unamortized Debt Issuance (in thousands) Principal Costs Term loan, due in 2023 $ 150,000 $ 2,077 Capital lease obligations, due in 2023 6,147 — Total $ 156,147 $ 2,077 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 forego ing 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 . The Term Loan Facility is payable in quarterly principal inst allments of $1.9 million commencing June 30, 2019, with the balance payable on July 20, 2023 . 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% . As of December 31, 201 8, $150.0 million of the outstanding debt under the Credit Agreement is effectively at a fixed inter est rate as a result of a $150.0 million notional interest rat e swap contract discussed in Note 12 . A commitment fee of 0.20% to 0.30% per annum (based on the debt to EBITDA ratio) on the unused portion of the revolving credit line is payable quarterly in arrears . Credit Agreement is generally secured by a p ledge of (a) all the capital stock of the Company’s domestic subsidiaries and 65% of the capital stock of its directly owned foreign subsidiaries, (b) all or substantially all other personal property of Benchmark and its domestic subsidiaries (including, b ut not limited to, accounts receivable, contract assets, inventory, intellectual property and fixed assets of Benchmark and its domestic subsidiaries), 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 covenants, including restrictions on the Company’s abil ity 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 amou nts due, breach of a covenant, material inaccuracy of a representation, or occurrence of bankruptcy or insolvency, subject, in some cases, to cure periods . As of December 31, 2018 , the Company was in compliance with all of these covenants and restriction s. As of December 31, 2018 , the Company had $150.0 million in borrowings outstanding under the Term Loan facility and $2.8 million in letters of credit outstanding under the Revolving Credit Facility. The Company had $497.2 million available for future borrowings under the Revolving Credit Facility . The Company’s Thailand subsidiary has a multi-purpose credit facility with Kasikornbank Public Company Limited (the Thai Credit Facility) that provides for 350 million Thai baht (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 December 31, 2018 and 2017 , there were no working capital borrowings outstanding under the facility. The aggregate maturities of long-term debt and capital lease obligations for each of the fi ve years subsequent to Decemb er 31, 2018 are as follows: 2019, $6.8 mi llion; 2020, $8.8 million; 2021, $9.0 million ; 2022, $9.2 million; and 2023, $122.3 million . |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2018 | |
Commitments [Abstract] | |
Commitments | Note 8 —Commitments The Company leases certain manufacturing equipment, office equipment, vehicles and office, warehouse and manufacturing facilities under operating leases. Some of the leases provide for escalation of the lease payments as maintenance costs and taxes increase. The leases expi re at various times through 2028 . Leases for office space and manufacturing facilities generally contain renewal options. Rental expense for 2018 , 2017 and 2016 was $ 16.8 million, $ 15.8 million and $ 14.4 million, respectively. The Company is obligated under a capital lease that expires in 2023 . As of December 31, 2018 , property, plant and equipment included the following amounts under this capital lease obligation (in thousands): Buildings and building improvements $ 12,207 Less accumulated depreciation (9,015) $ 3,192 Capital lease obligations outstanding consist of the following: December 31, (in thousands) 2018 2017 Capital lease obligations $ 6,147 $ 7,172 Less current installments 1,168 1,025 Capital lease obligations, less current installments $ 4,979 $ 6,147 Future minimum capital lease payments and future minimum lease payments under noncancelable operating leases are as follows (in thousands): Capital Operating Year ending December 31, Leases Leases 2019 $ 1,746 $ 15,272 2020 1,781 14,518 2021 1,816 12,203 2022 1,853 10,466 2023 465 9,890 Thereafter — 47,868 Total minimum lease payments $ 7,661 $ 110,217 Less: amount representing interest 1,514 Present value of minimum lease payments 6,147 Less: current installments 1,168 Capital lease obligations, less current installments $ 4,979 The Company enters into contractual commitments to deliver products and services in the ordinary course of business. The Company believes that all such contractual commitments will be performed or renegotiated such that no material adverse financial impact on the Company’s financial position, results of operations or liquidity will result from these commitments. |
Common Stock And Stock-Based Aw
Common Stock And Stock-Based Awards Plans | 12 Months Ended |
Dec. 31, 2018 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | Note 9 —Common Stock and Stock-Based Awards Plans On March 6, 2018, the Board of Directors approved an expanded stock repurchase authorization granting the Company authority to repurchase up to $250 million in common stock in addition to the $100 million previously approved on December 7, 2015. On October 26, 2018, the Board of Directors authorized the repurchase of an additional $100 million of the Company’s common stock . As of December 31, 2018 , the Company had $ 201.6 million remaining under the stock repurchase authorization . Share purchases may be made in the open market, in privately negotiated transactions or block transactions, at the discretion of the Company’s management and as market conditions warrant. Purchases will be funded from a vailable cash and may be commenced, suspended or discontinued at any time without prior notice. Shares repurchased under the program are retired . During 2018 , the Company repurchased a total of 8.2 million common shares for $ 211.9 million at an average price of $ 25.71 per share. During 2017 , the Company repurchased a total of 1.0 million common shares for $29.3 million at an average price of $30.46 per share . During 2016 , the Company repurchased a total of 2.0 million common shares for $41.9 milli on at an average price of $21.40 per share . The Company began declaring and paying quarterly dividends during the first quarter of 2018. During 2018 , c ash dividends paid totaled $21.0 million. On Dec ember 17, 2018, the Company declared a quarterly cash dividend of $0.15 per share of the Company’s common stock to sharehold ers of record as of December 31, 2018. The dividend of $6.2 million was paid on January 11, 2019 . The Board of Directors currently intends to continue paying quarterly dividends. Howeve r, 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 indebtedness, capital requirements, contractual res trictions, 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 . 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 restr icted 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, employee or consultant) of the Company. S tock options (which have not been awarded since 2015) are granted to employees with an exercise price equal to the market price of the Company’s common stock on the date of grant, generally vest over a four-year period from the date of grant and have a ter m 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 restricted 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 period, starting on the grant date . As of December 31, 2018 , 2.7 million additional common shares were available for issuance under the Company’s 2010 Plan. The following table summarizes ac tivities related to the Company’s stock options: Weighted- Weighted- Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic (in thousands, except per share data) Options Price Term (Years) Value Outstanding as of December 31, 2015 2,580 $ 20.49 Exercised (928) 20.29 Forfeited or expired (455) 23.49 Outstanding as of December 31, 2016 1,197 19.51 Exercised (582) 19.28 Forfeited or expired (19) 19.76 Outstanding as of December 31, 2017 596 19.72 Exercised (200) 18.21 Forfeited or expired (22) 22.99 Outstanding as of December 31, 2018 374 $ 20.35 4.37 $ 680 Exercisable as of December 31, 2018 340 $ 20.07 3.44 $ 680 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 2018 for options that had exercise prices that were below the closing price. As of December 31, 2018 , 2017 and 2016 , the number of options exercisable was 0.3 million, 0.4 million and 0.9 million, respectively, and the weighted-average exercise pric e o f those options was $20.07, $18.56 and $18.53 , respectively. During 2016 , the Company’s remaining outstanding restricted shares vested , and , as of December 31, 2018, 2017 and 2016 , the Company had no restricted shares outstanding . Restricted stock units, time-based and performance-based, remain outstanding as detailed below. The following table summarizes the activities related to the Company’s time-based restricted stock units: Weighted- Average Number of Grant Date (in thousands, except per share data) Units Fair Value Non-vested awards outstanding as of December 31, 2015 467 $ 21.59 Granted 392 22.71 Vested (209) 21.07 Forfeited (125) 21.85 Non-vested awards outstanding as of December 31, 2016 525 22.57 Granted 314 31.56 Vested (206) 21.84 Forfeited (40) 24.21 Non-vested awards outstanding as of December 31, 2017 593 27.47 Granted 407 29.44 Vested (306) 27.25 Forfeited (99) 27.52 Non-vested awards outstanding as of December 31, 2018 595 $ 28.93 The following table summarizes the activities related to the Company’s performance-based restricted stock units: Weighted- Average Number of Grant Date (in thousands, except per share data) Units Fair Value Non-vested units outstanding as of December 31, 2015 306 $ 19.77 Granted (1) 184 21.63 Forfeited (263) 19.64 Non-vested units outstanding as of December 31, 2016 227 21.43 Granted (1) 172 31.60 Forfeited (53) 18.81 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 December 31, 2018 319 $ 29.19 (1) Represents target number of units that can vest based on the achievement of the performance goals. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Taxes [Abstract] | |
Income Taxes | Note 10—Income Taxes Income tax expense (benefit) based on income before income taxes consisted of the following: Year Ended December 31, (in thousands) 2018 2017 2016 (as adjusted) Current: U.S. Federal $ (14,831) $ 85,633 $ (1,032) State and local 10,110 804 498 Foreign 29,817 9,047 (2,379) 25,096 95,484 (2,913) Deferred: U.S. Federal (249) 8,337 5,261 State and local (550) (213) 1,196 Foreign 8,427 (702) 1,933 7,628 7,422 8,390 $ 32,724 $ 102,906 $ 5,477 Worldwide income (loss) before income taxes consisted of the following: Year Ended December 31, (in thousands) 2018 2017 2016 (as adjusted) United States $ (23,645) $ (14,984) $ 9,994 Foreign 79,186 85,989 59,416 $ 55,541 $ 71,005 $ 69,410 Income tax expense differed from the amounts computed by applying the U.S. Federal statutory income tax rate to income before income taxes as a result of the following: Year Ended December 31, (in thousands) 2018 2017 2016 (as adjusted) Tax at statutory rate $ 11,664 $ 24,852 $ 24,294 State taxes, net of federal tax effect 7,553 384 1,102 Effect of foreign operations and tax incentives (11,945) (20,703) (15,496) Change in valuation allowance 2,114 (203) (1,152) Excess tax-benefits of stock-based compensation (143) (1,658) — Provisional impact of U.S. Tax Reform (4,353) 97,707 — Impact of cash repatriation 21,612 — — GILTI 3,206 — — Losses in foreign jurisdictions for which no benefit has been provided 1,423 106 2,106 Change in uncertain tax benefits reserve (317) — (8,270) Other 1,910 2,421 2,893 Total income tax expense $ 32,724 $ 102,906 $ 5,477 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 , adding a glob al intangible taxation regime and imposing a transition (Transition Tax ) tax on deemed repatriated cumulative 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 . The C ompany recorded the effects of the changes in the tax rate in our deferred tax assets and liabilities as of December 31, 2017 . To minimize tax base erosion with a territorial tax system, the U.S. Tax Reform enacted a new global intang ible low-taxed income (GILTI) provision that requires the Company to include in its U . S . income tax return foreign subsidiary earnings in excess of an allowable return on the foreign subsidiaries tangible assets. The taxable earnings can be offset by a lim ited deemed paid foreign tax credit with no carrybac ks or carryforwards available. The Company is su bject to the GILTI provisions. The Company elected to account for the GILTI as a period cost and include the effect in the period in which it is incurred an d not include it as a factor in the determination of deferred taxes . On December 22, 2017, additional guidance was issued on accounting for the tax effects of the U.S. Tax Reform ( Staff Accoun ting Bulletin No. 118 (SAB 118 ) ) . SAB 118 provided a measuremen t period that should not extend beyond one year from the U.S. Tax Reform enactment date for companie s to complete their accounting. The Company recorded a provisional tax expense of $101.6 million for the Transition Tax, and recognized a provisional deferr ed tax benefit of $3.9 million for a total net expense of $97.7 m illion as of December 31, 2017. As of December 31, 2018, the Company has completed the accounting for the tax effects of U.S. Tax Reform within the period required from the enactment date. Th e Company recognized during the fourth quarter of 2018 after filing its U.S. income tax return, a discr ete tax benefit adjustment of $6.4 million for the Transition Tax, and recorded a discrete tax expense adjustment of $2.0 million for the finalization of the deferred tax assets and liabilities for a net total adjustment of $4.4 million. These adjustments were based on additional analysis of undistributed cumulative foreign earnings, cumulative foreign taxes, changes in interpretations, and additional regu latory guidance that was issued during 2018 by the Internal Revenue Service (IRS) . As a result of the completed accounting for the Transition Tax, the Company determined that its total Transiti on Tax liability is currently $63.8 million after reduction fo r U.S. tax carryforward losses, U.S. tax credit carryforwards, and foreign tax credit carrybacks that are allowed to be utilized against the total liability. The Company intends to pay this liability over the remaining seven year payment period as prescrib ed by the U.S. Tax Reform and regulatory guidance issued by the IRS . $58.4 million of the Transition Tax liability is included in other long term liabilities. During 2018, the Company repatriated $560.6 million of foreign earnings to the U.S. As of December 31, 2018 , the Company has approximately $330 million in cumulative undistributed foreign earnings of its foreign subsidiaries. These earnings would not be subject to U.S. income tax, if distributed to the Company. The C ompany has changed its asser tion on its foreign subsidiaries earnings th at are permanently reinvested. A certain amount of earnings from specific foreign subsidiaries are permanently reinvested, and certain foreign earnings from other specific foreign subsidiaries is considered to be non-permanently reinvested and is available for immediat e distribution to the Company. Income taxes have been accrued on the non-permanently reinvested foreign earnings including the 2017 Transition Tax, the U.S. tax on Global Intangible Low Taxed Income (GILTI), and any applicable local withholding taxes. The Company estimates that it has approximately $2.3 million of unrecognized deferred tax liability related to any remaining undistributed foreign earnings that have not already been subject to the 2017 Transition Tax, the U.S. tax on GILTI, and any applicable foreign income tax or local withholding taxes on cash distributions . As a result of this change in assertion for undistributed earnings prior to December 31, 2017, the Company recorded a net tax ex pense of $21.6 million consisting of tax expense of $30.8 million relating to foreign withholding tax from Asia and a net benefit of $9.2 million for U.S. foreign tax credits to offset the foreign taxes paid during 2018. In addition, the Company recorded a pplicable U.S. state income tax expense net of federal benefits related to the cash repatriation. Also during 2018, the Company incurred a net $4.4 million benefit associated with finalizing the provisional impact of the U.S. Tax Reform described above as required by SAB 118, and incurred a $3.2 million tax expense as a result of GILTI . The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below: December 31, (in thousands) 2018 2017 (as adjusted) Deferred tax assets: Carrying value of inventories $ 2,787 $ 2,474 Accrued liabilities and allowances deductible for tax purposes on a cash basis 6,108 6,387 Goodwill 2,351 2,732 Stock-based compensation 2,347 2,359 Net operating loss carryforwards 20,028 22,096 Tax credit carryforwards 1,923 2,007 Other 4,373 5,924 39,917 43,979 Less: valuation allowance (13,709) (15,823) Net deferred tax assets 26,208 28,156 Deferred tax liabilities: Plant and equipment, due to differences in depreciation (7,617) (8,543) Intangible assets, due to differences in amortization (18,593) (20,891) ASC 606 revenue recognition (1,640) (1,667) Foreign withholding tax (9,212) - Other (991) (1,715) Gross deferred tax liability (38,053) (32,816) Net deferred tax liability $ (11,845) $ (4,660) The net deferred tax liability is classified as follows: Long-term asset $ 2,478 $ 4,034 Long-term liability (14,323) (8,694) Total $ (11,845) $ (4,660) All deferred taxes are classified as non-current on the balan ce sheet as of December 31, 2018 and 2017 . All deferred tax assets and liabilities are offset and presented as a single net noncurrent a mount by each tax jurisdiction . The net change in the total valuation allowance for 2018 , 2017 and 2016 was a $ 2.1 million decrease , a $ 0.2 million decrease and a $ 1.2 million decrease , respectively. In assessing the realizability of deferred tax assets, management considers whether it is more l ikely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences becom e deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxab le income over the periods which the deferred tax assets are deductible, management believes it is more likely than not the Company will realize the benefits of these deductible differences, net of the existing valuation allowances as of De cember 31, 2018 . As of December 31, 2018 , the Company had $ 24.4 million in U.S. Federal operating loss carryforwards which will expire from 202 5 to 203 6 ; state operating loss carryforwards of approximately $ 67.0 million which will expire from 201 9 to 2031 ; foreign operating loss carryforwards of approximately $ 24.8 million with indefinite carryforward periods; and foreign operating loss carryforwards of approximately $ 20.5 million which will expire at varying dates through 202 8 . The utilization of these net operatin g loss carryforwards is limited to the future operations of the Company in the tax jurisdictions in which such carryforwards arose. The Company has state tax credit carryforwards of $1.9 million which will expire at varying dates through 20 36 . 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 201 8 in China, 20 21 in Malaysia and 20 28 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 2018 , 2017 , and 2016 by approximately $7.9 million (appr oximately $ 0.17 per diluted share), $7.2 million (approximately $ 0 . 15 per d iluted share) and $6.7 million (approximately $ 0. 13 per diluted share), respectively, as follows: Year Ended December 31, (in thousands) 2018 2017 2016 China $ 1,884 $ 1,398 $ 1,302 Malaysia 3,287 4,295 2,346 Thailand 2,715 1,545 3,068 $ 7,886 $ 7,238 $ 6,716 The Company must determine whether it is “more-likely-than-not” that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Once it is determined that a position meets the more-likely-than-not recognition threshold, the position is measured to determine the amount of benefit to recognize in the financial statements. As of December 31, 2018 , the total amount of the reserve for uncertain tax benefits in cluding interest and penalties wa s $0.4 million. A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest and penalties, is as follows: December 31, (in thousands) 2018 2017 2016 Balance as of January 1 $ 708 $ 7,791 $ 13,114 Additions related to current year tax positions 137 220 — Decreases as a result of a lapse of applicable statute of limitations in current year — — (5,079) Additions related to prior year tax positions — 894 89 Decreases related to prior year tax positions (532) (8,197) (333) Balance as of December 31 $ 313 $ 708 $ 7,791 During 2018 , the Company released $0.5 million of uncertain tax benefits from a n IRS audit related to the Secure Communication Systems, Inc. acquisition. During the first quarter 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 additional tax costs. During 2017 , the C ompany released $0.9 million of uncertain tax benefits related to the liquidation of a foreign subsidiary company. Also during 2017 , the Company received a denial of its appeal to the local tax authorities related to an examination for a subsidiary in T hailand for the years 2004 to 2005. Consequently, the Company recorded $0.9 million of additional accruals for uncertain tax benefits. The Company decided not to challenge this decision and therefore, the $7.3 million reserve for uncertain tax benefits was wr itten off . This decrease in the unrecognized tax benefit reserve did not impact the Company’s effective tax rate. The decrease in the reserve during 2016 of $5.1 million was a result of the expiration of the statute of limitations for a foreign subsidi ary that was liquidated in 2011 and closed its operations in 2005. The reserve is classified as a current or long-term liability in the consolidated balance sheet based on the Company’s expectation of when the items will be settled. The Company records in terest expense and penalties accrued in relation to uncertain income tax benefits as a component of current income tax expense. The amount of accrued potential interest on unrecognized tax benefits included in the reserve as of December 31, 2018 is $0.1 million. The reserve for potential penalties is $17.0 thousand. T he total amount of interest and penalties included in income tax expe nse was $0.1 million during 2018 . The Company did not incur any interest and penalti es in 2017 or 2016 . The Company and its subsidiaries in Braz il, China, Ireland, Malaysia, Mexico, the Netherlands, Romania, Singapore, Thailand and the United States remain open to examination by the various local taxing authorities, in total or in part, for fiscal years 2011 to 2018 . Currently, the Company does not have any ongoing income tax ex aminations by any jurisdiction. During the course of such income tax examinations, disputes may occur as to matters of fact or law. Also, in most tax jur isdictions, 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 a dequately provided for its tax liabilities. |
Major Customers
Major Customers | 12 Months Ended |
Dec. 31, 2018 | |
Major Customers [Abstract] | |
Major Customers [Text Block] | Note 11 —Major Customers The Company’s customers operate in industries that are, to a varying extent, subject to rapid technological change, vigorous competition and short product life cycles. Developments adverse to the electronics industry, the Company’s customers or their products could impact the Company’s overall credit risk. The Company extends credit based on evaluation of its customers’ financial condition and generally does not require collateral or other security from its customers and w ould incur a loss equal to the carrying value of the accounts receivable if its customer failed to perform according to the terms of the credit arrangement. Sales to the ten largest custo mers represented 44%, 46% and 43 % of total sales for 2018 , 2017 and 2016 , respectively. Sales to our largest customers were as follows for the indicated periods: Year ended December 31, (in thousands) 2018 2017 2016 International Business Machines Corporation $ 323,795 $ 284,636 $ * Applied Materials, Inc. $ * $ 248,183 $ * * amount is less than 10% of total. |
Financial Instruments And Conce
Financial Instruments And Concentration Of Credit Risk | 12 Months Ended |
Dec. 31, 2018 | |
Financial Instruments And Concentration Of Credit Risk [Abstract] | |
Financial Instruments And Concentration Of Credit Risk [Text Block] | Note 12 —Financial Instruments and Concentration of Credit Risk The Company’s financial instruments include cash equivalents, accounts and other receivables, accounts payable, accrued liabilities and long-term debt and capital lease obligations. The Company believes that the carrying values of these instruments approxi mate fair value . As of December 31, 2018 , the Company’s long-term investments and derivative instruments were recorded at fair value using Level 3 inputs. The Company uses derivat ive instruments to manage the variability of foreign currency obligations and interest rates. The Company does not enter into derivative arrangement s for speculative purposes . The forward currency exchange contract in plac e as of December 31, 2018 has not been designated as accounting hedges and, therefore, changes in fa ir value are recorded within the Con solidated Statements of Income. The Company has an interest rate swap agreement with a notional amount of $150.0 million as of December 31, 2018 t o hedge a portion of its interest rate exposure on outstanding borrowings under the Credit Agreement. Under this interest rate swap agreement, the Company receives variable rate interest rate payments based on the one-month LIBOR rate and pays fixed rate i nterest payments. The fixed interest rate for the contract is 2.928 %. The effect of this swap 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 underl ying borrowings outstanding under the Credit Agreement, the interest rate contract was determined to be highly 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 reco rded in other comprehensive income on the accompanying Condensed Consolidated Balance Sheets until earnings are affected by the variability of cash flows . As of December 31, 2017 , the Company had an interest rate swap agreement with a notional amount of $155.3 million with a fixed interest rate of 1.4935%. During 2018 , the Company terminated this agreement for $3.5 million and the gain is being amortized to offset interest expense over the original term of the swap agreement. The fair value of the i nterest rate swap agreements was a $3.0 million liability as of December 31, 2018 and a $2.0 million asset as of December 31, 201 7 . During th e year ended December 31, 2018 , the Company recorded unrealized losses of $1.5 million ($1.1 million net of tax) on the swap s in other comprehensive income and transferred unrealized gains of $0.3 million ($0.2 million net of tax) on the swaps to interest expense. During the year ended December 31, 2017 , the Company recorded unrealized gains of $1.5 milli on ($0.9 million net of tax) on the swap in other comprehensive income. See Note 21 . Financial instruments that subject the Company to credit risk consist of cash and cash equivalents, investments and trade accounts receivable. Management maintains the majority of the Company’s cash and cash equivalents with financial institutions. One of the most significant credit risks is the ultimate realization of accounts receivable. This risk is mitigated by (i) sales to well established companies, (ii) ongoi ng credit evaluation of customers, and (iii) frequent contact with customers, thus enabling management to monitor current changes in business operations and to respond accordingly. Management considers these concentrations of credit risks in establishing o ur allowance for doubtful accounts and believes these allowances are adequate. The Company had one customer whose gross accounts receivable exceeded 10% of total gross accounts receivable as of December 31, 2018 . Our largest customer represented 19% of our total gross accounts receivable. |
Concentrations Of Business Risk
Concentrations Of Business Risk | 12 Months Ended |
Dec. 31, 2018 | |
Concentration Of Business Risk [Abstract] | |
Concentrations Of Business Risk | Note 13 —Concentrations of Business Risk Substantially all of the Company’s sales are derived from manufacturing services in which the Company purchases components specified by its customers. The Company uses numerous suppliers of electronic components and other materials for its operations. Some components used by the Company have been subject to industry-wide shortages, and suppliers have been forced to allocate available quantities among their customers. The Company’s inability to obtain an y needed components during periods of allocation could cause delays in manufacturing and could adversely affect results of operations. |
Accounts Receivable Sale Progra
Accounts Receivable Sale Program | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Accounts Receivable Sales Program | Note 14 —Accounts Receivable Sale Program As of December 31, 2018 , in connection with a trade accounts receivable sale program with an unaffiliated financial institution, the Company may elect to sell, at a discount, on an ongoing basis, up to a maximum of $80.0 million of specific accounts receivable at any one time . During the years ended December 31, 2018 and 2017 , the Company sold $ 160.0 million and $145.0 million , respectively, of accounts receivable under this program, and in exchange, the Company received cash proceeds of $159.5 million and $144.7 million , respectively , net of the discount . The loss on the sale resulting from the discount was recorded to oth er expense within the Consolidated Statements of Income. |
Segment And Geographic Informat
Segment And Geographic Information | 12 Months Ended |
Dec. 31, 2018 | |
Segment And Geographic Information [Abstract] | |
Segment And Geographic Information | Note 15 —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 accounting policies for the reportable operating segments are the same as for the Company taken as a whole. The Company has three reportable operating segme nts: Americas, Asia, and Europe. Informa tion about operating segments is as follows: Year Ended December 31, (in thousands) 2018 2017 2016 Net sales: (as adjusted) (as adjusted) Americas $ 1,647,402 $ 1,584,729 $ 1,589,933 Asia 801,312 777,616 653,888 Europe 186,517 176,954 157,837 Elimination of intersegment sales (68,766) (84,820) (79,373) $ 2,566,465 $ 2,454,479 $ 2,322,285 Depreciation and amortization: Americas $ 22,668 $ 21,972 $ 23,275 Asia 11,496 11,849 15,832 Europe 3,498 2,891 2,794 Corporate 14,177 11,960 13,238 $ 51,839 $ 48,672 $ 55,139 Income from operations: Americas $ 61,731 $ 68,433 $ 87,582 Asia 72,442 74,701 46,749 Europe 10,229 10,805 10,058 Corporate and intersegment eliminations (85,864) (77,113) (67,529) $ 58,538 $ 76,826 $ 76,860 Other income (expense): Interest expense $ (10,473) $ (9,405) $ (9,304) Interest income 6,848 5,370 2,136 Other income (expense) 628 (1,786) (282) Income before income taxes $ 55,541 $ 71,005 $ 69,410 Capital expenditures: Americas $ 44,204 $ 27,139 $ 20,766 Asia 14,400 18,115 7,858 Europe 2,388 4,915 1,441 Corporate 5,740 4,337 2,269 $ 66,732 $ 54,506 $ 32,334 Total assets: Americas $ 852,776 $ 812,187 $ 871,577 Asia 540,094 674,783 637,376 Europe 113,165 470,786 393,973 Corporate and other 393,748 151,548 105,999 $ 1,899,783 $ 2,109,304 $ 2,008,925 Geographic net sales information provided below reflects the destination of the product shipped. Long-lived assets information is based on the physical location of the asset. Year Ended December 31, (in thousands) 2018 2017 2016 Geographic net sales: (as adjusted) (as adjusted) United States $ 1,741,321 $ 1,650,791 $ 1,624,050 Asia 423,245 432,530 336,022 Europe 299,676 291,006 254,272 Other 102,223 80,152 107,941 $ 2,566,465 $ 2,454,479 $ 2,322,285 Long-lived assets: United States $ 190,056 $ 167,858 $ 167,367 Asia 79,051 77,750 67,998 Europe 9,537 11,042 8,415 Other 22,945 25,830 24,290 $ 301,589 $ 282,480 $ 268,070 |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | Note 16 – 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 other inventory. Revenue is measured based on the 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. T he Company’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 cont rols 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 com pleted. Under these contracts, the Company recognizes revenue upon transfer of control of the product to the customer . Revenue from design, development and engineering services is recognized over time as the services are performed. The Company assumes no s ignificant 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 Year Ended December 31, 2018 (in thousands) Americas Asia Europe Total Market Sector: Industrials $ 184,500 $ 241,765 $ 66,798 $ 493,063 A&D 374,852 — 31,550 406,402 Medical 235,287 144,528 14,152 393,967 Test and instrumentation 155,687 135,299 63,992 354,978 Computing 504,391 69,657 6,797 580,845 Telecommunications 162,813 171,520 2,877 337,210 External revenue 1,617,530 762,769 186,166 2,566,465 Elimination of intersegment sales 29,872 38,543 351 68,766 Segment revenue $ 1,647,402 $ 801,312 $ 186,517 $ 2,635,231 Year Ended December 31, 2017 (as adjusted) Americas Asia Europe Total Market Sector: Industrials $ 213,699 $ 213,504 $ 69,233 $ 496,436 A&D 361,200 2,430 28,060 391,690 Medical 204,677 149,650 19,458 373,785 Test and instrumentation 158,151 140,967 47,223 346,341 Computing 444,401 85,988 9,971 540,360 Telecommunications 172,122 130,954 2,791 305,867 External revenue 1,554,250 723,493 176,736 2,454,479 Elimination of intersegment sales 30,479 54,123 218 84,820 Segment revenue $ 1,584,729 $ 777,616 $ 176,954 $ 2,539,299 Year Ended December 31, 2016 (as adjusted) (in thousands) Americas Asia Europe Total Market Sector: Industrials $ 307,261 $ 176,184 $ 60,358 $ 543,803 A&D 333,383 1,113 35,178 369,674 Medical 190,167 136,398 19,409 345,974 Test and instrumentation 125,680 90,708 27,019 243,407 Computing 369,719 66,695 10,768 447,182 Telecommunications 239,779 129,061 3,405 372,245 External revenue 1,565,989 600,159 156,137 2,322,285 Elimination of intersegment sales 23,944 53,729 1,700 79,373 Segment revenue $ 1,589,933 $ 653,888 $ 157,837 $ 2,401,658 During 2018 , 2017 and 2016 , 93.0%, 93.4% and 92.7%, respectively, of the Company’s revenue was recognized as products and services are transferred over time . |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2018 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | Note 17 —Employee Benefit Plans The Company has defined contribution plans qualified under Section 401(k) of the Internal Revenue Code for the benefit of all its U.S. employees. The Company’s contributions to the plans are based on employee contributions and compensation. During 2018 , 2017 and 2016 , the Company made contributions to the plans of approximately $ 5.6 million, $ 5 . 2 million and $ 5.2 million, respectively. The Company also has defined contribution benefit plans for certai n of its international employees primarily dictated by the custom of the regions in which it operates. During 2018 , 2017 and 2016 , the Company made contributions to the international plans of approximately $ 0.1 million, $ 0. 1 million and $ 0. 1 mill ion, respectively. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Contingencies [Abstract] | |
Contingencies | Note 18 —Contingencies The Company is involved in various legal actions arising in the ordinary course of business. Other than designated below, i n 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. In the case of Nick Myers vs. Benchmark Electronics, Inc. AAA Case No. 01-17-0005-7313, the claimant asserted various breach of contract and misrepresentation claims in connection with the former employee’s compensation package and claims under the Maryland Wage Payment and Collection Law, seeking recovery of allegedly unpaid bonuses. The assigned arbitrator rendered a decision on July 9, 2018, finding in favor of cla imant on the issue of liability. A separate damages hearing was held in October 2018 and, on January 3, 2019, the arbitrator awarded $ 1.4 million to the claimant. On January 25, 2019, the Company filed an action in the United States District Court for the District of Maryland seeking to vacate the final arbitration award. During the fourth quarter of 2018, the Company reserved the full amount of this claim. |
Restructuring Charges
Restructuring Charges | 12 Months Ended |
Dec. 31, 2018 | |
Restructuring Charges [Abstract] | |
Restructuring Charges | Note 19 —Restructuring Charges The Company has undertaken initiatives to restructure its business operations to improve utilization and realize cost savings. These initiatives have included changing the number and location of production facilities, largely to align capacity and infrastructure with current and anticipated customer demand. This alignment includes transferring programs from higher c ost geographies to lower cost geographies. The process of restructuring e ntails moving production between facilities, reducing staff levels, realigning our business processes, reorganizing our management and other activities. The Company recognized restru cturing charges during 2018 , 2017 and 2016 primarily related to the closure of facilities in the Americas, capacity reduction and reductions in workforce in certain facilities across various regions. The following table summarizes the 2018 activity in the accrued restructuring balances related to the various restructuring activities initiated prior to December 31, 2018 : Balance as of Foreign Balance as of December 31, Restructuring Cash Non-Cash Exchange December 31, (in thousands) 2017 Charges Payment Activity Adjustments 2018 2018 Restructuring: Severance $ — $ 2,815 $ (2,533) $ — $ — $ 282 Other exit costs — 1,773 (855) — — 918 — 4,588 (3,388) — — 1,200 2017 Restructuring: Severance 47 3 (50) — — — Lease facility costs — 96 (96) — — — Other exit costs 198 270 (309) — (24) 135 245 369 (455) — (24) 135 2016 Restructuring: Severance 29 (6) (23) — — — Other exit costs 16 246 (146) (116) — — 45 240 (169) (116) — — Total $ 290 $ 5,197 $ (4,012) $ (116) $ (24) $ 1,335 The components of the restructuring charges initiated during 2018 were as follows: (in thousands) Americas Asia Europe Total Severance costs $ 2,496 $ 274 $ 45 $ 2,815 Other exit costs 1,773 — — 1,773 $ 4,269 $ 274 $ 45 $ 4,588 During 2018 , the Company recognized $ 2 . 8 million of employee termination costs associated with the involuntary terminations of 490 employees in connection with reductions in workforce worldwide. The identified involuntary employee terminations by reportable geographic regi on amounted to approximately 432 , 23 and 35 for the Americas , Asia and Europe , respectively. The following table summarizes the 2017 activity in the accrued restructuring balances related to the various restructuring activit ies initiated prior to December 31, 2017 : Balance as of Foreign Balance as of December 31, Restructuring Cash Non-Cash Exchange December 31, (in thousands) 2016 Charges Payment Activity Adjustments 2017 2017 Restructuring: Severance $ — $ 2,172 $ (2,125) $ — $ — $ 47 Lease facility costs — 264 (264) — — — Other exit costs — 531 (335) — 2 198 — 2,967 (2,724) — 2 245 2016 Restructuring: Severance 738 (42) (667) — — 29 Lease facility costs — 58 (58) — — — Other exit costs 545 1,953 (2,442) (42) 2 16 1,283 1,969 (3,167) (42) 2 45 Total $ 1,283 $ 4,936 $ (5,891) $ (42) $ 4 $ 290 The components of the restructuring charges initiated during 2017 were as follows: (in thousands) Americas Asia Total Severance costs $ 1,985 $ 187 $ 2,172 Lease facility costs 264 — 264 Other exit costs 531 — 531 $ 2,780 $ 187 $ 2,967 During 2017 , the Company recognized $ 2.2 million of employee termination costs associated with the i nvoluntary terminations of 163 employees in connection with reductions in workforce worldwide. The identified involuntary employee terminations by reportable geographic region am ounted to approximately 160 and 3 for the Americas and Asia, respectively . The components of the restructuring charges initiated during 2016 were as follows: (in thousands) Americas Asia Europe Total Severance costs $ 1,726 $ 1,904 $ — $ 3,630 Other exit costs 924 — 53 977 $ 2,650 $ 1,904 53 $ 4,607 During 2016 , the Company recognized $3.6 million of employee termination costs associated with the involuntary terminations of 582 employees in connection with reductions in workforce worldwide. The identified involuntary employee terminations by reportable geographic region amounted to approximately 370 and 212 for the Americas and Asia, respectively. . |
Quarterly Financial Data
Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Data | Note 20 —Quarterly Financial Data (Unaudited) The following table sets forth certain unaudited quarterly information with respect to the Company’s results of operations for the years 2018 , 2017 and 2016 . Earnings per share are computed independently for each of the quarters presented. Therefore, the sum of the quarterly earnings per share may not equal the total earnings per share amounts for the fiscal year. 2018 Quarter (in thousands, except per share data) 1st 2nd 3rd 4th Sales $ 608,136 $ 660,591 $ 640,688 $ 657,050 Gross profit 58,318 54,299 52,777 55,199 Net income (loss) (23,641) 10,943 7,799 27,716 Earnings (loss) per common share: Basic (0.49) 0.23 0.17 0.64 Diluted (0.49) 0.23 0.17 0.64 2017 Quarter (as adjusted) (in thousands, except per share data) 1st 2nd 3rd 4th Sales $ 557,903 $ 619,611 $ 610,929 $ 666,036 Gross profit 47,532 59,484 58,243 60,661 Net income (loss) 8,555 18,074 17,831 (76,361) Earnings (loss) per common share: Basic 0.17 0.36 0.36 (1.54) Diluted 0.17 0.36 0.35 (1.54) 2016 Quarter (as adjusted) (in thousands, except per share data) 1st 2nd 3rd 4th Sales $ 535,195 $ 580,513 $ 586,534 $ 620,043 Gross profit 48,409 53,200 54,180 58,896 Net income 9,374 12,688 22,544 19,327 Earnings per common share: Basic 0.19 0.26 0.46 0.39 Diluted 0.19 0.26 0.46 0.39 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2018 | |
Comprehensive Income Net Of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | Note 21 —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, 2015 $ (13,079) $ — $ (95) $ 158 $ (13,016) Other comprehensive gain (loss) before reclassifications (1,465) 286 21 (1) (1,159) Amounts reclassified from accumulated other comprehensive loss — — — (1) (1) Net current period other comprehensive loss (1,465) 286 21 (2) (1,160) Balances, December 31, 2016 (14,544) 286 (74) 156 (14,176) Other comprehensive gain (loss) before reclassifications 4,977 1,192 33 (175) 6,027 Net current period other comprehensive gain (loss) 4,977 1,192 33 (175) 6,027 Balances, December 31, 2017 (9,567) 1,478 (41) (19) (8,149) Other comprehensive gain (loss) before reclassifications (2,273) (1,126) 41 619 (2,739) Amounts reclassified from accumulated other comprehensive loss — (236) — — (236) Net current period other comprehensive gain (loss) (2,273) (1,362) 41 619 (2,975) Balances, December 31, 2018 $ (11,840) $ 116 $ — $ 600 $ (11,124) See Note 12 for further explanation of the change in derivative instruments that is recorded to Accumulated Other Comprehensive Loss. Amounts reclassified from accumulated other comprehensive loss during 2018 and 2016 primarily affected interest expense and selling, general and administrative expenses , respectively . |
Supplemental Cash Flow And Non-
Supplemental Cash Flow And Non-Cash Information | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow and Non-Cash Information | Note 22—Supplemental Cash Flow and Non-Cash Information The following is additional information concerning supplemental disclosures of cash payments. Year ended December 31, (in thousands) 2018 2017 2016 Income taxes paid, net $ 48,918 $ 6,453 $ 7,865 Interest paid $ 7,868 $ 8,698 $ 8,305 Non-cash investing activity: Additions to property, plant and equipment in accounts payable $ 6,148 $ 7,761 $ 2,111 |
Schedule of Valuation and Quali
Schedule of Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2018 | |
Valuation And Qualifying Accounts [Abstract] | |
Schedule Of Valuation And Qualifying Accounts Disclosure [Text Block] | Schedule II - Valuation Accounts Additions Balance at Balance at Beginning Charges to End of (in thousands) of Period Operations Other Deductions Period Year ended December 31, 2018: Allowance for doubtful accounts (1) $ 105 1,718 — 90 1,733 Year ended December 31, 2017: Allowance for doubtful accounts (1) $ 2,838 1,697 — 4,430 105 Year ended December 31, 2016: Allowance for doubtful accounts (1) $ 3,417 — — 579 2,838 (1) Deductions in the allowance for doubtful accounts represent write-offs, net of recoveries, of amounts determined to be uncollectible. See accompanying Report of Independent Registered Public Accounting Firm incorporated herein by reference. |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | (b) Principles of Consolidation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) and include the financial statements of Benchmark Electronics, Inc. and its wholly owned and majority owned subsidiaries. All significant interc ompany balances and transactions have been eliminated in consolidation. Effective January 1, 2018, the Company adopted the requirements of a new a c counting standard related to revenue recognition as discussed in Note 1 (q) . All amounts and disclosures set forth in this Form 10-K have been updated to comply with the new standard, as indicated by the “as adjusted” column heading. |
Cash And Cash Equivalents | (c) Cash and Cash Equivalents The Company considers all highly liquid debt instruments with an original maturity at the date of purchase of three months or less to be cash equivalents. Cash equivalents of $ 265.4 million and $ 581.4 million at December 31, 2018 and 2017 , respectively, consist ed primarily of money-market funds and time deposits with an initial term of less than three months. |
Allowance For Doubtful Accounts | (d) Allowance for Doubtful Accounts Accounts receivable are recorded net of allowances for amounts not expected to be collected. In estimating the allowance, management considers a specific customer’s financial condition, payment history, and various information or disclosures by the customer or other publicly available information. Acco unts receivable are charged against the allowance after all reasonable efforts to collect the full amount (including litigation, where appropriate) have bee n exhausted. During both the third quarter of 2018 and the first quarter of 2017 , the Company recorded $ 1 .7 million in charge s for a provision to accounts receivable associated with the insolvency of two customer s . |
Inventories | (e ) Inventories Inventories include material, labor and overhead and are stated at the lower of cost (principally first -in, first-out method) or net realizable value . |
Property, Plant And Equipment | (f ) Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation is calculated on the straight-line method over the useful lives of the assets – 5 to 40 years for buildings an d building improvements, 2 to 15 years for machinery and equipment, 2 to 12 years for furniture and fixtures and 2 to 8 years for vehicles. Leasehol d improvements are amortized on the straight-line method over the shorter of the useful life of the improvement or the remainder of the lease term. |
Goodwill And Other Intangible Assets | (g ) Goodwill and Other Intangible Assets Goodwill represents the excess of purchase price over fair value of net assets acquired. Goodwill and intangible assets acquired in a business combination and determined to have an indefinite useful life are not amortized, but instead assessed for impairment at least annually. Intangible assets , including those acquired in a business combination, with estimable useful liv es are amortized over their respective estimated useful lives to their estimated residual values. |
Impairment Of Long-Lived Assets And Goodwill | (h ) Impairment of Long-Lived Assets and Goodwill Long-lived assets, such as property, plant, and equipment, and purchased intangibles subject to amortizatio n, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is evaluated by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the a sset exceeds the estimated fair value of the asset. Assets to be disposed of would be separately disclosed and reported at the lower of the carrying amount or estimated fair value less costs to sell, and are no longer depreciated. The assets and liabilitie s of a disposed group classified as held for sale would be disclosed separately in the appropriate asset and liability sections of the consolidated balance sheet. Goodwill is tested for impairment on an annual basis, during the fourth quarter , and whenever events and changes in circumstances suggest that the carrying amount may be impaired. Circumstances that may lead to the impairment of goodwill include unforeseen decreases in future performance or industry demand or the restructuring of our operations as a result of a change in our business strategy. A qualitative assessment is allowed to determine if goodwill is potentially impaired. Based on this qualitative assessment, if the Company determines that it is more likely than not that the reporting unit’s fair value i s less than its carrying value, then it performs a two-step goodwill impairment test, otherwise no further analysis is required. In connection with its annual qualitative goodwill impairment assessments as of December 31, 2018 , 2017 and 2016 , the Company con cluded that goodwill was not impaired. |
Earnings (Loss) Per Share | (i ) Earnings (Loss) Per Share Basic earnings per share is computed using the weighted-average number of shares outstanding. Diluted earnings per share is computed using the weighted-average number of shares outstanding adjusted for the incremental shares attributed to outstanding stock equivalents. Stock equivalents include common shares issuable upon the exercise of stock options and other equity instruments, and are computed using the treasury stock method. Under the treasury stock method, the exercise price of a share, the amount of compensation cost, if any, for future service that the Company has not yet recognized are assumed to be used to rep urchase shares in the current period. The following table sets forth the calculation of basic and diluted earnings (loss) per share. Year Ended December 31, (in thousands, except per share data) 2018 2017 2016 (as adjusted) Net income (loss) $ 22,817 $ (31,901) $ 63,933 Denominator for basic earnings per share – weighted-average number of common shares outstanding during the period 46,332 49,680 49,298 Incremental common shares attributable to exercise of dilutive options 104 — 313 Incremental common shares attributable to outstanding restricted stock units 219 — 214 Denominator for diluted earnings per share 46,655 49,680 49,825 Basic earnings (loss) per share $ 0.49 $ (0.64) $ 1.30 Diluted earnings (loss) per share $ 0.49 $ (0.64) $ 1.28 Potentially dilutive securities totaling 0.6 million common shares in 2017 were not included in the computation of diluted loss per share because their effect would have decreased the loss per share. Options to purchase 0.4 mi llion common shares in 2016 were not included in the computation of diluted earnings per share because their effect would have been anti-dilutive. |
Revenue Recognition | (j ) Revenue Recognition T he Company recognizes revenue as the customer takes control of the manufacture d products built to customer specifications. 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 con tracts are recognized over time based on the cost-to-cost method. 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 revenue upon transfer of control of product to the cus tomer , which is generally when the goods are shipped . Revenue from design, development and engineering services also continues to be 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 co ntracts. 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. |
Income Taxes | ( k ) Income Taxes Income taxe s are accounted for under the asset and liability method. Deferred income taxes are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respect ive tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. The Company records a valuation allowance to reduce its deferred tax assets to the amounts that are more likely than not to be realized. The Company has considered the sch eduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in assessing the need for the valuation allowance. |
Stock-Based Compensation | (l ) Stock-Based Compensation All share-based payments to employees, including grants of employee stock options (which have not been awarded since 2015) , are recognized in the financial statements based on their grant date fair values. The total compensation cost recognized for stock-based awards was $10.1 million, $7.8 million and $5.3 million for 2018 , 2017 and 2016 , respectively. The total income tax benefit recognized in the income statement for stock-based awards was $2.4 million, $2.8 million and $1.1 million for 2018 , 2017 and 2016 , respecti vely. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model. Awards of restricted stock units and performance-based restricted stock units are valued at the closing market price 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 December 31, 2018 , the unrecognized compensation cost and remaining weighted-average amortization related to stock-based awards were as follows: Performance- based Restricted Restricted Stock Stock Stock (in thousands) Options Units Units (1) Unrecognized compensation cost $ 44 $ 12,738 $ 2,461 Remaining weighted-average amortization period 0.2 years 2.4 years 1.2 years (1) Based on the probable achievement of the performance goals identified in each award. The total cash received as a result of stock option exercises in 2018 , 2017 and 2016 was approximately $3.6 million, $11.2 million and $18.8 million, respectively. The actual tax benefit realized as a result of stock option exercises and the vesting of other share-based awards during 2018 , 2017 and 2016 was $2.5 million, $5.0 million and $3.7 million, respectively. For 2018 , 2017 and 2016 , the total intrinsic value of stock options exercised was $2.3 million, $7.7 million and $5.1 million, respectively. The Company awarded performance-based restricted stock units to employees during 2018 , 2017 and 2016 . The number of performance-based restric ted 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 perfor mance 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 financ ial 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 forfei ted. Shares subject to forfeited performance-based restricted stock units will be available for issuance under the Company’s 2010 Omnibus Incentive Compensation Plan (the 2010 Plan). |
Use Of Estimates | (m ) Use of Estimates Management of the Company has made a number of est imates 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 U.S. GAAP. On an ongoing basis, management evaluates these estimates , including those related to accounts receivable, inventories, income taxes, long-lived assets, stock-based compensation a nd contingencies and litigation . Actual results could differ from those estimates. |
Fair Values Of Financial Instruments | (n ) Fair Values of Financial Instruments Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A three-tier fair value hierarchy of inputs is employed to determine fair value measurements. Level 1 inputs are quoted prices (unadjusted) in active markets for id entical assets and liabilities. Level 2 inputs are observable prices that are not quoted on active exchanges, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; and model-derived valuations whose inputs are observable or whose significan t value drivers are observable. Level 3 inputs are unobservable inputs employed for measuring the fair value of assets or liabilities. This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. T he Company’s f inancial instruments include cash equivalents, accounts and other receivables, accoun ts payable, accrued liabilities and long-term debt and capital lease obligations. The Company believes that the carrying values of these instruments approxim ate their fair value. As of December 31, 2018 , all of the Company’s long-term investments and derivative instruments were recorded at f air value using Level 3 inputs. See Note 12 . |
Foreign Currency | (o ) Foreign Currency For foreign subsidiaries using the local currency as their functional currency, assets and liabilities are translated at exchange rates in effect at the balance sheet date and income and expenses are translated at average exchange rates. The effects of these translation adjustments are reported i n other comprehensive income. Exchange losses arising from transactions denominated in a currency other than the functional currency of the entity involved are included in other expense and totaled approximately $ 1.0 million, $ 2.1 million and $ 0.5 million in 2018 , 2017 and 2016 , respectively . These amounts include the amount of gain (loss) recognized in income due to forward currency exchange contract s. |
Derivative Instruments | (p ) Derivative Instruments All derivative instruments are recorded on the balance sheet at fa ir value. The Company uses derivative instruments to manage the variability of foreign currency obligations and interest rates . The Company does not enter into derivative arrangements for speculative purposes . Generally, if a derivative instrument is desig nated as a cash flow hedge, the change in the fair value of the derivative is recorded in other comprehensive income to the extent the derivative is effective, and recognized in the consolidated statement of i ncome when the hedged item affects earnings. Ch anges in fair value of derivatives that are not designated as hedges are recorded in earnings. Cash receipts and cash payments related to derivative instruments are recorded in the same category as the cash flows from the items being hedged on the c onsolid ated s tatements of c ash f lows. |
New Accounting Pronouncements | (q) 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 dependent on future c hanges to stock-based compensation 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 changed the way the Company recognizes revenue 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 change d its accounting 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 perfor mance obligations 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 t he sale of manufactured products built to cus tomer specifications and other inventory when title and risk of ownership passed, the price to the buyer was fixed or determinable and recoverability was reasonably assured, which was generally when the goods we re 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 bui lt. 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 . The following tables summarize the im pacts of ASC 606 adoption on the Company’s 2017 and 2016 consolidated financial statements. 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 Consolidated Statement of Income Year Ended December 31, 2017 Impact of changes in accounting policies As previously (in thousands, except per share data) reported Adjustments As adjusted Sales $ 2,466,811 $ (12,332) $ 2,454,479 Cost of sales 2,239,114 (10,555) 2,228,559 Income tax expense 104,747 (1,841) 102,906 Net loss $ (31,965) $ 64 $ (31,901) Earnings (loss) per share: Basic $ (0.64) $ — $ (0.64) Diluted $ (0.64) $ — $ (0.64) Weighted-average number of shares outstanding: Basic 49,680 49,680 49,680 Diluted 49,680 49,680 49,680 Consolidated Statement of Income Year Ended December 31, 2016 Impact of changes in accounting policies As previously (in thousands, except per share data) reported Adjustments As adjusted Sales $ 2,310,415 $ 11,870 $ 2,322,285 Cost of sales 2,096,952 10,648 2,107,600 Income tax expense 4,141 1,336 5,477 Net income $ 64,047 $ (114) $ 63,933 Earnings per share: Basic $ 1.30 $ — $ 1.30 Diluted $ 1.29 $ (0.01) $ 1.28 Weighted-average number of shares outstanding: Basic 49,298 49,298 49,298 Diluted 49,825 49,825 49,825 Consolidated Statement of Cash Flows Year Ended December 31, 2017 Impact of changes in accounting policies As previously (in thousands) reported Adjustments As adjusted Net loss $ (31,965) $ 64 $ (31,901) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation 36,668 — 36,668 Amortization 12,004 — 12,004 Provision for doubtful accounts 1,697 — 1,697 Deferred income taxes 9,262 (1,840) 7,422 Gain on the sale of property, plant and equipment (202) — (202) Asset impairments 42 — 42 Stock-based compensation expense 7,815 — 7,815 Changes in operating assets and liabilities: Accounts receivable 4,657 — 4,657 Contract assets — 9,710 9,710 Inventories (14,015) (10,555) (24,570) Prepaid expenses and other assets (10,434) 2,622 (7,812) Accounts payable 29,542 — 29,542 Accrued liabilities 13,519 — 13,519 Income taxes 87,252 (1) 87,251 Net cash provided by operations 145,842 — 145,842 Net cash used in investing activities (56,121) — (56,121) Net cash used in financing activities (31,352) — (31,352) Effect of exchange rate changes 2,744 — 2,744 Net increase in cash and cash equivalents 61,113 — 61,113 Cash and cash equivalents at beginning of year 681,433 — 681,433 Cash and cash equivalents at end of period $ 742,546 $ — $ 742,546 Consolidated Statement of Cash Flows Year Ended December 31, 2016 Impact of changes in accounting policies As previously (in thousands) reported Adjustments As adjusted Net income $ 64,047 $ (114) $ 63,933 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 41,398 — 41,398 Amortization 13,741 — 13,741 Deferred income taxes 7,055 1,335 8,390 Gain on the sale of property, plant and equipment (224) — (224) Asset impairments 142 — 142 Stock-based compensation expense 5,322 — 5,322 Excess tax benefits from stock-based compensation (663) — (663) Changes in operating assets and liabilities: Accounts receivable 37,573 — 37,573 Contract assets — (10,931) (10,931) Inventories 27,749 10,648 38,397 Prepaid expenses and other assets 3,147 (940) 2,207 Accounts payable 76,039 — 76,039 Accrued liabilities (28) — (28) Income taxes (2,210) 2 (2,208) Net cash provided by operations 273,088 — 273,088 Net cash used in investing activities (21,245) — (21,245) Net cash used in financing activities (35,310) — (35,310) Effect of exchange rate changes (1,095) — (1,095) Net increase in cash and cash equivalents 215,438 — 215,438 Cash and cash equivalents at beginning of year 465,995 — 465,995 Cash and cash equivalents at end of period $ 681,433 $ — $ 681,433 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 exp ected to be material. In June 2016, the FASB issued 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 credit 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 operations or cash flows ; and will adopt this update effective January 1, 2020 . In February 2016, the FASB established Topic 842, Leases, and issued a new accounting standards u pdate (ASU) No. 2016-02, which re quires lessees to recognize leases on-balance sheet and disclose key information about leasing arrangements. Topic 842 was subsequently amended by ASU No. 2018-01, Land Easement Practical Expedient for Transition to Topic 842; ASU No. 2018-10, Codification Improvements to Topic 842, Leases; and ASU No. 2018-11, Targeted Improvements. The new standard establishes a right-of-use model (ROU) that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term long er than 12 months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. The Company adopted the new standard on its effective date of January 1, 20 19 using the effective date as our date of initial application under the modified retrospective transition approach. Consequently, financial information will not be updated and the disclosures required under the new standard will not be provided for dates and p eriods before January 1, 2019. The new standard provides a number of optional practi cal expedients in transition. Management elected the ‘package of practic al expedients’, which permits the Company not to rea ssess under the new standard its prior conc lusions about lease identification, lease classificat ion and initial direct costs. Management do es not expect to elect the use-of-hindsight or the practical expedient pertaining to land easements; the l atter not being applicable to the Company . Management elect ed all of the new standard’s available tra nsition practical expedients. The Company has completed its preliminary assessment of adopting ASC 842 as of January 1, 2019. The adoption of the standard wi ll have a material effect on its financial statem ents. The most significant effects of adoption relate to (1) the recognition of new ROU ass ets and lease liabilities on the Company’s balance sheet for its real estate and equipment operating leases; and (2) providing significant new disclosures about our leasing activities beginning with the Quarterly Report on Form 10-Q f or the first quarter of 2019. Management do es not ex pect a significant change in the Company’s leasing activities as a result of the adoption. On adoption, the Company expect s to recogn ize additional operating liabilities in the range of approximately $ 85 million to $ 90 million , with corresponding ROU assets based on the presen t value of the remaining expected rental payments. The new standard also provides practical expedients for an e ntity’s ongoing accounting. Management currently expect s to elect the short-term lease re cognition exemption for all of the Company’s leases that qualify. This means, f or those leases that qualify, the Company will not recognize ROU assets or lease liabili ties, and this includes not recognizing ROU assets or lease liabilities for existing short-term leases of those assets in transition. Th e Company also expect s to elect the practical expedient to not separate lease and non -lease components for all of its le ases other than leases of real estate. 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. |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Calculation of Basic and Diluted Earnings per Share | The following table sets forth the calculation of basic and diluted earnings (loss) per share. Year Ended December 31, (in thousands, except per share data) 2018 2017 2016 (as adjusted) Net income (loss) $ 22,817 $ (31,901) $ 63,933 Denominator for basic earnings per share – weighted-average number of common shares outstanding during the period 46,332 49,680 49,298 Incremental common shares attributable to exercise of dilutive options 104 — 313 Incremental common shares attributable to outstanding restricted stock units 219 — 214 Denominator for diluted earnings per share 46,655 49,680 49,825 Basic earnings (loss) per share $ 0.49 $ (0.64) $ 1.30 Diluted earnings (loss) per share $ 0.49 $ (0.64) $ 1.28 |
Schedule Of Unrecognized Compensation Cost And Remaining Weighted-Average Amortization Stock-Based Awards | As of December 31, 2018 , the unrecognized compensation cost and remaining weighted-average amortization related to stock-based awards were as follows: Performance- based Restricted Restricted Stock Stock Stock (in thousands) Options Units Units (1) Unrecognized compensation cost $ 44 $ 12,738 $ 2,461 Remaining weighted-average amortization period 0.2 years 2.4 years 1.2 years (1) Based on the probable achievement of the performance goals identified in each award. |
Impacts of ASC 606 Adoption | The following tables summarize the im pacts of ASC 606 adoption on the Company’s 2017 and 2016 consolidated financial statements. 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 Consolidated Statement of Income Year Ended December 31, 2017 Impact of changes in accounting policies As previously (in thousands, except per share data) reported Adjustments As adjusted Sales $ 2,466,811 $ (12,332) $ 2,454,479 Cost of sales 2,239,114 (10,555) 2,228,559 Income tax expense 104,747 (1,841) 102,906 Net loss $ (31,965) $ 64 $ (31,901) Earnings (loss) per share: Basic $ (0.64) $ — $ (0.64) Diluted $ (0.64) $ — $ (0.64) Weighted-average number of shares outstanding: Basic 49,680 49,680 49,680 Diluted 49,680 49,680 49,680 Consolidated Statement of Income Year Ended December 31, 2016 Impact of changes in accounting policies As previously (in thousands, except per share data) reported Adjustments As adjusted Sales $ 2,310,415 $ 11,870 $ 2,322,285 Cost of sales 2,096,952 10,648 2,107,600 Income tax expense 4,141 1,336 5,477 Net income $ 64,047 $ (114) $ 63,933 Earnings per share: Basic $ 1.30 $ — $ 1.30 Diluted $ 1.29 $ (0.01) $ 1.28 Weighted-average number of shares outstanding: Basic 49,298 49,298 49,298 Diluted 49,825 49,825 49,825 Consolidated Statement of Cash Flows Year Ended December 31, 2017 Impact of changes in accounting policies As previously (in thousands) reported Adjustments As adjusted Net loss $ (31,965) $ 64 $ (31,901) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation 36,668 — 36,668 Amortization 12,004 — 12,004 Provision for doubtful accounts 1,697 — 1,697 Deferred income taxes 9,262 (1,840) 7,422 Gain on the sale of property, plant and equipment (202) — (202) Asset impairments 42 — 42 Stock-based compensation expense 7,815 — 7,815 Changes in operating assets and liabilities: Accounts receivable 4,657 — 4,657 Contract assets — 9,710 9,710 Inventories (14,015) (10,555) (24,570) Prepaid expenses and other assets (10,434) 2,622 (7,812) Accounts payable 29,542 — 29,542 Accrued liabilities 13,519 — 13,519 Income taxes 87,252 (1) 87,251 Net cash provided by operations 145,842 — 145,842 Net cash used in investing activities (56,121) — (56,121) Net cash used in financing activities (31,352) — (31,352) Effect of exchange rate changes 2,744 — 2,744 Net increase in cash and cash equivalents 61,113 — 61,113 Cash and cash equivalents at beginning of year 681,433 — 681,433 Cash and cash equivalents at end of period $ 742,546 $ — $ 742,546 Consolidated Statement of Cash Flows Year Ended December 31, 2016 Impact of changes in accounting policies As previously (in thousands) reported Adjustments As adjusted Net income $ 64,047 $ (114) $ 63,933 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 41,398 — 41,398 Amortization 13,741 — 13,741 Deferred income taxes 7,055 1,335 8,390 Gain on the sale of property, plant and equipment (224) — (224) Asset impairments 142 — 142 Stock-based compensation expense 5,322 — 5,322 Excess tax benefits from stock-based compensation (663) — (663) Changes in operating assets and liabilities: Accounts receivable 37,573 — 37,573 Contract assets — (10,931) (10,931) Inventories 27,749 10,648 38,397 Prepaid expenses and other assets 3,147 (940) 2,207 Accounts payable 76,039 — 76,039 Accrued liabilities (28) — (28) Income taxes (2,210) 2 (2,208) Net cash provided by operations 273,088 — 273,088 Net cash used in investing activities (21,245) — (21,245) Net cash used in financing activities (35,310) — (35,310) Effect of exchange rate changes (1,095) — (1,095) Net increase in cash and cash equivalents 215,438 — 215,438 Cash and cash equivalents at beginning of year 465,995 — 465,995 Cash and cash equivalents at end of period $ 681,433 $ — $ 681,433 |
Contract Assets (Tables)
Contract Assets (Tables) | 12 Months Ended |
Dec. 31, 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: December 31, (in thousands) 2018 2017 Beginning balance as of December 31, 2017 $ 146,496 $ 156,206 Revenue recognized 2,387,333 2,291,046 Amounts collected or invoiced (2,393,747) (2,300,756) Ending balance as of December 31, 2018 $ 140,082 $ 146,496 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Inventories [Abstract] | |
Schedule Of Inventory Costs | December 31, (in thousands) 2018 2017 (as adjusted) Raw materials $ 300,439 $ 258,228 Work in process 7,321 8,600 Finished goods 2,215 2,089 $ 309,975 $ 268,917 |
Property, Plant And Equipment (
Property, Plant And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Schedule Of Property, Plant And Equipment | December 31, (in thousands) 2018 2017 Land $ 6,169 $ 6,169 Buildings and building improvements 97,103 90,577 Machinery and equipment 514,450 476,466 Furniture and fixtures 9,343 8,468 Vehicles 1,341 1,244 Leasehold improvements 30,122 25,153 Construction in progress 13,134 10,439 671,662 618,516 Less accumulated depreciation (460,708) (432,043) $ 210,954 $ 186,473 |
Goodwill And Other Intangible_2
Goodwill And Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill And Other Intangible Assets [Abstract] | |
Goodwill Rollforward | (in thousands) Americas Asia Total Goodwill as of December 31, 2015 $ 161,188 $ 38,102 $ 199,290 Purchase accounting adjustments (7,674) — (7,674) Goodwill as of December 31, 2016 153,514 38,102 191,616 Goodwill as of December 31, 2017 $ 153,514 $ 38,102 $ 191,616 Acquisition 500 — 500 Goodwill as of December 31, 2018 $ 154,014 $ 38,102 $ 192,116 |
Schedule Of Intangible Assets | Gross Net Carrying Accumulated Carrying (in thousands) Amount Amortization Amount Customer relationships $ 100,146 $ (40,661) $ 59,485 Purchased software costs 39,069 (30,626) 8,443 Technology licenses 28,800 (21,006) 7,794 Trade names and trademarks 7,800 — 7,800 Other 868 (285) 583 Intangible assets, December 31, 2018 $ 176,683 $ (92,578) $ 84,105 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 Intangible assets, December 31, 2017 $ 172,996 $ (82,132) $ 90,864 |
Schedule Of Amortization Expense | Amortization on the statements of cash flow for 2018 , 2017 and 2016 was as follows: Year Ended December 31, (in thousands) 2018 2017 2016 Amortization of intangible assets $ 9,485 $ 10,065 $ 11,838 Amortization of capitalized purchased software costs 1,198 1,078 1,147 Amortization of debt costs 2,717 861 756 $ 13,400 $ 12,004 $ 13,741 |
Schedule Of Estimated Future Amortization Expense | Year ending December 31, Amount 2019 $ 10,950 2020 10,215 2021 7,136 2022 6,943 2023 6,543 |
Borrowing Facilities (Tables)
Borrowing Facilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule Of Debt | Long-term debt and capital lease obligations outstanding as of December 31, 2018 and 2017 consist s of the following: December 31, (in thousands) 2018 2017 Term loan $ 150,000 $ 207,000 Capital lease obligations 6,147 7,172 Total principal amount 156,147 214,172 Less unamortized debt issuance costs 2,077 2,492 Long-term debt and capital lease obligations $ 154,070 $ 211,680 Unamortized Debt Issuance (in thousands) Principal Costs Term loan, due in 2023 $ 150,000 $ 2,077 Capital lease obligations, due in 2023 6,147 — Total $ 156,147 $ 2,077 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments [Abstract] | |
Schedule Of Property, Plant And Equipment Under Capital Leases | As of December 31, 2018 , property, plant and equipment included the following amounts under this capital lease obligation (in thousands): Buildings and building improvements $ 12,207 Less accumulated depreciation (9,015) $ 3,192 |
Schedule Of Capital Lease Obligations Outstanding | Capital lease obligations outstanding consist of the following: December 31, (in thousands) 2018 2017 Capital lease obligations $ 6,147 $ 7,172 Less current installments 1,168 1,025 Capital lease obligations, less current installments $ 4,979 $ 6,147 |
Schedule Of Future Minimum Lease Payments Under Noncancelable Operating Leases And Future Minimum Capital Lease Payments | Future minimum capital lease payments and future minimum lease payments under noncancelable operating leases are as follows (in thousands): Capital Operating Year ending December 31, Leases Leases 2019 $ 1,746 $ 15,272 2020 1,781 14,518 2021 1,816 12,203 2022 1,853 10,466 2023 465 9,890 Thereafter — 47,868 Total minimum lease payments $ 7,661 $ 110,217 Less: amount representing interest 1,514 Present value of minimum lease payments 6,147 Less: current installments 1,168 Capital lease obligations, less current installments $ 4,979 |
Common Stock And Stock-Based _2
Common Stock And Stock-Based Awards Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary Of Stock Options | The following table summarizes ac tivities related to the Company’s stock options: Weighted- Weighted- Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic (in thousands, except per share data) Options Price Term (Years) Value Outstanding as of December 31, 2015 2,580 $ 20.49 Exercised (928) 20.29 Forfeited or expired (455) 23.49 Outstanding as of December 31, 2016 1,197 19.51 Exercised (582) 19.28 Forfeited or expired (19) 19.76 Outstanding as of December 31, 2017 596 19.72 Exercised (200) 18.21 Forfeited or expired (22) 22.99 Outstanding as of December 31, 2018 374 $ 20.35 4.37 $ 680 Exercisable as of December 31, 2018 340 $ 20.07 3.44 $ 680 |
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 time-based restricted stock units: Weighted- Average Number of Grant Date (in thousands, except per share data) Units Fair Value Non-vested awards outstanding as of December 31, 2015 467 $ 21.59 Granted 392 22.71 Vested (209) 21.07 Forfeited (125) 21.85 Non-vested awards outstanding as of December 31, 2016 525 22.57 Granted 314 31.56 Vested (206) 21.84 Forfeited (40) 24.21 Non-vested awards outstanding as of December 31, 2017 593 27.47 Granted 407 29.44 Vested (306) 27.25 Forfeited (99) 27.52 Non-vested awards outstanding as of December 31, 2018 595 $ 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 activities related to the Company’s performance-based restricted stock units: Weighted- Average Number of Grant Date (in thousands, except per share data) Units Fair Value Non-vested units outstanding as of December 31, 2015 306 $ 19.77 Granted (1) 184 21.63 Forfeited (263) 19.64 Non-vested units outstanding as of December 31, 2016 227 21.43 Granted (1) 172 31.60 Forfeited (53) 18.81 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 December 31, 2018 319 $ 29.19 (1) Represents target number of units that can vest based on the achievement of the performance goals. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Taxes [Abstract] | |
Schedule Of Income Tax Expense | Note 10—Income Taxes Income tax expense (benefit) based on income before income taxes consisted of the following: Year Ended December 31, (in thousands) 2018 2017 2016 (as adjusted) Current: U.S. Federal $ (14,831) $ 85,633 $ (1,032) State and local 10,110 804 498 Foreign 29,817 9,047 (2,379) 25,096 95,484 (2,913) Deferred: U.S. Federal (249) 8,337 5,261 State and local (550) (213) 1,196 Foreign 8,427 (702) 1,933 7,628 7,422 8,390 $ 32,724 $ 102,906 $ 5,477 |
Schedule Of Income Before Income Taxes | Worldwide income (loss) before income taxes consisted of the following: Year Ended December 31, (in thousands) 2018 2017 2016 (as adjusted) United States $ (23,645) $ (14,984) $ 9,994 Foreign 79,186 85,989 59,416 $ 55,541 $ 71,005 $ 69,410 |
Schedule Of Federal Statutory Income Tax Rate To Income Before Income Tax | Income tax expense differed from the amounts computed by applying the U.S. Federal statutory income tax rate to income before income taxes as a result of the following: Year Ended December 31, (in thousands) 2018 2017 2016 (as adjusted) Tax at statutory rate $ 11,664 $ 24,852 $ 24,294 State taxes, net of federal tax effect 7,553 384 1,102 Effect of foreign operations and tax incentives (11,945) (20,703) (15,496) Change in valuation allowance 2,114 (203) (1,152) Excess tax-benefits of stock-based compensation (143) (1,658) — Provisional impact of U.S. Tax Reform (4,353) 97,707 — Impact of cash repatriation 21,612 — — GILTI 3,206 — — Losses in foreign jurisdictions for which no benefit has been provided 1,423 106 2,106 Change in uncertain tax benefits reserve (317) — (8,270) Other 1,910 2,421 2,893 Total income tax expense $ 32,724 $ 102,906 $ 5,477 |
Schedule Of Deferred Tax Assets And Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below: December 31, (in thousands) 2018 2017 (as adjusted) Deferred tax assets: Carrying value of inventories $ 2,787 $ 2,474 Accrued liabilities and allowances deductible for tax purposes on a cash basis 6,108 6,387 Goodwill 2,351 2,732 Stock-based compensation 2,347 2,359 Net operating loss carryforwards 20,028 22,096 Tax credit carryforwards 1,923 2,007 Other 4,373 5,924 39,917 43,979 Less: valuation allowance (13,709) (15,823) Net deferred tax assets 26,208 28,156 Deferred tax liabilities: Plant and equipment, due to differences in depreciation (7,617) (8,543) Intangible assets, due to differences in amortization (18,593) (20,891) ASC 606 revenue recognition (1,640) (1,667) Foreign withholding tax (9,212) - Other (991) (1,715) Gross deferred tax liability (38,053) (32,816) Net deferred tax liability $ (11,845) $ (4,660) The net deferred tax liability is classified as follows: Long-term asset $ 2,478 $ 4,034 Long-term liability (14,323) (8,694) Total $ (11,845) $ (4,660) |
Schedule Of Tax Incentives | The net impact of these tax incentives was to lower income tax expense for 2018 , 2017 , and 2016 by approximately $7.9 million (appr oximately $ 0.17 per diluted share), $7.2 million (approximately $ 0 . 15 per d iluted share) and $6.7 million (approximately $ 0. 13 per diluted share), respectively, as follows: Year Ended December 31, (in thousands) 2018 2017 2016 China $ 1,884 $ 1,398 $ 1,302 Malaysia 3,287 4,295 2,346 Thailand 2,715 1,545 3,068 $ 7,886 $ 7,238 $ 6,716 |
Schedule Of Reconciliation Of Beginning And Ending Amount Of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest and penalties, is as follows: December 31, (in thousands) 2018 2017 2016 Balance as of January 1 $ 708 $ 7,791 $ 13,114 Additions related to current year tax positions 137 220 — Decreases as a result of a lapse of applicable statute of limitations in current year — — (5,079) Additions related to prior year tax positions — 894 89 Decreases related to prior year tax positions (532) (8,197) (333) Balance as of December 31 $ 313 $ 708 $ 7,791 |
Major Customers (Tables)
Major Customers (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Major Customers [Abstract] | |
Schedule Of Sales To Largest Customers | Sales to our largest customers were as follows for the indicated periods: Year ended December 31, (in thousands) 2018 2017 2016 International Business Machines Corporation $ 323,795 $ 284,636 $ * Applied Materials, Inc. $ * $ 248,183 $ * * amount is less than 10% of total. |
Segment And Geographic Inform_2
Segment And Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment And Geographic Information [Abstract] | |
Schedule Of Operating Segments | The Company has three reportable operating segme nts: Americas, Asia, and Europe. Informa tion about operating segments is as follows: Year Ended December 31, (in thousands) 2018 2017 2016 Net sales: (as adjusted) (as adjusted) Americas $ 1,647,402 $ 1,584,729 $ 1,589,933 Asia 801,312 777,616 653,888 Europe 186,517 176,954 157,837 Elimination of intersegment sales (68,766) (84,820) (79,373) $ 2,566,465 $ 2,454,479 $ 2,322,285 Depreciation and amortization: Americas $ 22,668 $ 21,972 $ 23,275 Asia 11,496 11,849 15,832 Europe 3,498 2,891 2,794 Corporate 14,177 11,960 13,238 $ 51,839 $ 48,672 $ 55,139 Income from operations: Americas $ 61,731 $ 68,433 $ 87,582 Asia 72,442 74,701 46,749 Europe 10,229 10,805 10,058 Corporate and intersegment eliminations (85,864) (77,113) (67,529) $ 58,538 $ 76,826 $ 76,860 Other income (expense): Interest expense $ (10,473) $ (9,405) $ (9,304) Interest income 6,848 5,370 2,136 Other income (expense) 628 (1,786) (282) Income before income taxes $ 55,541 $ 71,005 $ 69,410 Capital expenditures: Americas $ 44,204 $ 27,139 $ 20,766 Asia 14,400 18,115 7,858 Europe 2,388 4,915 1,441 Corporate 5,740 4,337 2,269 $ 66,732 $ 54,506 $ 32,334 Total assets: Americas $ 852,776 $ 812,187 $ 871,577 Asia 540,094 674,783 637,376 Europe 113,165 470,786 393,973 Corporate and other 393,748 151,548 105,999 $ 1,899,783 $ 2,109,304 $ 2,008,925 |
Schedule Of Geographic Net Sales And Long-Lived Assets | Geographic net sales information provided below reflects the destination of the product shipped. Long-lived assets information is based on the physical location of the asset. Year Ended December 31, (in thousands) 2018 2017 2016 Geographic net sales: (as adjusted) (as adjusted) United States $ 1,741,321 $ 1,650,791 $ 1,624,050 Asia 423,245 432,530 336,022 Europe 299,676 291,006 254,272 Other 102,223 80,152 107,941 $ 2,566,465 $ 2,454,479 $ 2,322,285 Long-lived assets: United States $ 190,056 $ 167,858 $ 167,367 Asia 79,051 77,750 67,998 Europe 9,537 11,042 8,415 Other 22,945 25,830 24,290 $ 301,589 $ 282,480 $ 268,070 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 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 Year Ended December 31, 2018 (in thousands) Americas Asia Europe Total Market Sector: Industrials $ 184,500 $ 241,765 $ 66,798 $ 493,063 A&D 374,852 — 31,550 406,402 Medical 235,287 144,528 14,152 393,967 Test and instrumentation 155,687 135,299 63,992 354,978 Computing 504,391 69,657 6,797 580,845 Telecommunications 162,813 171,520 2,877 337,210 External revenue 1,617,530 762,769 186,166 2,566,465 Elimination of intersegment sales 29,872 38,543 351 68,766 Segment revenue $ 1,647,402 $ 801,312 $ 186,517 $ 2,635,231 Year Ended December 31, 2017 (as adjusted) Americas Asia Europe Total Market Sector: Industrials $ 213,699 $ 213,504 $ 69,233 $ 496,436 A&D 361,200 2,430 28,060 391,690 Medical 204,677 149,650 19,458 373,785 Test and instrumentation 158,151 140,967 47,223 346,341 Computing 444,401 85,988 9,971 540,360 Telecommunications 172,122 130,954 2,791 305,867 External revenue 1,554,250 723,493 176,736 2,454,479 Elimination of intersegment sales 30,479 54,123 218 84,820 Segment revenue $ 1,584,729 $ 777,616 $ 176,954 $ 2,539,299 Year Ended December 31, 2016 (as adjusted) (in thousands) Americas Asia Europe Total Market Sector: Industrials $ 307,261 $ 176,184 $ 60,358 $ 543,803 A&D 333,383 1,113 35,178 369,674 Medical 190,167 136,398 19,409 345,974 Test and instrumentation 125,680 90,708 27,019 243,407 Computing 369,719 66,695 10,768 447,182 Telecommunications 239,779 129,061 3,405 372,245 External revenue 1,565,989 600,159 156,137 2,322,285 Elimination of intersegment sales 23,944 53,729 1,700 79,373 Segment revenue $ 1,589,933 $ 653,888 $ 157,837 $ 2,401,658 |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Restructuring Charges [Abstract] | |
Schedule Of Accrued Restructuring | The following table summarizes the 2018 activity in the accrued restructuring balances related to the various restructuring activities initiated prior to December 31, 2018 : Balance as of Foreign Balance as of December 31, Restructuring Cash Non-Cash Exchange December 31, (in thousands) 2017 Charges Payment Activity Adjustments 2018 2018 Restructuring: Severance $ — $ 2,815 $ (2,533) $ — $ — $ 282 Other exit costs — 1,773 (855) — — 918 — 4,588 (3,388) — — 1,200 2017 Restructuring: Severance 47 3 (50) — — — Lease facility costs — 96 (96) — — — Other exit costs 198 270 (309) — (24) 135 245 369 (455) — (24) 135 2016 Restructuring: Severance 29 (6) (23) — — — Other exit costs 16 246 (146) (116) — — 45 240 (169) (116) — — Total $ 290 $ 5,197 $ (4,012) $ (116) $ (24) $ 1,335 The following table summarizes the 2017 activity in the accrued restructuring balances related to the various restructuring activit ies initiated prior to December 31, 2017 : Balance as of Foreign Balance as of December 31, Restructuring Cash Non-Cash Exchange December 31, (in thousands) 2016 Charges Payment Activity Adjustments 2017 2017 Restructuring: Severance $ — $ 2,172 $ (2,125) $ — $ — $ 47 Lease facility costs — 264 (264) — — — Other exit costs — 531 (335) — 2 198 — 2,967 (2,724) — 2 245 2016 Restructuring: Severance 738 (42) (667) — — 29 Lease facility costs — 58 (58) — — — Other exit costs 545 1,953 (2,442) (42) 2 16 1,283 1,969 (3,167) (42) 2 45 Total $ 1,283 $ 4,936 $ (5,891) $ (42) $ 4 $ 290 |
Schedule Of Components Of Restructuring Charges | The components of the restructuring charges initiated during 2018 were as follows: (in thousands) Americas Asia Europe Total Severance costs $ 2,496 $ 274 $ 45 $ 2,815 Other exit costs 1,773 — — 1,773 $ 4,269 $ 274 $ 45 $ 4,588 The components of the restructuring charges initiated during 2017 were as follows: (in thousands) Americas Asia Total Severance costs $ 1,985 $ 187 $ 2,172 Lease facility costs 264 — 264 Other exit costs 531 — 531 $ 2,780 $ 187 $ 2,967 The components of the restructuring charges initiated during 2016 were as follows: (in thousands) Americas Asia Europe Total Severance costs $ 1,726 $ 1,904 $ — $ 3,630 Other exit costs 924 — 53 977 $ 2,650 $ 1,904 53 $ 4,607 |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Data [Abstract] | |
Schedule Of Quarterly Financial Information | 2018 Quarter (in thousands, except per share data) 1st 2nd 3rd 4th Sales $ 608,136 $ 660,591 $ 640,688 $ 657,050 Gross profit 58,318 54,299 52,777 55,199 Net income (loss) (23,641) 10,943 7,799 27,716 Earnings (loss) per common share: Basic (0.49) 0.23 0.17 0.64 Diluted (0.49) 0.23 0.17 0.64 2017 Quarter (as adjusted) (in thousands, except per share data) 1st 2nd 3rd 4th Sales $ 557,903 $ 619,611 $ 610,929 $ 666,036 Gross profit 47,532 59,484 58,243 60,661 Net income (loss) 8,555 18,074 17,831 (76,361) Earnings (loss) per common share: Basic 0.17 0.36 0.36 (1.54) Diluted 0.17 0.36 0.35 (1.54) 2016 Quarter (as adjusted) (in thousands, except per share data) 1st 2nd 3rd 4th Sales $ 535,195 $ 580,513 $ 586,534 $ 620,043 Gross profit 48,409 53,200 54,180 58,896 Net income 9,374 12,688 22,544 19,327 Earnings per common share: Basic 0.19 0.26 0.46 0.39 Diluted 0.19 0.26 0.46 0.39 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 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, 2015 $ (13,079) $ — $ (95) $ 158 $ (13,016) Other comprehensive gain (loss) before reclassifications (1,465) 286 21 (1) (1,159) Amounts reclassified from accumulated other comprehensive loss — — — (1) (1) Net current period other comprehensive loss (1,465) 286 21 (2) (1,160) Balances, December 31, 2016 (14,544) 286 (74) 156 (14,176) Other comprehensive gain (loss) before reclassifications 4,977 1,192 33 (175) 6,027 Net current period other comprehensive gain (loss) 4,977 1,192 33 (175) 6,027 Balances, December 31, 2017 (9,567) 1,478 (41) (19) (8,149) Other comprehensive gain (loss) before reclassifications (2,273) (1,126) 41 619 (2,739) Amounts reclassified from accumulated other comprehensive loss — (236) — — (236) Net current period other comprehensive gain (loss) (2,273) (1,362) 41 619 (2,975) Balances, December 31, 2018 $ (11,840) $ 116 $ — $ 600 $ (11,124) |
Supplemental Cash Flow And No_2
Supplemental Cash Flow And Non-Cash Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule Of Supplemental Cash Flow and Non-Cash Information | Note 22—Supplemental Cash Flow and Non-Cash Information The following is additional information concerning supplemental disclosures of cash payments. Year ended December 31, (in thousands) 2018 2017 2016 Income taxes paid, net $ 48,918 $ 6,453 $ 7,865 Interest paid $ 7,868 $ 8,698 $ 8,305 Non-cash investing activity: Additions to property, plant and equipment in accounts payable $ 6,148 $ 7,761 $ 2,111 |
Schedule Of Valuation And Qua_2
Schedule Of Valuation And Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Valuation And Qualifying Accounts [Abstract] | |
Schedule Of Valuation And Qualifying Accounts | Schedule II - Valuation Accounts Additions Balance at Balance at Beginning Charges to End of (in thousands) of Period Operations Other Deductions Period Year ended December 31, 2018: Allowance for doubtful accounts (1) $ 105 1,718 — 90 1,733 Year ended December 31, 2017: Allowance for doubtful accounts (1) $ 2,838 1,697 — 4,430 105 Year ended December 31, 2016: Allowance for doubtful accounts (1) $ 3,417 — — 579 2,838 (1) Deductions in the allowance for doubtful accounts represent write-offs, net of recoveries, of amounts determined to be uncollectible. See accompanying Report of Independent Registered Public Accounting Firm incorporated herein by reference. |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands, shares in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2019 | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Cash equivalents | $ 265,400 | $ 581,400 | ||
Provision for doubtful accounts | $ 1,712 | $ 1,697 | $ 0 | |
Anti-dilutive securities to purchase common shares | 0 | 0.6 | 0.4 | |
Compensation cost recognized for stock-based awards | $ 10,100 | $ 7,800 | $ 5,300 | |
Income tax benefit recognized in the income statement for stock-based awards | 2,400 | 2,800 | 1,100 | |
Total cash received as a result of stock option exercises | 3,600 | 11,200 | 18,800 | |
Tax benefit realized as a result of stock option exercises and the vesting of other share-based awards | 2,500 | 5,000 | 3,700 | |
Total intrinsic value of stock options exercised | 2,300 | 7,700 | 5,100 | |
Exchange losses related to foreign currency transactions | $ 1,000 | $ 2,100 | $ 500 | |
Minimum [Member] | Buildings And Building Improvements [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Useful lives of the assets | 5 years | |||
Minimum [Member] | Machinery And Equipment [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Useful lives of the assets | 2 years | |||
Minimum [Member] | Furniture And Fixtures [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Useful lives of the assets | 2 years | |||
Minimum [Member] | Vehicles [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Useful lives of the assets | 2 years | |||
Maximum [Member] | Buildings And Building Improvements [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Useful lives of the assets | 40 years | |||
Maximum [Member] | Machinery And Equipment [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Useful lives of the assets | 15 years | |||
Maximum [Member] | Furniture And Fixtures [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Useful lives of the assets | 12 years | |||
Maximum [Member] | Vehicles [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Useful lives of the assets | 8 years | |||
Accounting Standards Update 2016-02 Member | Minimum [Member] | Scenario Forecast [Member] | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Operating Lease Right Of Use Asset | $ 85,000 | |||
Operating Lease Liability | 85,000 | |||
Accounting Standards Update 2016-02 Member | Maximum [Member] | Scenario Forecast [Member] | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Operating Lease Right Of Use Asset | 90,000 | |||
Operating Lease Liability | $ 90,000 |
Summary Of Significant Accoun_5
Summary Of Significant Accounting Policies (Schedule Of Calculation Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share Reconciliation [Line Items] | |||||||||||||||
Net income (loss) | $ 27,716 | $ 7,799 | $ 10,943 | $ (23,641) | $ (76,361) | $ 17,831 | $ 18,074 | $ 8,555 | $ 19,327 | $ 22,544 | $ 12,688 | $ 9,374 | $ 22,817 | $ (31,901) | $ 63,933 |
Denominator for basic earnings per share - weighted-average number of common shares outstanding during the period | 46,332 | 49,680 | 49,298 | ||||||||||||
Denominator for diluted earnings per share | 46,655 | 49,680 | 49,825 | ||||||||||||
Basic earnings per share | $ 0.64 | $ 0.17 | $ 0.23 | $ (0.49) | $ (1.54) | $ 0.36 | $ 0.36 | $ 0.17 | $ 0.39 | $ 0.46 | $ 0.26 | $ 0.19 | $ 0.49 | $ (0.64) | $ 1.3 |
Diluted earnings per share | $ 0.64 | $ 0.17 | $ 0.23 | $ (0.49) | $ (1.54) | $ 0.35 | $ 0.36 | $ 0.17 | $ 0.39 | $ 0.46 | $ 0.26 | $ 0.19 | $ 0.49 | $ (0.64) | $ 1.28 |
Stock Options [Member] | |||||||||||||||
Earnings Per Share Reconciliation [Line Items] | |||||||||||||||
Incremental common shares attributable to stock-based awards | 104 | 0 | 313 | ||||||||||||
Restricted Stock Units [Member] | |||||||||||||||
Earnings Per Share Reconciliation [Line Items] | |||||||||||||||
Incremental common shares attributable to stock-based awards | 219 | 0 | 214 |
Summary Of Significant Accoun_6
Summary Of Significant Accounting Policies (Schedule Of Unrecognized Compensation Cost Nonvested Awards) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $ 44 |
Remaining weighted-average amortization period | 2 months 12 days |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $ 12,738 |
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 | $ 2,461 |
Remaining weighted-average amortization period | 1 year 2 months 12 days |
Summary Of Significant Accoun_7
Summary Of Significant Accounting Policies (Condensed Consolidated Balance Sheet) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Condensed Consolidated Balance Sheets [Abstract] | |||
Contract assets | $ 140,082 | $ 146,496 | |
Inventories, net | 309,975 | 268,917 | |
Prepaid expenses and other assets | 27,024 | 36,018 | |
Total Assets | 1,899,783 | 2,109,304 | $ 2,008,925 |
Income taxes payable | 10,435 | 11,663 | |
Deferred income taxes | 14,323 | 8,694 | |
Total liabilities | 770,166 | ||
Retained earnings | 584,274 | 708,181 | |
Total shareholders' equity | 1,132,225 | 1,339,138 | |
Total liabilities and shareholders' equity | $ 1,899,783 | 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 |
Summary Of Significant Accoun_8
Summary Of Significant Accounting Policies (Condensed Consolidated Statement of Income) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Consolidated Statements Of Income (Loss) [Abstract] | |||||||||||||||
Revenues | $ 657,050 | $ 640,688 | $ 660,591 | $ 608,136 | $ 666,036 | $ 610,929 | $ 619,611 | $ 557,903 | $ 620,043 | $ 586,534 | $ 580,513 | $ 535,195 | $ 2,566,465 | $ 2,454,479 | $ 2,322,285 |
Cost of sales | 2,345,872 | 2,228,559 | 2,107,600 | ||||||||||||
Income tax expense | 32,724 | 102,906 | 5,477 | ||||||||||||
Net income (loss) | $ 27,716 | $ 7,799 | $ 10,943 | $ (23,641) | $ (76,361) | $ 17,831 | $ 18,074 | $ 8,555 | $ 19,327 | $ 22,544 | $ 12,688 | $ 9,374 | $ 22,817 | $ (31,901) | $ 63,933 |
Earnings Per Share [Abstract] | |||||||||||||||
Basic | $ 0.64 | $ 0.17 | $ 0.23 | $ (0.49) | $ (1.54) | $ 0.36 | $ 0.36 | $ 0.17 | $ 0.39 | $ 0.46 | $ 0.26 | $ 0.19 | $ 0.49 | $ (0.64) | $ 1.3 |
Diluted | $ 0.64 | $ 0.17 | $ 0.23 | $ (0.49) | $ (1.54) | $ 0.35 | $ 0.36 | $ 0.17 | $ 0.39 | $ 0.46 | $ 0.26 | $ 0.19 | $ 0.49 | $ (0.64) | $ 1.28 |
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | |||||||||||||||
Basic | 46,332 | 49,680 | 49,298 | ||||||||||||
Diluted | 46,655 | 49,680 | 49,825 | ||||||||||||
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 | $ 2,466,811 | $ 2,310,415 | |||||||||||||
Cost of sales | 2,239,114 | 2,096,952 | |||||||||||||
Income tax expense | 104,747 | 4,141 | |||||||||||||
Net income (loss) | $ (31,965) | $ 64,047 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||
Basic | $ (0.64) | $ 1.3 | |||||||||||||
Diluted | $ (0.64) | $ 1.29 | |||||||||||||
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | |||||||||||||||
Basic | 49,680 | 49,298 | |||||||||||||
Diluted | 49,680 | 49,825 | |||||||||||||
Accounting Standards Update 2014-09 [Member] | Restatement Adjustment [Member] | Adjustments [Member] | |||||||||||||||
Condensed Consolidated Statements Of Income (Loss) [Abstract] | |||||||||||||||
Revenues | $ (12,332) | $ 11,870 | |||||||||||||
Cost of sales | (10,555) | 10,648 | |||||||||||||
Income tax expense | (1,841) | 1,336 | |||||||||||||
Net income (loss) | $ 64 | $ (114) | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||
Basic | $ 0 | $ 0 | |||||||||||||
Diluted | $ 0 | $ (0.01) | |||||||||||||
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | |||||||||||||||
Basic | 49,680 | 49,298 | |||||||||||||
Diluted | 49,680 | 49,825 |
Summary Of Significant Accoun_9
Summary Of Significant Accounting Policies (Condensed Consolidated Cash Flow) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||||||||||||||
Net income (loss) | $ 27,716 | $ 7,799 | $ 10,943 | $ (23,641) | $ (76,361) | $ 17,831 | $ 18,074 | $ 8,555 | $ 19,327 | $ 22,544 | $ 12,688 | $ 9,374 | $ 22,817 | $ (31,901) | $ 63,933 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||
Depreciation | 38,439 | 36,668 | 41,398 | ||||||||||||
Amortization | 13,400 | 12,004 | 13,741 | ||||||||||||
Provision for doubtful accounts | 1,712 | 1,697 | 0 | ||||||||||||
Deferred income taxes | 7,628 | 7,422 | 8,390 | ||||||||||||
Gain on the sale of property, plant and equipment | (262) | (202) | (224) | ||||||||||||
Asset impairments | 96 | 42 | 142 | ||||||||||||
Stock-based compensation expense | 10,089 | 7,815 | 5,322 | ||||||||||||
Excess tax benefits from stock-based compensation | 0 | 0 | (663) | ||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||
Accounts receivable | (33,952) | 4,657 | 37,573 | ||||||||||||
Contract assets | 6,414 | 9,710 | (10,931) | ||||||||||||
Inventories | (43,264) | (24,570) | 38,397 | ||||||||||||
Prepaid expenses and other assets | 10,238 | (7,812) | 2,207 | ||||||||||||
Accounts payable | 61,391 | 29,542 | 76,039 | ||||||||||||
Accrued liabilities | 5,778 | 13,519 | (28) | ||||||||||||
Income taxes | (23,837) | 87,251 | (2,208) | ||||||||||||
Net cash provided by operations | 76,687 | 145,842 | 273,088 | ||||||||||||
Cash flows from investing activities: | |||||||||||||||
Net cash used in investing activities | (68,849) | (56,121) | (21,245) | ||||||||||||
Cash flows from financing activities: | |||||||||||||||
Net used in financing activities | (290,967) | (31,352) | (35,310) | ||||||||||||
Effect of exchange rate changes | (1,315) | 2,744 | (1,095) | ||||||||||||
Net increase in cash and cash equivalents | (284,444) | 61,113 | 215,438 | ||||||||||||
Cash and cash equivalents at beginning of year | $ 742,546 | $ 681,433 | $ 465,995 | 742,546 | 681,433 | 465,995 | |||||||||
Cash and cash equivalents at end of period | $ 458,102 | $ 742,546 | $ 681,433 | $ 458,102 | 742,546 | 681,433 | |||||||||
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) | (31,965) | 64,047 | |||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||
Depreciation | 36,668 | 41,398 | |||||||||||||
Amortization | 12,004 | 13,741 | |||||||||||||
Provision for doubtful accounts | 1,697 | ||||||||||||||
Deferred income taxes | 9,262 | 7,055 | |||||||||||||
Gain on the sale of property, plant and equipment | (202) | (224) | |||||||||||||
Asset impairments | 42 | 142 | |||||||||||||
Stock-based compensation expense | 7,815 | 5,322 | |||||||||||||
Excess tax benefits from stock-based compensation | 663 | ||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||
Accounts receivable | 4,657 | 37,573 | |||||||||||||
Contract assets | 0 | 0 | |||||||||||||
Inventories | (14,015) | 27,749 | |||||||||||||
Prepaid expenses and other assets | (10,434) | 3,147 | |||||||||||||
Accounts payable | 29,542 | 76,039 | |||||||||||||
Accrued liabilities | 13,519 | (28) | |||||||||||||
Income taxes | 87,252 | (2,210) | |||||||||||||
Net cash provided by operations | 145,842 | 273,088 | |||||||||||||
Cash flows from investing activities: | |||||||||||||||
Net cash used in investing activities | (56,121) | (21,245) | |||||||||||||
Cash flows from financing activities: | |||||||||||||||
Net used in financing activities | (31,352) | (35,310) | |||||||||||||
Effect of exchange rate changes | 2,744 | (1,095) | |||||||||||||
Net increase in cash and cash equivalents | 61,113 | 215,438 | |||||||||||||
Accounting Standards Update 2014-09 [Member] | Restatement Adjustment [Member] | Adjustments [Member] | |||||||||||||||
Cash flows from operating activities: | |||||||||||||||
Net income (loss) | 64 | (114) | |||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||
Depreciation | 0 | 0 | |||||||||||||
Amortization | 0 | 0 | |||||||||||||
Provision for doubtful accounts | 0 | ||||||||||||||
Deferred income taxes | (1,840) | 1,335 | |||||||||||||
Gain on the sale of property, plant and equipment | 0 | 0 | |||||||||||||
Asset impairments | 0 | 0 | |||||||||||||
Stock-based compensation expense | 0 | 0 | |||||||||||||
Excess tax benefits from stock-based compensation | 0 | ||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||
Accounts receivable | 0 | 0 | |||||||||||||
Contract assets | 9,710 | (10,931) | |||||||||||||
Inventories | (10,555) | 10,648 | |||||||||||||
Prepaid expenses and other assets | 2,622 | (940) | |||||||||||||
Accounts payable | 0 | 0 | |||||||||||||
Accrued liabilities | 0 | 0 | |||||||||||||
Income taxes | (1) | 2 | |||||||||||||
Net cash provided by operations | 0 | 0 | |||||||||||||
Cash flows from investing activities: | |||||||||||||||
Net cash used in investing activities | 0 | 0 | |||||||||||||
Cash flows from financing activities: | |||||||||||||||
Net used in financing activities | 0 | 0 | |||||||||||||
Effect of exchange rate changes | 0 | 0 | |||||||||||||
Net increase in cash and cash equivalents | $ 0 | $ 0 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Business Combinations [Line Items] | |
Purchase price paid | $ 2,700 |
Goodwill Acquired During Period | 500 |
Non Significant Business [Member] | |
Business Combinations [Line Items] | |
Purchase price paid | $ 2,700 |
Contract Assets (Narrative) (De
Contract Assets (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Contract With Customer Asset And Liability [Abstract] | ||
Contract assets | $ 140,082 | $ 146,496 |
Contract Assets (Schedule Of Ch
Contract Assets (Schedule Of Changes) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Change In Contract With Customer Asset [Abstract] | ||
Beginning balance, December 31, 2017 | $ 146,496 | $ 156,206 |
Revenue recognized | 2,387,333 | 2,291,046 |
Amounts collected or invoiced | (2,393,747) | (2,300,756) |
Ending balance, December 31, 2018 | $ 140,082 | $ 146,496 |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventory Costs) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Inventories [Abstract] | ||
Raw materials | $ 300,439 | $ 258,228 |
Work in process | 7,321 | 8,600 |
Finished goods | 2,215 | 2,089 |
Inventories | $ 309,975 | $ 268,917 |
Property, Plant And Equipment_2
Property, Plant And Equipment (Schedule Of Property, Plant And Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Property, plant and equipment, gross | $ 671,662 | $ 618,516 |
Less accumulated depreciation | (460,708) | (432,043) |
Property, plant and equipment, Net | 210,954 | 186,473 |
Land [Member] | ||
Property, plant and equipment, gross | 6,169 | 6,169 |
Buildings And Building Improvements [Member] | ||
Property, plant and equipment, gross | 97,103 | 90,577 |
Machinery And Equipment [Member] | ||
Property, plant and equipment, gross | 514,450 | 476,466 |
Furniture And Fixtures [Member] | ||
Property, plant and equipment, gross | 9,343 | 8,468 |
Vehicles [Member] | ||
Property, plant and equipment, gross | 1,341 | 1,244 |
Leasehold Improvements [Member] | ||
Property, plant and equipment, gross | 30,122 | 25,153 |
Construction In Progress Member | ||
Property, plant and equipment, gross | $ 13,134 | $ 10,439 |
Goodwill And Other Intangible_3
Goodwill And Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill And Other Intangible Assets [Line Items] | |||
Payments To Acquire Businesses Gross | $ 2,700 | ||
Purchased software costs, capitalized | 3,924 | $ 3,720 | $ 1,856 |
Non Significant Business [Member] | |||
Goodwill And Other Intangible Assets [Line Items] | |||
Payments To Acquire Businesses Gross | $ 2,700 | ||
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 | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2015 | |
Goodwill [Line Items] | ||||
Goodwill | $ 192,116 | $ 191,616 | $ 191,616 | $ 199,290 |
Acquisition | 500 | |||
Purchase accounting adjustments | (7,674) | |||
Americas [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill | 154,014 | 153,514 | 153,514 | 161,188 |
Acquisition | 500 | |||
Purchase accounting adjustments | (7,674) | |||
Asia [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill | 38,102 | 38,102 | $ 38,102 | $ 38,102 |
Acquisition | $ 0 | |||
Purchase accounting adjustments | $ 0 |
Goodwill And Other Intangible_5
Goodwill And Other Intangible Assets (Schedule Of Other Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 176,683 | $ 172,996 |
Accumulated amortization | (92,578) | (82,132) |
Net carrying amount | 84,105 | 90,864 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 100,146 | 100,200 |
Accumulated amortization | (40,661) | (34,372) |
Net carrying amount | 59,485 | 65,828 |
Purchased Software Costs [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 39,069 | 35,328 |
Accumulated amortization | (30,626) | (29,612) |
Net carrying amount | 8,443 | 5,716 |
Technology Licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 28,800 | 28,800 |
Accumulated amortization | (21,006) | (17,887) |
Net carrying amount | 7,794 | 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 | (285) | (261) |
Net carrying amount | $ 583 | $ 607 |
Goodwill And Other Intangible_6
Goodwill And Other Intangible Assets (Schedule Of Amortization Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill And Other Intangible Assets [Abstract] | |||
Amortization of intangible assets | $ 9,485 | $ 10,065 | $ 11,838 |
Amortization of capitalized purchased software costs | 1,198 | 1,078 | 1,147 |
Amortization of debt costs | 2,717 | 861 | 756 |
Total amortization | $ 13,400 | $ 12,004 | $ 13,741 |
Goodwill And Other Intangible_7
Goodwill And Other Intangible Assets (Schedule Of Estimated Future Amortization Expense) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Goodwill And Other Intangible Assets [Abstract] | |
2,019 | $ 10,950 |
2,020 | 10,215 |
2,021 | 7,136 |
2,022 | 6,943 |
2,023 | $ 6,543 |
Borrowing Facilities (Details)
Borrowing Facilities (Details) $ in Thousands, ฿ in Millions | 12 Months Ended | ||||
Dec. 31, 2018USD ($) | Dec. 31, 2018THB (฿) | Dec. 31, 2018USD ($) | Jul. 20, 2018USD ($) | Dec. 31, 2017USD ($) | |
Line of Credit Facility [Line Items] | |||||
Principal amount | $ 156,147 | $ 214,172 | |||
Credit Agreement [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Credit Agreement capacity | 650,000 | ||||
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 [Member] | Bank Of America 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 issuer | Bank of America, N.A., as Administrative Agent, Swingline Lender and a L/C Issuer | ||||
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 covenant compliance | As of December 31, 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 | 500,000 | ||||
Term period | 5 years | ||||
Credit Agreement maturity date | Jul. 20, 2023 | ||||
Possible increase to total commitments under Credit Agreement | 275,000 | ||||
Letters of credit outstanding amount | 2,800 | ||||
Revolving credit facility, available for future borrowings | 497,200 | ||||
Term Loan Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Term period | 5 years | ||||
Credit Agreement maturity date | Jul. 20, 2023 | ||||
Term Loan proceeds | $ 150,000 | ||||
Term Loan frequency of periodic payments | quarterly | ||||
Term Loan first required payment date | Jun. 30, 2019 | ||||
Derivative Notional Amount | 150,000 | ||||
Principal amount | 150,000 | ||||
Term Loan Facility [Member] | Interest Rate Swap [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Derivative Notional Amount | 150,000 | ||||
Term Loan Facility [Member] | Bank Of America Credit Agreement [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Quarterly principal installments | $ 1,900 | ||||
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 | $ 10,800 | |||
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% |
Borrowing Facilities (Schedule
Borrowing Facilities (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Principal amount | $ 156,147 | $ 214,172 |
Less unamortized debt issuance costs | 2,077 | 2,492 |
Long Term Debt And Capital Lease Obligations Including Current Maturities | 154,070 | 211,680 |
Term Loan [Member} | ||
Debt Instrument [Line Items] | ||
Principal amount | 150,000 | 207,000 |
Capital Lease Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 6,147 | $ 7,172 |
Borrowing Facilities (Schedul_2
Borrowing Facilities (Schedule of Long-Term Debt Principal versus Amortization Costs) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Debt Instrument Carrying Amount | $ 156,147 | $ 214,172 |
Unamortized Debt Issuance Expense | 2,077 | $ 2,492 |
Medium Term Notes Due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument Carrying Amount | 150,000 | |
Unamortized Debt Issuance Expense | 2,077 | |
Capital Lease Obligations Due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument Carrying Amount | 6,147 | |
Unamortized Debt Issuance Expense | $ 0 |
Borrowing Facilities (Maturitie
Borrowing Facilities (Maturities of Long-Term Debt And Capital Lease Obligations) (Details) $ in Millions | Dec. 31, 2018USD ($) |
Debt Disclosure [Abstract] | |
Aggregate maturies of long-term debt and capital lease obligations in 2019 | $ 6.8 |
Aggregate maturies of long-term debt and capital lease obligations in 2020 | 8.8 |
Aggregate maturies of long-term debt and capital lease obligations in 2021 | 9 |
Aggregate maturies of long-term debt and capital lease obligations in 2022 | 9.2 |
Aggregate maturies of long-term debt and capital lease obligations in 2023 | $ 122.3 |
Commitments (Narrative) (Detail
Commitments (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | |||
Rental expense | $ 16.8 | $ 15.8 | $ 14.4 |
Commitments (Schedule Of Proper
Commitments (Schedule Of Property, Plant And Equipment Under Capital Leases) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Commitments [Abstract] | |
Buildings and building improvements | $ 12,207 |
Less accumulated depreciation | (9,015) |
Property, plant and equipment included under capital leases | $ 3,192 |
Commitments (Schedule Of Capita
Commitments (Schedule Of Capital Lease Obligations Outstanding) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Commitments [Abstract] | ||
Capital lease obligations | $ 6,147 | $ 7,172 |
Less current installments | 1,168 | 1,025 |
Capital lease obligations, less current installments | $ 4,979 | $ 6,147 |
Commitments (Schedule Of Future
Commitments (Schedule Of Future Minimum Lease Payments Under Noncancelable Operating Leases And Future Minimum Capital Lease Payments) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Commitments [Abstract] | ||
Capital Leases, 2019 | $ 1,746 | |
Capital Leases, 2020 | 1,781 | |
Capital Leases, 2021 | 1,816 | |
Capital Leases, 2022 | 1,853 | |
Capital Leases, 2023 | 465 | |
Capital Leases, thereafter | 0 | |
Capital Leases, total minimum lease payments | 7,661 | |
Less: amount representing interest | 1,514 | |
Present value of minimum lease payments | 6,147 | |
Less: current installments | 1,168 | $ 1,025 |
Capital lease obligations, less current installments | 4,979 | $ 6,147 |
Operating Leases, 2019 | 15,272 | |
Operating Leases, 2020 | 14,518 | |
Operating Leases, 2021 | 12,203 | |
Operating Leases, 2022 | 10,466 | |
Operating Leases, 2023 | 9,890 | |
Operating Leases, thereafter | 47,868 | |
Operating Leases, total minimum lease payments | $ 110,217 |
Common Shares And Stock-Based A
Common Shares And Stock-Based Awards Plans (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | Jan. 11, 2019 | Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Oct. 26, 2018 | Mar. 06, 2018 | Dec. 07, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Additional shares available for issuance | 2,700 | 2,700 | ||||||
Number of options, exercisable | 340 | 340 | 400 | 900 | ||||
Weighted-average exercise price of options exercisable | $ 20.07 | $ 20.07 | $ 18.56 | $ 18.53 | ||||
Equity [Abstract] | ||||||||
Quarterly cash dividend declared | $ 0.15 | |||||||
Dividend declared date | Dec. 17, 2018 | |||||||
Dividend record date | Dec. 31, 2018 | |||||||
Dividends paid | $ 21 | |||||||
Dividend paid date | Jan. 11, 2019 | |||||||
Common Shares Note [Abstract] | ||||||||
Repurchase of common shares program authorized amount | $ 100 | $ 250 | $ 100 | |||||
Repurchase of common shares remaining authorized amount | $ 201.6 | $ 201.6 | ||||||
Repurchase of common Shares | 8,200 | 1,000 | 2,000 | |||||
Repurchase of common shares, value | $ 211.9 | $ 29.3 | $ 41.9 | |||||
Repurchase of common shares, average cost per share | $ 25.71 | $ 30.46 | $ 21.4 | |||||
Subsequent Event [Member] | ||||||||
Equity [Abstract] | ||||||||
Dividends paid | $ 6.2 | |||||||
Stock Options [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Term of options | 10 years | |||||||
Employee Awards [Member] | Stock Options [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period | 4 years | |||||||
Employee Awards [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period | 4 years | |||||||
Employee Awards [Member] | Performance-Based Restricted Stock Units [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period | 3 years | |||||||
Non-Employee Awards [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period | 1 year |
Common Shares And Stock-Based_2
Common Shares And Stock-Based Awards Plans (Summary Of Stock Options) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Stock-Based Compensation [Abstract] | |||
Number of Options, Outstanding, Beginning balance | 596 | 1,197 | 2,580 |
Number of Options, Exercised | (200) | (582) | (928) |
Number of Options, Forfeited or expired | (22) | (19) | (455) |
Number of Options, Outstanding, Ending balance | 374 | 596 | 1,197 |
Number of Options, Exercisable as of December 31, 2018 | 340 | 400 | 900 |
Weighted-Average Exercise Price, Outstanding, Beginning balance | $ 19.72 | $ 19.51 | $ 20.49 |
Weighted-Average Exercise Price, Exercised | 18.21 | 19.28 | 20.29 |
Weighted-Average Exercise Price, Forfeited or expired | 22.99 | 19.76 | 23.49 |
Weighted-Average Exercise Price, Outstanding, Ending balance | 20.35 | 19.72 | 19.51 |
Weighted-Average Exercise Price, Exercisable as of December 31, 2018 | $ 20.07 | $ 18.56 | $ 18.53 |
Weighted-Average Remaining Contractual Term (Years), Outstanding | 4 years 4 months 13 days | ||
Weighted-Average Remaining Contractual Term (Years), Exercisable as of December 31, 2018 | 3 years 5 months 8 days | ||
Aggregate Intrinsic Value, Outstanding as of December 31, 2018 | $ 680 | ||
Aggregate Intrinsic Value, Exercisable as of December 31, 2018 | $ 680 |
Common Shares And Stock-Based_3
Common Shares And Stock-Based Awards Plans (Summary Of Stock-Based Awards) (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
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 | 593 | 525 | 467 |
Granted, shares or units | 407 | 314 | 392 |
Vested, shares or units | (306) | (206) | (209) |
Forfeited, shares or units | (99) | (40) | (125) |
Non-vested shares outstanding, shares or units, ending balance | 595 | 593 | 525 |
Non-vested outstanding, weighted-average grant date fair value, beginning balance | $ 27.47 | $ 22.57 | $ 21.59 |
Granted, weighted-average grant date fair value | 29.44 | 31.56 | 22.71 |
Vested, weighted-average grant date fair value | 27.25 | 21.84 | 21.07 |
Forfeited, weighted-average grant date fair value | 27.52 | 24.21 | 21.85 |
Non-vested outstanding, weighted-average grant date fair value, ending balance | $ 28.93 | $ 27.47 | $ 22.57 |
Performance-Based Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-vested shares outstanding, shares or units, beginning balance | 346 | 227 | 306 |
Granted, shares or units | 120 | 172 | 184 |
Forfeited, shares or units | (147) | (53) | (263) |
Non-vested shares outstanding, shares or units, ending balance | 319 | 346 | 227 |
Non-vested outstanding, weighted-average grant date fair value, beginning balance | $ 26.88 | $ 21.43 | $ 19.77 |
Granted, weighted-average grant date fair value | 29.6 | 31.6 | 21.63 |
Forfeited, weighted-average grant date fair value | 24.06 | 18.81 | 19.64 |
Non-vested outstanding, weighted-average grant date fair value, ending balance | $ 29.19 | $ 26.88 | $ 21.43 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes [Line Items] | |||
U.S. Deferred tax benefit | $ 7,628 | $ 7,422 | $ 8,390 |
Effect of Tax Cuts and Jobs Act [Abstract] | |||
Tax Cuts and Jobs Act, Transition Tax for Accumulated Foreign Earnings Liability | 63,800 | ||
Tax Cuts and Jobs Act, Transition Tax for Accumulated Foreign Earnings Liability NonCurrent | 58,400 | ||
Tax Cuts and Jobs Act, Income Tax Expense (Benefit) | (6,400) | 101,600 | |
Revaluation of deferred tax assets and liabilities | 2,000 | (3,900) | |
Provisional impact of U.S. Tax Reform | (4,353) | 97,707 | 0 |
Global Intangible Low-Taxed Income | 3,206 | 0 | 0 |
Foreign earnings repatriated | 560,600 | ||
Income tax expense on foreign earnings expected to be repatriated | 21,612 | 0 | 0 |
Net change in total deferred tax asset valuation allowance | 2,100 | 200 | 1,200 |
Cumulative undistributed earnings of foreign subsidiaries | 330,000 | ||
Income tax incentives | $ 7,886 | $ 7,238 | $ 6,716 |
Net impact of tax incentives, per diluted share | $ 0.17 | $ 0.15 | $ 0.13 |
Unrecognized tax benefits including interest and penalties | $ 400 | ||
Interest on unrecognized tax | 100 | ||
Penalty on unrecognized tax | 17 | ||
Interest and penalties included in income tax expense | 100 | $ 0 | $ 0 |
Additional reserve for uncertain tax benefits | 0 | 894 | 89 |
Decrease in unrecognized tax benefits reserve due to expiration of statute of limitations | 0 | 0 | (5,079) |
Decreases related to prior year tax positions | 532 | 8,197 | 333 |
Unrecognized deferred tax liability | 2,300 | ||
U.S. Federal [Member] | |||
Effect of Tax Cuts and Jobs Act [Abstract] | |||
Provisional impact of U.S. Tax Reform | 4,400 | ||
Income Tax Reconciliation Tax Credits Foreign | 9,200 | ||
Operating loss carryforwards | $ 24,400 | ||
U.S. Federal [Member] | Earliest Tax Year [Member] | |||
Effect of Tax Cuts and Jobs Act [Abstract] | |||
Operating loss carryforwards expiration Year | 2,025 | ||
U.S. Federal [Member] | Latest Tax Year [Member] | |||
Effect of Tax Cuts and Jobs Act [Abstract] | |||
Operating loss carryforwards expiration Year | 2,036 | ||
State and local [Member] | |||
Effect of Tax Cuts and Jobs Act [Abstract] | |||
Operating loss carryforwards | $ 67,000 | ||
Tax credit carryforward | $ 1,900 | ||
State and local [Member] | Earliest Tax Year [Member] | |||
Effect of Tax Cuts and Jobs Act [Abstract] | |||
Operating loss carryforwards expiration Year | 2,019 | ||
State and local [Member] | Latest Tax Year [Member] | |||
Effect of Tax Cuts and Jobs Act [Abstract] | |||
Operating loss carryforwards expiration Year | 2,031 | ||
Tax credit carryforward expiration year | 2,036 | ||
Foreign [Member] | |||
Effect of Tax Cuts and Jobs Act [Abstract] | |||
Income tax expense on foreign earnings expected to be repatriated | $ 30,800 | ||
Operating loss carryforwards | 20,500 | ||
Foreign operating loss with indefinited carry forward period | $ 24,800 | ||
Foreign [Member] | Latest Tax Year [Member] | |||
Effect of Tax Cuts and Jobs Act [Abstract] | |||
Operating loss carryforwards expiration Year | 2,028 | ||
China [Member] | |||
Effect of Tax Cuts and Jobs Act [Abstract] | |||
Income tax incentives | $ 1,884 | 1,398 | 1,302 |
Malaysia [Member} | |||
Effect of Tax Cuts and Jobs Act [Abstract] | |||
Income tax incentives | 3,287 | 4,295 | 2,346 |
Thailand [Member] | |||
Effect of Tax Cuts and Jobs Act [Abstract] | |||
Income tax incentives | 2,715 | $ 1,545 | $ 3,068 |
Decreases related to prior year tax positions | $ 7,300 |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Tax Expense) (Benefit)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes [Abstract] | |||
U.S. Federal, current | $ (14,831) | $ 85,633 | $ (1,032) |
State and local, current | 10,110 | 804 | 498 |
Foreign, current | 29,817 | 9,047 | (2,379) |
Current income tax expense (benefit), total | 25,096 | 95,484 | (2,913) |
U.S. Federal, deferred | (249) | 8,337 | 5,261 |
State and local, deferred | (550) | (213) | 1,196 |
Foreign, deferred | 8,427 | (702) | 1,933 |
Deferred income tax expense, total | 7,628 | 7,422 | 8,390 |
Total income tax expense | $ 32,724 | $ 102,906 | $ 5,477 |
Income Taxes (Schedule Of Inc_2
Income Taxes (Schedule Of Income Before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes [Abstract] | |||
United States | $ (23,645) | $ (14,984) | $ 9,994 |
Foreign | 79,186 | 85,989 | 59,416 |
Income before income taxes | $ 55,541 | $ 71,005 | $ 69,410 |
Income Taxes (Schedule Of Feder
Income Taxes (Schedule Of Federal Statutory Income Tax Rate To Income Before Income Tax) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes [Abstract] | |||
Tax at statutory rate | $ 11,664 | $ 24,852 | $ 24,294 |
State taxes, net of federal tax effect | 7,553 | 384 | 1,102 |
Effect of foreign operations and tax incentives | (11,945) | (20,703) | (15,496) |
Change in valuation allowance | 2,114 | (203) | (1,152) |
Excess tax-benefits of stock-based compensation | (143) | (1,658) | 0 |
Provisional impact of U.S. Tax Reform | (4,353) | 97,707 | 0 |
Impact of cash repatriation | 21,612 | 0 | 0 |
Global Intangible Low-Taxed Income | 3,206 | 0 | 0 |
Losses in foreign jurisdictions for which no benefit has been provided | 1,423 | 106 | 2,106 |
Change in uncertain tax benefits reserve | (317) | 0 | (8,270) |
Other | 1,910 | 2,421 | 2,893 |
Total income tax expense | $ 32,724 | $ 102,906 | $ 5,477 |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Income Taxes [Abstract] | ||
Carrying value of inventories | $ 2,787 | $ 2,474 |
Accrued liabilities and allowances deductible for tax purposes on a cash basis | 6,108 | 6,387 |
Goodwill | 2,351 | 2,732 |
Stock-based compensation | 2,347 | 2,359 |
Net operating loss carryforwards | 20,028 | 22,096 |
Tax credit carryforwards | 1,923 | 2,007 |
Other | 4,373 | 5,924 |
Gross deferred tax assets | 39,917 | 43,979 |
Less: valuation allowance | (13,709) | (15,823) |
Net deferred tax assets | 26,208 | 28,156 |
Plant and equipment, due to differences in depreciation | (7,617) | (8,543) |
Intangible assets, due to differences in amortization | (18,593) | (20,891) |
ASC 606 revenue recognition | (1,640) | (1,667) |
Foreign withholding tax | (9,212) | 0 |
Other | (991) | (1,715) |
Gross deferred tax liability | (38,053) | (32,816) |
Net deferred tax liability | (11,845) | (4,660) |
Non-current deferred tax assets | 2,478 | 4,034 |
Long-term liability | (14,323) | (8,694) |
Net deferred tax liability | $ (11,845) | $ (4,660) |
Income Taxes (Schedule Of Tax I
Income Taxes (Schedule Of Tax Incentives) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income tax incentives | $ 7,886 | $ 7,238 | $ 6,716 |
China [Member] | |||
Income tax incentives | 1,884 | 1,398 | 1,302 |
Malaysia [Member} | |||
Income tax incentives | 3,287 | 4,295 | 2,346 |
Thailand [Member] | |||
Income tax incentives | $ 2,715 | $ 1,545 | $ 3,068 |
Income Taxes (Schedule Of Recon
Income Taxes (Schedule Of Reconciliation Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes [Abstract] | |||
Balances as of January 1 | $ 708 | $ 7,791 | $ 13,114 |
Additions related to current year tax positiions | 137 | 220 | 0 |
Decreases as a result of a lapse of applicable statute of limitations in current year | 0 | 0 | 5,079 |
Additions related to prior year tax positions | 0 | 894 | 89 |
Decreases related to prior year tax positions | (532) | (8,197) | (333) |
Balance as of December 31 | $ 313 | $ 708 | $ 7,791 |
Major Customers (Narrative) (De
Major Customers (Narrative) (Details) - number_of_largest_customers | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Major Customers [Abstract] | |||
Sales to largest customers (Percentage) | 44.00% | 46.00% | 43.00% |
Number of customers | 10 | 10 | 10 |
Major Customers (Schedule Of Sa
Major Customers (Schedule Of Sales To Largest Customers) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Entity Wide Revenue Major Customer [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 2,566,465 | $ 2,454,479 | $ 2,322,285 |
International Business Machines Corporation [Member] | |||
Entity Wide Revenue Major Customer [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 323,795 | 284,636 | |
Applied Materials, Inc. [Member] | |||
Entity Wide Revenue Major Customer [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 248,183 |
Financial Instruments And Con_2
Financial Instruments And Concentration Of Credit Risk (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Concentration Risk [Line Items] | ||||
Concentration Risk Customer Accounts Receivable | One of the most significant credit risks is the ultimate realization of accounts receivable. This risk is mitigated by (i) sales to well established companies, (ii) ongoing credit evaluation of customers, and (iii) frequent contact with customers, thus enabling management to monitor current changes in business operations and to respond accordingly. Management considers these concentrations of credit risks in establishing our allowance for doubtful accounts and believes these allowances are adequate. The Company had one customer whose gross accounts receivable exceeded 10% of total gross accounts receivable as of December 31, 2018. | |||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||||
Unrealized gain on derivative, net of tax | $ (1,362) | $ 1,192 | $ 286 | |
Interest expense | (10,473) | (9,405) | (9,304) | |
Amounts reclassified from accumulated other comprehensive loss | (236) | 0 | (1) | |
Derivative instruments, net of tax [Member] | ||||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||||
Amounts reclassified from accumulated other comprehensive loss | (236) | 0 | $ 0 | |
Interest Rate Swap [Member] | ||||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||||
Interest rate swap notional amount | $ 150,000 | $ 150,000 | $ 155,300 | |
Fixed interest rate | 2.928% | 2.928% | 1.4935% | |
Fair value of interest rate swap | $ 3,000 | $ 3,000 | $ 2,000 | |
Unrealized gain on interest rate swap | 1,500 | 1,500 | ||
Unrealized gain on derivative, net of tax | $ 1,100 | $ 900 | ||
Interest Rate Swap [Member] | Derivative instruments, net of tax [Member] | ||||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||||
Unrealized gain on interest rate swap | 300 | |||
Unrealized gain on derivative, net of tax | 200 | |||
Gain Loss On Contract Termination | 3,500 | |||
Reclassification Out Of Accumulated Other Comprehensive Loss [Member] | Derivative instruments, net of tax [Member] | ||||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||||
Interest expense | $ (300) | |||
Accounts Receivable [Member] | Largest Customer Accounts Receivable [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 19.00% |
Accounts Receivable Sale Prog_2
Accounts Receivable Sale Program (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Receivables [Abstract] | ||
Maximum Limit Accounts Receivable Sale Program | $ 80 | |
Trade Accounts Receivable Sold | 160 | $ 145 |
Amount Received From Trade Accounts Receivable Sold To Third Party | $ 159.5 | $ 144.7 |
Segment And Geographic Inform_3
Segment And Geographic Information (Operating Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | $ 657,050 | $ 640,688 | $ 660,591 | $ 608,136 | $ 666,036 | $ 610,929 | $ 619,611 | $ 557,903 | $ 620,043 | $ 586,534 | $ 580,513 | $ 535,195 | $ 2,566,465 | $ 2,454,479 | $ 2,322,285 |
Depreciation and amortization | 51,839 | 48,672 | 55,139 | ||||||||||||
Income from operations | 58,538 | 76,826 | 76,860 | ||||||||||||
Interest expense | (10,473) | (9,405) | (9,304) | ||||||||||||
Interest income | 6,848 | 5,370 | 2,136 | ||||||||||||
Other income (expense) | 628 | (1,786) | (282) | ||||||||||||
Income before income taxes | 55,541 | 71,005 | 69,410 | ||||||||||||
Capital expenditures | 66,732 | 54,506 | 32,334 | ||||||||||||
Total assets | 1,899,783 | 2,109,304 | 2,008,925 | 1,899,783 | 2,109,304 | 2,008,925 | |||||||||
Elimination Of Intersegment Sales [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | (68,766) | (84,820) | (79,373) | ||||||||||||
Corporate And Intersegment Eliminations [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Income from operations | (85,864) | (77,113) | (67,529) | ||||||||||||
Americas [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | 1,647,402 | 1,584,729 | 1,589,933 | ||||||||||||
Depreciation and amortization | 22,668 | 21,972 | 23,275 | ||||||||||||
Income from operations | 61,731 | 68,433 | 87,582 | ||||||||||||
Capital expenditures | 44,204 | 27,139 | 20,766 | ||||||||||||
Total assets | 852,776 | 812,187 | 871,577 | 852,776 | 812,187 | 871,577 | |||||||||
Asia [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | 801,312 | 777,616 | 653,888 | ||||||||||||
Depreciation and amortization | 11,496 | 11,849 | 15,832 | ||||||||||||
Income from operations | 72,442 | 74,701 | 46,749 | ||||||||||||
Capital expenditures | 14,400 | 18,115 | 7,858 | ||||||||||||
Total assets | 540,094 | 674,783 | 637,376 | 540,094 | 674,783 | 637,376 | |||||||||
Europe [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | 186,517 | 176,954 | 157,837 | ||||||||||||
Depreciation and amortization | 3,498 | 2,891 | 2,794 | ||||||||||||
Income from operations | 10,229 | 10,805 | 10,058 | ||||||||||||
Capital expenditures | 2,388 | 4,915 | 1,441 | ||||||||||||
Total assets | 113,165 | 470,786 | 393,973 | 113,165 | 470,786 | 393,973 | |||||||||
Corporate And Other [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Total assets | $ 393,748 | $ 151,548 | $ 105,999 | 393,748 | 151,548 | 105,999 | |||||||||
Corporate [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Depreciation and amortization | 14,177 | 11,960 | 13,238 | ||||||||||||
Capital expenditures | $ 5,740 | $ 4,337 | $ 2,269 |
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 | 12 Months Ended | |||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||||||
Geographic net sales | $ 657,050 | $ 640,688 | $ 660,591 | $ 608,136 | $ 666,036 | $ 610,929 | $ 619,611 | $ 557,903 | $ 620,043 | $ 586,534 | $ 580,513 | $ 535,195 | $ 2,566,465 | $ 2,454,479 | $ 2,322,285 |
Long-lived assets | 301,589 | 282,480 | 268,070 | 301,589 | 282,480 | 268,070 | |||||||||
United States [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Geographic net sales | 1,741,321 | 1,650,791 | 1,624,050 | ||||||||||||
Long-lived assets | 190,056 | 167,858 | 167,367 | 190,056 | 167,858 | 167,367 | |||||||||
Asia [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Geographic net sales | 423,245 | 432,530 | 336,022 | ||||||||||||
Long-lived assets | 79,051 | 77,750 | 67,998 | 79,051 | 77,750 | 67,998 | |||||||||
Europe [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Geographic net sales | 299,676 | 291,006 | 254,272 | ||||||||||||
Long-lived assets | 9,537 | 11,042 | 8,415 | 9,537 | 11,042 | 8,415 | |||||||||
Other Foreign [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Geographic net sales | 102,223 | 80,152 | 107,941 | ||||||||||||
Long-lived assets | $ 22,945 | $ 25,830 | $ 24,290 | $ 22,945 | $ 25,830 | $ 24,290 |
Revenue (Disaggregation of reve
Revenue (Disaggregation of revenue) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 2,566,465 | $ 2,454,479 | $ 2,322,285 |
Industrial Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 493,063 | 496,436 | 543,803 |
Aerospace And Defense Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 406,402 | 391,690 | 369,674 |
Medical Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 393,967 | 373,785 | 345,974 |
Test And Instrumentation Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 354,978 | 346,341 | 243,407 |
Computing Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 580,845 | 540,360 | 447,182 |
Telecommunications Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 337,210 | 305,867 | 372,245 |
Operating Segments [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,635,231 | 2,539,299 | 2,401,658 |
Elimination Of Intersegment Sales [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 68,766 | 84,820 | 79,373 |
Americas [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,617,530 | 1,554,250 | 1,565,989 |
Americas [Member] | Industrial Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 184,500 | 213,699 | 307,261 |
Americas [Member] | Aerospace And Defense Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 374,852 | 361,200 | 333,383 |
Americas [Member] | Medical Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 235,287 | 204,677 | 190,167 |
Americas [Member] | Test And Instrumentation Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 155,687 | 158,151 | 125,680 |
Americas [Member] | Computing Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 504,391 | 444,401 | 369,719 |
Americas [Member] | Telecommunications Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 162,813 | 172,122 | 239,779 |
Americas [Member] | Operating Segments [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,647,402 | 1,584,729 | 1,589,933 |
Americas [Member] | Elimination Of Intersegment Sales [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 29,872 | 30,479 | 23,944 |
Asia [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 762,769 | 723,493 | 600,159 |
Asia [Member] | Industrial Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 241,765 | 213,504 | 176,184 |
Asia [Member] | Aerospace And Defense Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 2,430 | 1,113 |
Asia [Member] | Medical Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 144,528 | 149,650 | 136,398 |
Asia [Member] | Test And Instrumentation Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 135,299 | 140,967 | 90,708 |
Asia [Member] | Computing Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 69,657 | 85,988 | 66,695 |
Asia [Member] | Telecommunications Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 171,520 | 130,954 | 129,061 |
Asia [Member] | Operating Segments [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 801,312 | 777,616 | 653,888 |
Asia [Member] | Elimination Of Intersegment Sales [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 38,543 | 54,123 | 53,729 |
Europe [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 186,166 | 176,736 | 156,137 |
Europe [Member] | Industrial Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 66,798 | 69,233 | 60,358 |
Europe [Member] | Aerospace And Defense Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 31,550 | 28,060 | 35,178 |
Europe [Member] | Medical Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 14,152 | 19,458 | 19,409 |
Europe [Member] | Test And Instrumentation Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 63,992 | 47,223 | 27,019 |
Europe [Member] | Computing Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 6,797 | 9,971 | 10,768 |
Europe [Member] | Telecommunications Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,877 | 2,791 | 3,405 |
Europe [Member] | Operating Segments [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 186,517 | 176,954 | 157,837 |
Europe [Member] | Elimination Of Intersegment Sales [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 351 | $ 218 | $ 1,700 |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Transferred Over Time [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Percentage Of Revenue | 93.00% | 93.40% | 92.70% |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
United States Employees, Defined Contribution [Member] | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Contributions to defined contribution plans | $ 5.6 | $ 5.2 | $ 5.2 |
International Employees, Defined Contribution [Member] | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Contributions to defined contribution plans | $ 0.1 | $ 0.1 | $ 0.1 |
Contingencies (Narrative) (Deta
Contingencies (Narrative) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Loss Contingency Information About Litigation Matters [Abstract] | |
Loss Contingency Damages Awarded Value | $ 1.4 |
Loss Contingency Accrual Provision | $ 1.4 |
Restructuring Charges (Narrativ
Restructuring Charges (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)number_of_employees | Dec. 31, 2017USD ($)number_of_employees | Dec. 31, 2016USD ($)number_of_employees | |
Restructuring Cost and Reserve [Line Items] | |||
Number of employees reduced in connection with workforce of certain facilities | number_of_employees | 490 | 163 | 582 |
2018 [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Employee termination costs | $ 2,815 | ||
Other exit costs | $ 1,773 | ||
2017 [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Employee termination costs | $ 2,172 | ||
Other exit costs | 531 | ||
Facility lease obligations | $ 264 | ||
2016 [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Employee termination costs | $ 3,630 | ||
Other exit costs | $ 977 | ||
Americas [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Number of employees reduced in connection with workforce of certain facilities | number_of_employees | 432 | 160 | 370 |
Americas [Member] | 2018 [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Employee termination costs | $ 2,496 | ||
Other exit costs | $ 1,773 | ||
Americas [Member] | 2017 [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Employee termination costs | $ 1,985 | ||
Other exit costs | 531 | ||
Facility lease obligations | $ 264 | ||
Americas [Member] | 2016 [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Employee termination costs | $ 1,726 | ||
Other exit costs | $ 924 | ||
Asia [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Number of employees reduced in connection with workforce of certain facilities | number_of_employees | 23 | 3 | 212 |
Asia [Member] | 2018 [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Employee termination costs | $ 274 | ||
Other exit costs | $ 0 | ||
Asia [Member] | 2017 [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Employee termination costs | $ 187 | ||
Other exit costs | 0 | ||
Facility lease obligations | $ 0 | ||
Asia [Member] | 2016 [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Employee termination costs | $ 1,904 | ||
Other exit costs | 0 | ||
Europe [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Number of employees reduced in connection with workforce of certain facilities | number_of_employees | 35 | ||
Europe [Member] | 2018 [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Employee termination costs | $ 45 | ||
Other exit costs | $ 0 | ||
Europe [Member] | 2016 [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Employee termination costs | 0 | ||
Other exit costs | $ 53 |
Restructuring Charges (Schedule
Restructuring Charges (Schedule Of Accrued Restructuring Balances) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | |||
Beginning Balance | $ 290 | $ 1,283 | |
Restructuring charges | 5,197 | 4,936 | |
Cash Payment | (4,012) | (5,891) | |
Non-Cash Activity | (116) | (42) | |
Foreign Exchange Adjustments | (24) | 4 | |
Ending Balance | 1,335 | 290 | $ 1,283 |
2018 [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Beginning Balance | 0 | ||
Restructuring charges | 4,588 | ||
Cash Payment | (3,388) | ||
Non-Cash Activity | 0 | ||
Foreign Exchange Adjustments | 0 | ||
Ending Balance | 1,200 | 0 | |
2017 [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Beginning Balance | 245 | 0 | |
Restructuring charges | 369 | 2,967 | |
Cash Payment | (455) | (2,724) | |
Non-Cash Activity | 0 | 0 | |
Foreign Exchange Adjustments | (24) | 2 | |
Ending Balance | 135 | 245 | 0 |
2016 [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Beginning Balance | 45 | 1,283 | |
Restructuring charges | 240 | 1,969 | 4,607 |
Cash Payment | (169) | (3,167) | |
Non-Cash Activity | (116) | (42) | |
Foreign Exchange Adjustments | 0 | 2 | |
Ending Balance | 0 | 45 | 1,283 |
Severance [Member] | 2018 [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Beginning Balance | 0 | ||
Restructuring charges | 2,815 | ||
Cash Payment | (2,533) | ||
Non-Cash Activity | 0 | ||
Foreign Exchange Adjustments | 0 | ||
Ending Balance | 282 | 0 | |
Severance [Member] | 2017 [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Beginning Balance | 47 | 0 | |
Restructuring charges | 3 | 2,172 | |
Cash Payment | (50) | (2,125) | |
Non-Cash Activity | 0 | 0 | |
Foreign Exchange Adjustments | 0 | 0 | |
Ending Balance | 0 | 47 | 0 |
Severance [Member] | 2016 [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Beginning Balance | 29 | 738 | |
Restructuring Reserve Accrual Adjustment | (6) | (42) | |
Cash Payment | (23) | (667) | |
Non-Cash Activity | 0 | 0 | |
Foreign Exchange Adjustments | 0 | 0 | |
Ending Balance | 0 | 29 | 738 |
Lease Facility Costs [Member] | 2017 [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Beginning Balance | 0 | 0 | |
Restructuring charges | 96 | 264 | |
Cash Payment | (96) | (264) | |
Non-Cash Activity | 0 | 0 | |
Foreign Exchange Adjustments | 0 | 0 | |
Ending Balance | 0 | 0 | 0 |
Lease Facility Costs [Member] | 2016 [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Beginning Balance | 0 | 0 | |
Restructuring charges | 58 | ||
Cash Payment | (58) | ||
Non-Cash Activity | 0 | ||
Foreign Exchange Adjustments | 0 | ||
Ending Balance | 0 | 0 | |
Other Exit Costs [Member] | 2018 [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Beginning Balance | 0 | ||
Restructuring charges | 1,773 | ||
Cash Payment | (855) | ||
Non-Cash Activity | 0 | ||
Foreign Exchange Adjustments | 0 | ||
Ending Balance | 918 | 0 | |
Other Exit Costs [Member] | 2017 [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Beginning Balance | 198 | 0 | |
Restructuring charges | 270 | 531 | |
Cash Payment | (309) | (335) | |
Non-Cash Activity | 0 | 0 | |
Foreign Exchange Adjustments | (24) | 2 | |
Ending Balance | 135 | 198 | 0 |
Other Exit Costs [Member] | 2016 [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Beginning Balance | 16 | 545 | |
Restructuring charges | 246 | 1,953 | |
Cash Payment | (146) | (2,442) | |
Non-Cash Activity | (116) | (42) | |
Foreign Exchange Adjustments | 0 | 2 | |
Ending Balance | $ 0 | $ 16 | $ 545 |
Restructuring Charges (Schedu_2
Restructuring Charges (Schedule Of Components Of Restructuring Charges) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | $ 5,197 | $ 4,936 | |
2018 [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance costs | 2,815 | ||
Other exit costs | 1,773 | ||
Total restructuring charges | 4,588 | ||
2018 [Member] | Americas [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance costs | 2,496 | ||
Other exit costs | 1,773 | ||
Total restructuring charges | 4,269 | ||
2018 [Member] | Europe [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance costs | 45 | ||
Other exit costs | 0 | ||
Total restructuring charges | 45 | ||
2018 [Member] | Asia [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance costs | 274 | ||
Other exit costs | 0 | ||
Total restructuring charges | 274 | ||
2017 [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance costs | 2,172 | ||
Facility lease costs | 264 | ||
Other exit costs | 531 | ||
Total restructuring charges | 369 | 2,967 | |
2017 [Member] | Americas [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance costs | 1,985 | ||
Facility lease costs | 264 | ||
Other exit costs | 531 | ||
Total restructuring charges | 2,780 | ||
2017 [Member] | Asia [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance costs | 187 | ||
Facility lease costs | 0 | ||
Other exit costs | 0 | ||
Total restructuring charges | 187 | ||
2016 [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance costs | $ 3,630 | ||
Other exit costs | 977 | ||
Total restructuring charges | $ 240 | $ 1,969 | 4,607 |
2016 [Member] | Americas [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance costs | 1,726 | ||
Other exit costs | 924 | ||
Total restructuring charges | 2,650 | ||
2016 [Member] | Europe [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance costs | 0 | ||
Other exit costs | 53 | ||
Total restructuring charges | 53 | ||
2016 [Member] | Asia [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance costs | 1,904 | ||
Other exit costs | 0 | ||
Total restructuring charges | $ 1,904 |
Quarterly Financial Data (Sched
Quarterly Financial Data (Schedule Of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Data [Abstract] | |||||||||||||||
Revenues | $ 657,050 | $ 640,688 | $ 660,591 | $ 608,136 | $ 666,036 | $ 610,929 | $ 619,611 | $ 557,903 | $ 620,043 | $ 586,534 | $ 580,513 | $ 535,195 | $ 2,566,465 | $ 2,454,479 | $ 2,322,285 |
Gross profit | 55,199 | 52,777 | 54,299 | 58,318 | 60,661 | 58,243 | 59,484 | 47,532 | 58,896 | 54,180 | 53,200 | 48,409 | 220,593 | 225,920 | 214,685 |
Net income (loss) | $ 27,716 | $ 7,799 | $ 10,943 | $ (23,641) | $ (76,361) | $ 17,831 | $ 18,074 | $ 8,555 | $ 19,327 | $ 22,544 | $ 12,688 | $ 9,374 | $ 22,817 | $ (31,901) | $ 63,933 |
Earnings per common share, Basic | $ 0.64 | $ 0.17 | $ 0.23 | $ (0.49) | $ (1.54) | $ 0.36 | $ 0.36 | $ 0.17 | $ 0.39 | $ 0.46 | $ 0.26 | $ 0.19 | $ 0.49 | $ (0.64) | $ 1.3 |
Earnings per common share, Diluted | $ 0.64 | $ 0.17 | $ 0.23 | $ (0.49) | $ (1.54) | $ 0.35 | $ 0.36 | $ 0.17 | $ 0.39 | $ 0.46 | $ 0.26 | $ 0.19 | $ 0.49 | $ (0.64) | $ 1.28 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Schedule Of Accumulated Other Comprehensive Loss By Component) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated other comprehensive income loss [Line Items] | |||
Accumulated other comprehensive loss, net of tax, beginning balance | $ (8,149) | $ (14,176) | $ (13,016) |
Other comprehensive gain (loss) before reclassifications | (2,739) | 6,027 | (1,159) |
Amounts reclassified from accumulated other comprehensive loss | (236) | 0 | (1) |
Other comprehensive gain (loss) | (2,975) | 6,027 | (1,160) |
Accumulated other comprehensive loss, net of tax, ending balance | (11,124) | (8,149) | (14,176) |
Foreign currency translaction adjustments [Member] | |||
Accumulated other comprehensive income loss [Line Items] | |||
Accumulated other comprehensive loss, net of tax, beginning balance | (9,567) | (14,544) | (13,079) |
Other comprehensive gain (loss) before reclassifications | (2,273) | 4,977 | (1,465) |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | 0 |
Other comprehensive gain (loss) | (2,273) | 4,977 | (1,465) |
Accumulated other comprehensive loss, net of tax, ending balance | (11,840) | (9,567) | (14,544) |
Derivative instruments, net of tax [Member] | |||
Accumulated other comprehensive income loss [Line Items] | |||
Accumulated other comprehensive loss, net of tax, beginning balance | 1,478 | 286 | 0 |
Other comprehensive gain (loss) before reclassifications | (1,126) | 1,192 | 286 |
Amounts reclassified from accumulated other comprehensive loss | (236) | 0 | 0 |
Other comprehensive gain (loss) | (1,362) | 1,192 | 286 |
Accumulated other comprehensive loss, net of tax, ending balance | 116 | 1,478 | 286 |
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) | (74) | (95) |
Other comprehensive gain (loss) before reclassifications | 41 | 33 | 21 |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | 0 |
Other comprehensive gain (loss) | 41 | 33 | 21 |
Accumulated other comprehensive loss, net of tax, ending balance | 0 | (41) | (74) |
Other, net of tax [Member] | |||
Accumulated other comprehensive income loss [Line Items] | |||
Accumulated other comprehensive loss, net of tax, beginning balance | (19) | 156 | 158 |
Other comprehensive gain (loss) before reclassifications | 619 | (175) | (1) |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | (1) |
Other comprehensive gain (loss) | 619 | (175) | (2) |
Accumulated other comprehensive loss, net of tax, ending balance | $ 600 | $ (19) | $ 156 |
Supplemental Cash Flow and No_3
Supplemental Cash Flow and Non-Cash Information (Table Of Supplmental Cash Flow Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Supplemental Cash Flow Information [Abstract] | |||
Income taxes paid, net | $ 48,918 | $ 6,453 | $ 7,865 |
Interest paid | 7,868 | 8,698 | 8,305 |
Cash Flow Non-cash Investing And Financing Activities Disclosure [Abstract] | |||
Additions to property, plant and equipment in accounts payable | $ 6,148 | $ 7,761 | $ 2,111 |
Schedule Of Valuation And Qua_3
Schedule Of Valuation And Qualifying Accounts (Tables) (Details) - Allowance for doubtful accounts [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | $ 105 | $ 2,838 | $ 3,417 |
Charges to Operatons | 1,718 | 1,697 | 0 |
Other additions | 0 | 0 | 0 |
Deductions | 90 | 4,430 | 579 |
Balance at end of period | $ 1,733 | $ 105 | $ 2,838 |