Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 04, 2019 | |
Cover [Abstract] | ||
Entity Central Index Key | 0000863436 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Document Period End Date | Sep. 30, 2019 | |
Entity Registrant Name | BENCHMARK ELECTRONICS, INC. | |
Entity File Number | 1-10560 | |
Entity Incorporation, State or Country Code | TX | |
Entity Tax Identification Number | 74-2211011 | |
Entity Address, Address Line One | 56 South Rockford Drive | |
Entity Address, City or Town | Tempe | |
Entity Address, State or Province | AZ | |
Entity Address, Postal Zip Code | 85281 | |
City Area Code | 623 | |
Local Phone Number | 300-7000 | |
Title of 12(b) Security | Common Stock, par value $0.10 per share | |
Trading Symbol | BHE | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 36,917,316 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and cash equivalents | $ 348,042 | $ 458,102 |
Accounts receivable, net of allowance for doubtful accounts of $69 and $1,733, respectively | 348,099 | 468,161 |
Contract assets | 161,068 | 140,082 |
Inventories | 315,835 | 309,975 |
Prepaid expenses and other assets | 24,017 | 27,024 |
Income taxes receivable | 1,054 | 206 |
Total current assets | 1,198,115 | 1,403,550 |
Property, plant and equipment, net of accumulated depreciation of $471,987 and $460,708, respectively | 199,256 | 210,954 |
Operating lease right-of-use assets | 79,854 | 0 |
Goodwill | 192,116 | 192,116 |
Deferred income taxes | 2,257 | 2,478 |
Other, net | 87,148 | 90,685 |
Total assets | 1,758,746 | 1,899,783 |
Current liabilities: | ||
Current installments of long-term debt | 8,784 | 6,793 |
Accounts payable | 295,693 | 422,053 |
Income taxes payable | 8,892 | 10,435 |
Accrued liabilities | 127,868 | 97,878 |
Total current liabilities | 441,237 | 537,159 |
Long-term debt, less current installments | 141,017 | 147,277 |
Operating lease liabilities | 70,167 | 0 |
Other long-term liabilities | 64,722 | 68,799 |
Deferred income taxes | 12,831 | 14,323 |
Shareholders' equity: | ||
Preferred stock, $0.10 par value; 5,000 shares authorized, none issued | 0 | 0 |
Common stock, $0.10 par value; 145,000 shares authorized; issued and outstanding - 37,036 and 41,357, respectively | 3,704 | 4,136 |
Additional paid-in capital | 512,401 | 554,939 |
Retained earnings | 530,660 | 584,274 |
Accumulated other comprehensive loss | (17,993) | (11,124) |
Total shareholders' equity | 1,028,772 | 1,132,225 |
Commitments and contingencies | ||
Total liabilities and shareholders' equity | $ 1,758,746 | $ 1,899,783 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Condensed Consolidated Balance Sheets [Abstract] | ||
Allowance for doubtful accounts, accounts receivable | $ 69 | $ 1,733 |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment | $ 471,987 | $ 460,708 |
Preferred shares, par value | $ 0.10 | $ 0.10 |
Preferred shares, shares authorized | 5,000 | 5,000 |
Preferred shares, issued | ||
Common stock, par value | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 145,000 | 145,000 |
Common stock, issued | 37,036 | 41,357 |
Common stock, outstanding | 37,036 | 41,357 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Condensed Consolidated Statements Of Income (Loss) [Abstract] | ||||
Net sales | $ 555,229 | $ 640,688 | $ 1,759,651 | $ 1,909,415 |
Cost of sales | 502,346 | 587,911 | 1,599,970 | 1,744,021 |
Gross profit | 52,883 | 52,777 | 159,681 | 165,394 |
Selling, general and administrative expenses | 34,875 | 37,607 | 103,927 | 109,182 |
Amortization of intangible assets | 2,367 | 2,368 | 7,095 | 7,101 |
Restructuring charges and other costs | 5,843 | 1,845 | 10,833 | 5,838 |
Income from operations | 9,798 | 10,957 | 37,826 | 43,273 |
Interest expense | (1,687) | (3,822) | (5,014) | (8,543) |
Interest income | 734 | 1,619 | 3,084 | 5,197 |
Other income (expense) | (136) | 1,139 | 2,276 | 827 |
Income before income taxes | 8,709 | 9,893 | 38,172 | 40,754 |
Income tax expense | 1,573 | 2,094 | 7,816 | 45,653 |
Net income (loss) | $ 7,136 | $ 7,799 | $ 30,356 | $ (4,899) |
Earnings (loss) per share: | ||||
Basic | $ 0.19 | $ 0.17 | $ 0.78 | $ (0.10) |
Diluted | $ 0.19 | $ 0.17 | $ 0.77 | $ (0.10) |
Weighted-average number of shares outstanding: | ||||
Basic | 37,419 | 46,301 | 38,813 | 47,415 |
Diluted | 37,645 | 46,455 | 39,184 | 47,415 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Consolidated Statements Of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 7,136 | $ 7,799 | $ 30,356 | $ (4,899) |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | (1,470) | (249) | (1,718) | (1,569) |
Unrealized gain on investments, net of tax | 0 | 0 | 0 | 41 |
Unrealized gain (loss) on derivative, net of tax | (853) | 82 | (4,399) | 1,159 |
Other | (546) | 0 | (752) | 0 |
Other comprehensive loss | (2,869) | (167) | (6,869) | (369) |
Comprehensive income (loss) | $ 4,267 | $ 7,632 | $ 23,487 | $ (5,268) |
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, 2017 | 49,143 | 49,143 | |||
Balances, value at Dec. 31, 2017 | $ 1,339,138 | $ 4,914 | $ 634,192 | $ 708,181 | $ (8,149) |
Stock-based compensation expense | $ 8,229 | $ 0 | 8,229 | 0 | 0 |
Shares repurchased and retired, shares | (4,401) | (4,401) | |||
Shares repurchased and retired, value | $ (122,053) | $ (440) | (48,913) | (72,700) | 0 |
Stock options exercised, shares | 187 | 187 | |||
Stock options exercised, value | $ 3,463 | $ 19 | 3,444 | 0 | 0 |
Vesting of restricted stock units, shares | 229 | 229 | |||
Vesting of restricted stock units, value | $ 0 | $ 23 | (23) | 0 | 0 |
Shares withheld for taxes, shares | (28) | (28) | |||
Shares withheld for taxes, value | $ (822) | $ (3) | (819) | 0 | 0 |
Dividends declared | (21,005) | 0 | 0 | (21,005) | 0 |
Net income (loss) | (4,899) | 0 | 0 | (4,899) | 0 |
Other comprehensive loss | $ (369) | $ 0 | 0 | 0 | (369) |
Balances, shares at Sep. 30, 2018 | 45,130 | 45,130 | |||
Balances, value at Sep. 30, 2018 | $ 1,201,682 | $ 4,513 | 596,110 | 609,577 | (8,518) |
Balances, shares at Jun. 30, 2018 | 47,334 | 47,334 | |||
Balances, value at Jun. 30, 2018 | $ 1,244,145 | $ 4,733 | 607,984 | 639,779 | (8,351) |
Stock-based compensation expense | $ 2,824 | $ 0 | 2,824 | 0 | 0 |
Shares repurchased and retired, shares | (2,227) | (2,227) | |||
Shares repurchased and retired, value | $ (46,185) | $ (223) | (14,730) | (31,232) | 0 |
Stock options exercised, shares | 5 | 5 | |||
Stock options exercised, value | $ 86 | $ 1 | 85 | 0 | 0 |
Vesting of restricted stock units, shares | 20 | 20 | |||
Vesting of restricted stock units, value | $ 0 | $ 2 | (2) | 0 | 0 |
Shares withheld for taxes, shares | (2) | (2) | |||
Shares withheld for taxes, value | $ (51) | $ 0 | (51) | 0 | 0 |
Dividends declared | (6,769) | 0 | 0 | (6,769) | 0 |
Net income (loss) | 7,799 | 0 | 0 | 7,799 | 0 |
Other comprehensive loss | $ (167) | $ 0 | 0 | 0 | (167) |
Balances, shares at Sep. 30, 2018 | 45,130 | 45,130 | |||
Balances, value at Sep. 30, 2018 | $ 1,201,682 | $ 4,513 | 596,110 | 609,577 | (8,518) |
Balances, shares at Dec. 31, 2018 | 41,357 | 41,357 | |||
Balances, value at Dec. 31, 2018 | $ 1,132,225 | $ 4,136 | 554,939 | 584,274 | (11,124) |
Stock-based compensation expense | $ 8,461 | $ 0 | 8,461 | 0 | 0 |
Shares repurchased and retired, shares | (4,590) | (4,590) | |||
Shares repurchased and retired, value | $ (118,350) | $ (459) | (51,004) | (66,887) | 0 |
Stock options exercised, shares | 65 | 65 | |||
Stock options exercised, value | $ 1,350 | $ 6 | 1,344 | 0 | 0 |
Vesting of restricted stock units, shares | 252 | 252 | |||
Vesting of restricted stock units, value | $ 0 | $ 25 | (25) | 0 | 0 |
Shares withheld for taxes, shares | (48) | (48) | |||
Shares withheld for taxes, value | $ (1,318) | $ (4) | (1,314) | 0 | 0 |
Dividends declared | (17,083) | 0 | 0 | (17,083) | 0 |
Net income (loss) | 30,356 | 0 | 0 | 30,356 | 0 |
Other comprehensive loss | $ (6,869) | $ 0 | 0 | 0 | (6,869) |
Balances, shares at Sep. 30, 2019 | 37,036 | 37,036 | |||
Balances, value at Sep. 30, 2019 | $ 1,028,772 | $ 3,704 | 512,401 | 530,660 | (17,993) |
Balances, shares at Jun. 30, 2019 | 37,679 | 37,679 | |||
Balances, value at Jun. 30, 2019 | $ 1,045,050 | $ 3,768 | 516,663 | 539,743 | (15,124) |
Stock-based compensation expense | $ 2,741 | $ 0 | 2,741 | 0 | 0 |
Shares repurchased and retired, shares | (682) | (682) | |||
Shares repurchased and retired, value | $ (18,311) | $ (68) | (7,580) | (10,663) | 0 |
Stock options exercised, shares | 32 | 32 | |||
Stock options exercised, value | $ 657 | $ 3 | 654 | 0 | 0 |
Vesting of restricted stock units, shares | 10 | 10 | |||
Vesting of restricted stock units, value | $ 0 | $ 1 | (1) | 0 | 0 |
Shares withheld for taxes, shares | (3) | (3) | |||
Shares withheld for taxes, value | $ (76) | $ 0 | (76) | 0 | 0 |
Dividends declared | (5,556) | 0 | 0 | (5,556) | 0 |
Net income (loss) | 7,136 | 0 | 0 | 7,136 | 0 |
Other comprehensive loss | $ (2,869) | $ 0 | 0 | 0 | (2,869) |
Balances, shares at Sep. 30, 2019 | 37,036 | 37,036 | |||
Balances, value at Sep. 30, 2019 | $ 1,028,772 | $ 3,704 | $ 512,401 | $ 530,660 | $ (17,993) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 30,356 | $ (4,899) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation | 27,920 | 29,104 |
Amortization | 8,469 | 10,539 |
Provision for doubtful accounts | (1,462) | 1,714 |
Deferred income taxes | 206 | 11,863 |
Asset impairments | 834 | 96 |
Gain on the sale of property, plant and equipment | (60) | (215) |
Stock-based compensation expense | 8,461 | 8,229 |
Other, net | (652) | 0 |
Changes in operating assets and liabilities, net of effects from business acquisition: | ||
Accounts receivable | 121,171 | (21,733) |
Contract assets | (20,986) | (9,402) |
Inventories | (6,557) | (54,342) |
Prepaid expenses and other assets | 2,944 | 2,493 |
Accounts payable | (122,156) | 12,620 |
Accrued liabilities | 16,301 | 2,170 |
Income taxes | (8,779) | (5,530) |
Net cash provided by (used in) operations | 57,314 | (17,293) |
Cash flows from investing activities: | ||
Proceeds from sales of investments at par | 50 | 522 |
Additions to property, plant and equipment | (23,746) | (50,437) |
Proceeds from the sale of property, plant and equipment | 231 | 237 |
Additions to purchased software | (2,196) | (2,496) |
Business acquisitions, net of cash acquired | 0 | (2,731) |
Other | (29) | (130) |
Net cash used in investing activities | (25,690) | (55,035) |
Cash flows from financing activities: | ||
Proceeds from stock options exercised | 1,350 | 3,463 |
Employee taxes paid for shares withheld | (1,318) | (822) |
Dividends paid | (17,731) | (14,235) |
Borrowings under credit agreement | 0 | 50,000 |
Principal payments on long-term debt | (4,614) | (107,758) |
Share repurchases | (118,350) | (122,053) |
Debt issuance costs | 0 | (2,303) |
Net cash used in financing activities | (140,663) | (193,708) |
Effect of exchange rate changes | (1,021) | (797) |
Net decrease in cash and cash equivalents | (110,060) | (266,833) |
Cash and cash equivalents at beginning of year | 458,102 | 742,546 |
Cash and cash equivalents at end of period | $ 348,042 | $ 475,713 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2019 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | Note 1 – Basis of Presentation Benchmark Electronics, Inc. (the Company) is a Texas corporation that provides innovative product design, engineering services, technology solutions and advanced manufacturing services. From initial product concept to volume production, including direct order fulfillment and aftermarket services, the Company has been providing integrated services and solutions to original equipment manufacturers (OEMs) since 1979. The Company serves the following industries: aerospace and defense (A&D), medical technologies, complex industrials, semiconductor capital equipment (Semi-Cap), next-generation telecommunications and advanced computing. The Company has manufacturing operations located in the United States and Mexico (the Americas), Asia and Europe. The unaudited condensed consolidated financial statements included herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the SEC). The financial statements reflect all normal and recurring adjustments necessary in the opinion of management for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. The results of operations for the periods presented are not necessarily indicative of the results to be expected for the full year. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and notes included in the Company’s annual report on Form 10-K for the year ended December 31, 2018 (the 2018 10-K). Management has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these financial statements in accordance with generally accepted accounting principles in the United States (U.S. GAAP). Actual results could differ from those estimates and assumptions. |
Impact Of Recently Enacted Acco
Impact Of Recently Enacted Accounting Standards | 9 Months Ended |
Sep. 30, 2019 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Impact of Recently Enacted Accounting Standards | Note 2 – New Accounting Pronouncements Adopted in 2019 In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842) , amended by ASU 2018-01, Land Easement Practical Expedient for Transition to ASU 842 , ASU No. 2018-10, Codification Improvements to ASU 842 and ASU No. 2018-11, Targeted Improvements . The new standard established a right-to-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 longer than 12 months. The Company adopted this standard on its effective date of January 1, 2019 using the effective date as its date of initial application under the modified retrospective approach. Therefore, financial information for prior periods were not restated. Management elected the package of practical expedients in transition for leases that commenced prior to January 1, 2019, which permits the Company to carry forward its original assessment about lease identification, lease classification and initial directs costs. For all new and modified leases after adoption, management elected the short-term lease recognition exemption for all of the Company’s leases that qualify , in addition to the practical expedient to not separate lease and nonlease components. Lease assets and liabilities are initially recognized based on the present value of lease payments over the lease term calculated using our incremental borrowing rate, unless the implicit rate is readily determinable. Our incremental borrowing rate represents the rate of interest that we would have to pay to borrow on a collateralized basis over a similar term in a similar economic environment. Lease assets also include any upfront lease payments made and exclude lease incentives. Lease terms include options to extend orterminate the lease when it is reasonably certain that those options will be exercised. Leases are classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. See Note 19. Not Yet Adopted In June 2016, the FASB issued an 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. The Company has determined that other recently issued accounting standards will either have no material impact on its consolidated financial position, results of operations or cash flows, or will not apply to its operations. |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | Note 3 – Revenue The Company’s revenues are generated primarily from the sale of manufactured products built 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 consideration specified in a contract with a customer. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a manufactured product to a customer. The 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 controls all of the work-in-progress as products are being built. Revenues under these contracts are recognized progressively based on the cost-to-cost method. For other manufacturing contracts, the customer does not take control of the product until it is completed. Under these contracts, the Company recognizes revenue upon transfer of control of product to the customer. Revenue from design, development and engineering services is recognized over time as the services are performed. The Company assumes no significant 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 tables, revenue is disaggregated by market sector. The tables also include a reconciliation of the disaggregated revenue with the reportable operating segments. Reportable Operating Segments Three Months Ended September 30, 2019 (in thousands) Americas Asia Europe Total Market Sector: Industrials $ 41,328 55,454 18,191 $ 114,973 A&D 108,101 — 7,253 115,354 Medical 79,201 44,582 3,990 127,773 Semi-Cap 23,998 31,332 12,721 68,051 Computing 47,364 12,158 — 59,522 Telecommunication 33,793 35,459 304 69,556 External revenue 333,785 178,985 42,459 555,229 Elimination of intersegment sales 10,576 9,107 182 19,865 Segment revenue $ 344,361 $ 188,092 $ 42,641 $ 575,094 Nine Months Ended September 30, 2019 Americas Asia Europe Total Market Sector: Industrials $ 127,714 $ 162,681 $ 55,615 $ 346,010 A&D 302,961 — 23,247 326,208 Medical 205,575 126,486 13,377 345,438 Semi-Cap 78,536 79,801 38,185 196,522 Computing 277,538 38,899 85 316,522 Telecommunication 111,422 116,090 1,439 228,951 External revenue 1,103,746 523,957 131,948 1,759,651 Elimination of intersegment sales 36,835 25,714 551 63,100 Segment revenue $ 1,140,581 $ 549,671 $ 132,499 $ 1,822,751 Reportable Operating Segments Three Months Ended September 30, 2018 (in thousands) Americas Asia Europe Total Market Sector: Industrials $ 45,334 $ 67,969 $ 15,001 $ 128,304 A&D 97,141 — 7,847 104,988 Medical 58,725 34,404 3,171 96,300 Semi-Cap 32,016 30,494 14,098 76,608 Computing 125,110 18,018 2,258 145,386 Telecommunication 37,846 50,716 540 89,102 External revenue 396,172 201,601 42,915 640,688 Elimination of intersegment sales 7,965 8,552 139 16,656 Segment revenue $ 404,137 $ 210,153 $ 43,054 $ 657,344 Nine Months Ended September 30, 2018 Americas Asia Europe Total Market Sector: Industrials $ 141,966 $ 180,195 $ 49,887 $ 372,048 A&D 278,191 — 23,093 301,284 Medical 173,192 106,769 10,142 290,103 Semi-Cap 125,603 111,280 48,393 285,276 Computing 352,747 50,446 6,368 409,561 Telecommunication 123,386 125,708 2,049 251,143 External revenue 1,195,085 574,398 139,932 1,909,415 Elimination of intersegment sales 22,115 28,505 273 50,893 Segment revenue $ 1,217,200 $ 602,903 $ 140,205 $ 1,960,308 For the nine months ended September 30, 2019 and 2018, 92% and 93%, respectively, of the Company’s revenue was recognized as products and services transferred over time. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2019 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | Note 4 – Stock-Based Compensation The Company’s 2019 Omnibus Incentive Compensation Plan (the 2019 Plan) was approved by shareholders on May 15, 2019 and replaced the Company’s 2010 Omnibus Incentive Compensation Plan (the 2010 Plan). The 2010 Plan terminated upon shareholder approval of the 2019 Plan and no further awards will be granted under the 2010 Plan. The 2010 Plan will continue to govern awards previously granted under the 2010 Plan. The Company’s 2019 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 share awards and restricted stock units (both time-based and performance-based) and other forms of equity awards, or any combination thereof, to any director, officer, employee or consultant (including any prospective director, officer, employee or consultant) of the Company. Stock options (which have not been awarded since 2015) are granted to employees with an exercise price equal to the market price of the Company’s common stock on the date of grant, generally vest over a 4-year period from the date of grant and have a term of 10 years. Time-based restricted stock units granted to employees generally vest over a 4-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 3-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 were in the form of restricted stock units, which vested in equal quarterly installments over a 1-year period, starting on the grant date. Awards under the 2019 Plan to non-employee directors have been in the form of restricted stock units, which vest one-year from the grant date. As of September 30, 2019 , 3.1 million additional shares of common stock were available for issuance under the Company’s 2019 Plan. All share-based payments to employees, including grants of employee stock options, are recognized in the financial statements based on their grant date fair values. The total compensation cost recognized for stock-based awards was $ 2.7 million and $ 8.5 million for the three and nine months ended September 30, 2019, respectively, and $ 2.8 million and $ 8.2 million for the three and nine months ended September 30, 2018, respectively. The total income tax benefit recognized in the condensed income statements for stock-based awards was $ 0.7 million and $ 2.0 million for the three and nine months ended September 30, 2019, respectively, and $ 0.7 million and $ 2.0 million for the three and nine months ended September 30, 2018, respectively. 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 September 30, 2019, the unrecognized compensation cost and remaining weighted-average amortization related to stock-based awards were as follows: Performance- Time-based based Restricted Restricted Stock Stock (in thousands, except remaining period data) Units Units (1) Unrecognized compensation cost $ 21,561 $ 5,241 Remaining weighted-average amortization period 2.6 years 1.3 years (1) The total cash received by the Company as a result of stock option exercises for the nine months ended September 30, 2019 and 2018 was approximately $ 1.3 million and $ 3.5 million, respectively. The actual tax benefit realized as a result of stock option exercises and the vesting of other share-based awards during the nine months ended September 30, 2019 and 2018 was $ 1.7 million and $ 2.1 million, respectively. For the nine months ended September 30, 2019 and 2018, the total intrinsic value of stock options exercised was $ 0.4 million and $ 2.2 million, respectively. The Company awarded performance-based restricted stock units to employees during the nine months ended September 30, 2019 and 2018. The number of performance-based restricted stock units that will ultimately be earned will not be determined until the end of the corresponding performance periods, and may vary from as low as zero to as high as 2.5 times the target number depending on the level of achievement of certain performance goals. The level of achievement of these goals is based upon the financial results of the Company for the last full calendar year within the performance period. The performance goals consist of certain levels of achievement using the following financial metrics: revenue growth, operating margin expansion, and return on invested capital. If the performance goals are not met based on the Company’s financial results, the applicable performance-based restricted stock units will not vest and will be forfeited. Shares subject to forfeited performance-based restricted stock units will be available for issuance under the Company’s 2019 Plan. The following table summarizes activities relating to the Company’s stock options: Weighted- Weighted- Average Aggregate Number of Average Remaining Intrinsic Options Exercise Contractual Value (in thousands) Price Term (Years) (in thousands) Outstanding as of December 31, 2018 374 $ 20.35 Exercised ( 76) 21.86 Forfeited or expired ( 2) 23.07 Outstanding as of September 30, 2019 296 $ 19.94 3.50 $ 2,696 Exercisable as of September 30, 2019 296 $ 19.94 3.50 $ 2,696 The aggregate intrinsic value in the table above is before income taxes and is calculated as the difference between the exercise price of the underlying options and the Company’s closing stock price as of the last business day of the period ended September 30, 2019 for options that had exercise prices that were below the closing price. As of September 30, 2019 and December 31, 2018, 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- Number of Average Units Grant Date (in thousands) Fair Value Non-vested awards outstanding as of December 31, 2018 595 $ 28.93 Granted 630 27.34 Vested ( 195) 27.84 Forfeited ( 54) 29.34 Non-vested awards outstanding as of September 30, 2019 976 $ 28.09 The following table summarizes the activities related to the Company’s performance-based restricted stock units: Weighted- Number of Average Units Grant Date (in thousands) Fair Value Non-vested awards outstanding as of December 31, 2018 319 $ 29.19 Granted (1) 198 27.45 Vested ( 57) 31.40 Forfeited ( 74) 24.41 Non-vested awards outstanding as of September 30, 2019 386 $ 28.90 (1) |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 5 – Earnings Per Share Basic earnings per share is computed using the weighted-average number of shares outstanding. Diluted earnings per share is computed using the weighted-average number of shares outstanding adjusted for the incremental shares attributed to outstanding stock equivalents. Stock equivalents include common stock 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 and the amount of compensation cost, if any, for future service that the Company has not yet recognized are assumed to be used to repurchase shares in the current period. The following table sets forth the calculation of basic and diluted earnings per share: Three Months Ended Nine Months Ended September 30, September 30, (in thousands, except per share data) 2019 2018 2019 2018 Net income (loss) $ 7,136 $ 7,799 $ 30,356 $ ( 4,899) Denominator for basic earnings per share - weighted-average number of common shares outstanding during the period 37,419 46,301 38,813 47,415 Incremental common shares attributable to exercise of dilutive options 80 90 77 — Incremental common shares attributable to outstanding restricted stock units 146 64 294 — Denominator for diluted earnings per share 37,645 46,455 39,184 47,415 Basic earnings (loss) per share $ 0.19 $ 0.17 $ 0.78 $ ( 0.10) Diluted earnings (loss) per share $ 0.19 $ 0.17 $ 0.77 $ ( 0.10) Restricted stock units totaling 0.1 million and 0.2 million shares, respectively, for the three and nine months ended September 30, 2019 were not included in the computation of diluted earnings per share because their effect would have been anti-dilutive. Potentially dilutive securities totaling 0.3 million common shares for the nine months ended September 30, 2018 were not included in the computation of diluted loss per share because their effect would have decreased the loss per share. |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets | 9 Months Ended |
Sep. 30, 2019 | |
Goodwill And Other Intangible Assets [Abstract] | |
Goodwill And Other Intangible Assets | Note 6 – Goodwill and Other Intangible Assets Goodwill allocated to the Company’s reportable segments was as follows: (in thousands) Americas Asia Total Goodwill as of December 31, 2018 and September 30, 2019 $ 154,014 $ 38,102 $ 192,116 Other assets consist primarily of acquired identifiable intangible assets and capitalized purchased software costs. Intangible assets as of September 30, 2019 and December 31, 2018 were as follows: As of September 30, 2019 Gross Net Carrying Accumulated Carrying (in thousands) Amount Amortization Amount Customer relationships $ 100,094 $ ( 45,366) $ 54,728 Purchased software costs 41,250 ( 31,641) 9,609 Technology licenses 28,800 ( 23,325) 5,475 Trade names and trademarks 7,800 — 7,800 Other 868 ( 303) 565 Total $ 178,812 $ ( 100,635) $ 78,177 As of December 31, 2018 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 Total $ 176,683 $ ( 92,578) $ 84,105 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. The Company’s acquired trade names and trademarks have been determined to have an indefinite life. Amortization on the statements of cash flow for the nine months ended September 30, 2019 and 2018 was as follows: Nine Months Ended September 30, (in thousands) 2019 2018 Amortization of intangible assets $ 7,095 $ 7,101 Amortization of capitalized purchased software costs 1,029 836 Amortization of debt costs 345 2,602 $ 8,469 $ 10,539 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 (remaining three months) $ 2,997 2020 10,706 2021 7,699 2022 7,621 2023 6,463 |
Borrowing Facilities
Borrowing Facilities | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Borrowing Facilities | Note 7 – Borrowing Facilities 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 5-year $ 500 million revolving credit facility (the Revolving Credit Facility) and a 5-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. The Term Loan Facility is payable in quarterly principal installments of $ 1.9 million 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 September 30, 2019, $ 146.3 million of the outstanding debt under the Credit Agreement is effectively at a fixed interest rate of 2.928% as a result of a $ 146.3 million notional interest rate swap contract discussed in Note 16. 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. The Credit Agreement is generally secured by a pledge of (a) all 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, but 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 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. As of September 30, 2019, the Company was in compliance with all of these covenants and restrictions. As of September 30, 2019, the Company had $ 146.3 million in borrowings outstanding under the Term Loan Facility and $ 3.0 million in letters of credit outstanding under the Revolving Credit Facility. The Company had $ 497.0 million available for future borrowings under the Revolving Credit Facility. As of September 30, 2019, the Company’s Thailand subsidiary had a multi-purpose credit facility with Kasikornbank Public Company Limited (Thai Credit Facility) that provided for 350 million Thai baht (approximately $ 11.4 million) working capital availability. The Thai Credit Facility was secured by land and buildings in Thailand owned by the Company’s Thailand subsidiary. This Thai Credit Facility expired in October 2019 |
Contract Assets
Contract Assets | 9 Months Ended |
Sep. 30, 2019 | |
Contract With Customer Asset And Liability [Abstract] | |
Contract assets | Note 8 – Contract Assets As of September 30, 2019 and December 31, 2018, the Company had $ 161.1 million and $ 140.1 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 period are as follows: Nine Months Ended September 30, (in thousands) 2019 2018 Beginning balance as of December 31, $ 140,082 $ 146,496 Revenue recognized 1,613,047 1,774,620 Amounts collected or invoiced ( 1,592,061) ( 1,765,218) Ending balance as of September 30, $ 161,068 $ 155,898 |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2019 | |
Inventories [Abstract] | |
Inventories | Note 9 – Inventories Inventory costs are summarized as follows: September 30, December 31, (in thousands) 2019 2018 Raw materials $ 303,177 $ 300,439 Work in process 9,533 7,321 Finished goods 3,125 2,215 $ 315,835 $ 309,975 |
Accounts Receivable Sale Progra
Accounts Receivable Sale Program | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Accounts Receivable Sales Program | Note 10 – Accounts Receivable Sale Program As of September 30, 2019, in connection with three trade accounts receivable sale programs with unaffiliated financial institutions, the Company may elect to sell, at a discount, on an ongoing basis, up to a maximum of $ 120.0 million of specific accounts receivable at any one time. During the three months ended September 30, 2019 and 2018, the Company sold $ 75.1 million and $ 40.0 million, respectively, of accounts receivable under this program, and in exchange, the Company received cash proceeds of $ 74.9 million and $ 39.9 million, respectively, net of the discount. During the nine months ended September 30, 2019 and 2018, the Company sold $ 205.7 million and $ 120.0 million, respectively, of accounts receivable under this program, and in exchange, the Company received cash proceeds of $ 205.1 million and $ 119.7 million, respectively, net of the discount. The loss on the sale resulting from the discount was recorded to other expense within the Condensed Consolidated Statements of Income. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2019 | |
Income Taxes [Abstract] | |
Income Taxes | Note 11 – Income Taxes Income tax expense consists of the following: Nine Months Ended September 30, (in thousands) 2019 2018 Federal – current $ 907 $ 223 Foreign – current 5,607 25,894 State – current 1,096 7,673 Deferred 206 11,863 $ 7,816 $ 45,653 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 global intangible taxation regime and imposing a transition (Transition Tax) tax on deemed repatriated cumulative earnings of foreign subsidiaries. To minimize tax base erosion with a territorial tax system, the U.S. Tax Reform enacted a new global intangible low-taxed income (GILTI) provision 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 limited deemed paid foreign tax credit with no carrybacks or carryforwards available. The Company is subject 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 and not include it as a factor in the determination of deferred taxes. As of December 31, 2018, the Company had 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. During 2018, the Company changed its assertion on its foreign subsidiaries earnings that are permanently reinvested. A certain amount of earnings from specific foreign subsidiaries are permanently reinvested, and certain foreign earnings from other specific foreign subsidiaries are considered to be non-permanently reinvested and are available for immediate distribution to the Company. Income taxes were accrued on the non-permanently reinvested foreign earnings including the 2017 Transition Tax, the U.S. tax on GILTI, and any applicable local withholding taxes. As a result of this change in assertion for undistributed earnings prior to December 31, 2017, the Company recorded $ 30.7 million of deferred tax expense for foreign withholding tax from Asia and $ 9.4 million of deferred U.S. state income tax expense in the first three months of 2018. Excluding the impact of these items, income tax expense differs from the amount computed by applying the U.S. federal statutory income tax rate to income before income taxes primarily due to the mix of taxable income by taxing jurisdiction, the impact of tax incentives and tax holidays in foreign locations, state income taxes (net of federal benefit) and the U.S. tax under GILTI. The Company has been granted certain tax incentives, including tax holidays, for its subsidiaries in Malaysia and Thailand that will expire at various dates, unless extended or otherwise renegotiated, through 2021 in Malaysia and 2028 in Thailand, and are subject to certain conditions with which the Company expects to comply. The net impact of these tax incentives was to lower income tax expense for the ninemonths ended September 30, 2019 and 2018 by approximately $ 4.0 million (approximately $ 0.10 per diluted share) and $ 8.2 million (approximately $ 0.17 per diluted share), respectively, as follows: Nine Months Ended September 30, (in thousands) 2019 2018 China $ — $ 1,449 Malaysia 2,294 3,219 Thailand 1,705 3,579 $ 3,999 $ 8,247 The Company’s Chinese subsidiary had a tax incentive that expired in 2018 and has submitted an application for a new tax incentive in China during the third quarter of 2019. As of September 30, 2019, the total amount of the reserve for uncertain tax benefits including interest and penalties was $ 0.4 million. The reserve is classified as a current or long-term liability in the condensed consolidated balance sheets based on the Company’s expectation of when the items will be settled. The Company records interest 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 and penalties on unrecognized tax benefits included in the reserve as of September 30, 2019 was $ 0.1 million. The Company and its subsidiaries in Brazil, 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 2012 to 2018. Currently, the Company does not have any ongoing income tax examinations by any jurisdiction. During the course of such income tax examinations, disputes may occur as to matters of fact or law. Also, in most tax jurisdictions, the passage of time without examination will result in the expiration of applicable statutes of limitations thereby precluding examination of the tax period(s) for which such statute of limitation has expired. The Company believes that it has adequately provided for its tax liabilities. |
Segment And Geographic Informat
Segment And Geographic Information | 9 Months Ended |
Sep. 30, 2019 | |
Segment And Geographic Information [Abstract] | |
Segment And Geographic Information | Note 12 – Segment and Geographic Information The Company currently has manufacturing facilities in the Americas, Asia and Europe to serve its customers. The Company is operated and managed geographically, and management evaluates performance and allocates the Company’s resources on a geographic basis. Intersegment sales are generally recorded at prices that approximate arm’s length transactions. Operating segments’ measure of profitability is based on income from operations, which includes net sales to third parties, related cost of sales and operating expenses directly attributable to the segment. The operating margin of each segment reflects the cost structure of the segments and are not comparable. The accounting policies for the reportable operating segments are the same as for the Company taken as a whole. The Company has three reportable operating segments: Americas, Asia and Europe. Information about operating segments is as follows: Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2019 2018 2019 2018 Net sales: Americas $ 344,361 $ 404,137 $ 1,140,581 $ 1,217,200 Asia 188,092 210,153 549,671 602,903 Europe 42,641 43,054 132,499 140,205 Elimination of intersegment sales ( 19,865) ( 16,656) ( 63,100) ( 50,893) $ 555,229 $ 640,688 $ 1,759,651 $ 1,909,415 Depreciation and amortization: Americas $ 5,646 $ 5,746 $ 16,323 $ 17,171 Asia 2,820 2,967 8,363 8,660 Europe 750 860 2,322 2,644 Corporate 3,048 4,987 9,381 11,168 $ 12,264 $ 14,560 $ 36,389 $ 39,643 Income from operations: Americas $ 10,877 $ 9,586 $ 48,437 $ 41,845 Asia 13,209 18,963 41,666 53,441 Europe 1,871 2,242 5,095 7,437 Corporate and intersegment eliminations ( 16,159) ( 19,834) ( 57,372) ( 59,450) 9,798 10,957 37,826 43,273 Interest expense ( 1,687) ( 3,822) ( 5,014) ( 8,543) Interest income 734 1,619 3,084 5,197 Other income (expense) ( 136) 1,139 2,276 827 Income before income taxes $ 8,709 $ 9,893 $ 38,172 $ 40,754 Capital expenditures: Americas $ 4,210 $ 8,975 $ 11,910 $ 34,369 Asia 3,965 3,898 7,901 12,548 Europe 1,304 651 2,035 2,303 Corporate 968 1,046 4,096 3,713 $ 10,447 $ 14,570 $ 25,942 $ 52,933 September 30, December 31, (in thousands) 2019 2018 Total assets: Americas $ 811,158 $ 852,776 Asia 535,687 540,094 Europe 127,603 113,165 Corporate and other 284,298 393,748 $ 1,758,746 $ 1,899,783 Geographic net sales information reflects the destination of the product shipped. Long-lived assets information is based upon the physical location of the asset. Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2019 2018 2019 2018 Geographic net sales: United States $ 362,136 $ 438,461 $ 1,196,965 $ 1,280,026 Asia 100,200 105,422 278,569 328,327 Europe 64,592 69,289 202,985 222,870 Other Foreign 28,301 27,516 81,132 78,192 $ 555,229 $ 640,688 $ 1,759,651 $ 1,909,415 September 30, December 31, 2019 2018 Long-lived assets: United States $ 243,633 $ 190,056 Asia 77,599 79,051 Europe 19,570 9,537 Other 25,456 22,945 $ 366,258 $ 301,589 |
Supplemental Cash Flow And Non-
Supplemental Cash Flow And Non-Cash Information | 9 Months Ended |
Sep. 30, 2019 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow and Non-Cash Information | Note 13 – Supplemental Cash Flow and Non-Cash Information The following information concerns supplemental disclosures of cash payments. Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2019 2018 2019 2018 Income taxes paid, net $ 2,091 $ 15,544 $ 16,375 $ 39,296 Interest paid 2,333 1,845 6,355 6,163 Non-cash investing activity: Additions to property, plant and equipment in accounts payable $ 2,370 $ 6,629 |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
Contingencies [Abstract] | |
Contingencies | Note 14 – Contingencies The Company is involved in various legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Company’s consolidated financial position or results of operations. |
Restructuring Charges
Restructuring Charges | 9 Months Ended |
Sep. 30, 2019 | |
Restructuring Charges [Abstract] | |
Restructuring Charges | Note 15 – Restructuring Charges The Company has undertaken initiatives to restructure its business operations to improve utilization and realize cost savings. These initiatives have included changing the number and location of production facilities, largely to align capacity and infrastructure with current and anticipated customer demand. This alignment includes transferring programs from higher cost geographies to lower cost geographies. The process of restructuring entails moving production between facilities, reducing staff levels, realigning our business processes, reorganizing our management and other activities. The Company recognized restructuring charges during 2019 and 2018 primarily related to facility transitions in the Americas, capacity reduction and reductions in workforce in certain facilities across various regions. The following table summarizes the 2019 activity in the accrued restructuring balances related to the restructuring activities initiated prior to September 30, 2019: Balance as of Foreign Balance as of December 31, Restructuring Cash Non-Cash Exchange September 30, (in thousands) 2018 Charges Payment Activity Adjustments 2019 2019 Restructuring: Severance $ — $ 5,408 $ ( 1,108) — $ — $ 4,300 Other exit costs — 1,578 ( 559) ( 834) — 185 — 6,986 ( 1,667) ( 834) — 4,485 2018 Restructuring: Severance 282 — ( 282) — — — Other exit costs 918 461 ( 1,379) — — — 1,200 461 ( 1,661) — — — 2017 Restructuring: Other exit costs 135 — ( 124) — ( 4) 7 135 — ( 124) — ( 4) 7 Total $ 1,335 $ 7,447 $ ( 3,452) ( 834) $ ( 4) $ 4,492 |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value [Abstract] | |
Fair Value | Note 16 – Fair Value Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A three-tier fair value hierarchy of inputs is employed to determine fair value measurements. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets and liabilities. Level 2 inputs are observable prices that are not quoted on active exchanges, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. Level 3 inputs are unobservable inputs employed for measuring the fair value of assets or liabilities. This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. The Company’s financial instruments include cash equivalents, accounts and other receivables, accounts payable, accrued liabilities and long-term debt. The Company believes that the carrying values of these instruments approximate fair value. The Company uses derivative instruments to manage the variability of foreign currency obligations and interest rates. The Company does not enter into derivatives for speculative purposes. The forward currency exchange contract in place as of September 30, 2019 has not been designated as an accounting hedge and, therefore, changes in fair value are recorded within the Condensed Consolidated Statements of Income. The Company has an interest rate swap agreement, with a notional amount of $ 146.3 million and $ 150.0 million as of September 30, 2019 and December 31, 2018, respectively, to hedge a portion of its interest rate exposure on outstanding borrowings under the Credit Agreement. Under this interest rate swap agreement, the Company receives variable rate interest payments based on the one-month LIBOR rate and pays fixed rate interest 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 underlying 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 recorded in other comprehensive income on the accompanying Condensed Consolidated Balance Sheets until earnings are affected by the variability of cash flows. The fair value of the interest rate swap was a $ 7.7 million liability as of September 30, 2019 and a $ 3.0 million liability as of December 31, 2018. During the nine months ended September 30, 2019, the Company recorded unrealized loss of $ 4.7 million ($ 3.5 million net of tax) on the swap in other comprehensive income. 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% which was terminated in October 2018 for $ 3.5 million. This gain is being amortized to offset interest expense over the original term of the swap agreement. During the nine months ended September 30, 2019, the Company transferred unrealized gains of $ 1.2 million ($ 0.9 million net of tax) on the terminated swap to interest expense. See Note 17. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2019 | |
Comprehensive Income Net Of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | Note 17 – Accumulated Other Comprehensive Loss The changes in accumulated other comprehensive loss by component were as follows: Foreign currency Derivative translation instruments, (in thousands) adjustments net of tax Other Total Balances, December 31, 2018 $ ( 11,840) $ 116 $ 600 $ ( 11,124) Other comprehensive loss before reclassifications ( 1,718) ( 3,824) ( 722) ( 6,264) Amounts reclassified from accumulated other comprehensive loss — ( 575) ( 30) ( 605) Net current period other comprehensive loss ( 1,718) ( 4,399) ( 752) ( 6,869) Balances, September 30, 2019 $ ( 13,558) $ ( 4,283) $ ( 152) $ ( 17,993) See Note 16 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 2019 primarily affected interest expense and selling, general and administrative expenses. |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Shareholders' Equity | Note 18 – Shareholders’ Equity Dividends The Company began declaring and paying quarterly dividends during the first quarter of 2018. For the nine months ended September 30, 2019, cash dividends paid totaled $ 17.7 million. On September 16, 2019, the Company declared a quarterly cash dividend of $ 0.15 per share of the Company’s common stock to shareholders of record as of September 30, 2019. The dividend in the aggregate amount of $ 5.6 million was paid on October 15, 2019. The Board of Directors currently intends to continue paying quarterly dividends. However, the Company’s future dividend policy is subject to the Company’s compliance with applicable law, and depending on, among other things, the Company’s results of operations, financial condition, level of indebtedness, capital requirements, contractual restrictions, restrictions in the Company’s debt agreements, and other factors that the Board of Directors may deem relevant. Dividend payments are not mandatory or guaranteed; there can be no assurance that the Company will continue to pay a dividend in the future. Share Repurchase Authorization On October 26, 2018, the Board of Directors authorized the repurchase of $ 100 million of the Company’s common stock in addition to the $ 250 million previously approved on March 6, 2018. As of September 30, 2019, the Company had $ 83.2 million remaining under the stock repurchase authorization. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases | Note 19 – Leases The Company determines if a contract is or contains a lease at inception. The Company has entered into leases for certain facilities, vehicles and other equipment. The Company’s leases consist mainly of operating leases which expire at various dates through 2036. Variable lease payments are generally expensed as incurred and include certain index-based changes in rent, certain nonlease components, such as maintenance and other services provided by the lessor, and other charges included in the lease. The components of lease expense were as follows: Three Months Ended Nine Months Ended (in thousands) September 30, 2019 Finance lease cost: Amortization of right-to-use assets (included in depreciation expense) $ 178 $ 534 Interest on lease liabilities 135 422 Operating lease cost 4,181 12,861 Short-term lease cost 131 452 Variable lease cost 595 1,391 Total lease cost $ 5,220 $ 15,660 Nine Months Ended September 30, 2019 Other information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used for finance lease $ 444 Operating cash flows used for operating leases $ 11,142 Financing cash flows used for finance lease $ 864 Right-to-use assets obtained in exchange for new operating lease liabilities $ 15,282 The lease assets and liabilities as of September 30, 2019 were as follows (in thousands): September 30, 2019 Finance lease right-of-assets (included in other assets) $ 2,489 Operating lease right-of-use assets $ 79,854 Finance liability, current (included in current installments of long-term debt) $ 1,284 Finance lease liability, noncurrent (included in long-term debt) $ 4,000 Operating lease liability, current (included in other accrued liabilities) $ 11,394 Operating lease liability, noncurrent $ 70,167 Weighted average remaining lease term – finance leases 3.8 years Weighted average remaining lease term – operating leases 10.3 years Weighted average discount rate – finance leases 10.1% Weighted average discount rate – operating leases 4.7% Future annual minimum lease payments and finance lease commitments as of September 30, 2019 were as follows (in thousands): Operating Finance Year ending December 31, Leases Leases 2019 (remaining three months) $ 4,006 $ 439 2020 14,359 1,781 2021 12,075 1,816 2022 10,339 1,853 2023 9,709 465 2024 and thereafter 54,454 — Total minimum lease payments $ 104,942 $ 6,354 Less: imputed interest ( 23,381) ( 1,070) Present value of lease liabilities $ 81,561 $ 5,284 As of September 30, 2019 , the Company’s future operating leases that have not yet commenced are immaterial. Future annual minimum lease payments and capital lease commitments in effect as of December 31, 2018 having a noncancelable term in excess of one year as determined prior to the adoption of ASU 842 were as follows (in thousands): Operating Capital Year ending December 31, Leases Leases 2019 $ 15,272 $ 1,746 2020 14,518 1,781 2021 12,203 1,816 2022 10,466 1,853 2023 9,890 465 Thereafter 47,868 — Total minimum lease payments $ 110,217 $ 7,661 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 |
Subsequent Event
Subsequent Event | 9 Months Ended |
Sep. 30, 2019 | |
Subsequent Event | |
Subsequent Event | Note 20 – Subsequent Event During the fourth quarter of 2019, some of the Company’s systems were affected by a ransomware incident that encrypted information on the Company’s systems and disrupted customer and employee access to the Company’s systems and services. The Company carries insurance, including cyber insurance. The full scope of the costs and related impacts of this incident, including the availability of insurance to offset some of these costs, cannot be estimated at this time. |
New Accounting Pronouncements (
New Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Revenue Recognition | Note 3 – Revenue The Company’s revenues are generated primarily from the sale of manufactured products built 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 consideration specified in a contract with a customer. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a manufactured product to a customer. The 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 controls all of the work-in-progress as products are being built. Revenues under these contracts are recognized progressively based on the cost-to-cost method. For other manufacturing contracts, the customer does not take control of the product until it is completed. Under these contracts, the Company recognizes revenue upon transfer of control of product to the customer. Revenue from design, development and engineering services is recognized over time as the services are performed. The Company assumes no significant 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. |
Leases | Note 2 – New Accounting Pronouncements Adopted in 2019 In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842) , amended by ASU 2018-01, Land Easement Practical Expedient for Transition to ASU 842 , ASU No. 2018-10, Codification Improvements to ASU 842 and ASU No. 2018-11, Targeted Improvements . The new standard established a right-to-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 longer than 12 months. The Company adopted this standard on its effective date of January 1, 2019 using the effective date as its date of initial application under the modified retrospective approach. Therefore, financial information for prior periods were not restated. Management elected the package of practical expedients in transition for leases that commenced prior to January 1, 2019, which permits the Company to carry forward its original assessment about lease identification, lease classification and initial directs costs. For all new and modified leases after adoption, management elected the short-term lease recognition exemption for all of the Company’s leases that qualify , in addition to the practical expedient to not separate lease and nonlease components. Lease assets and liabilities are initially recognized based on the present value of lease payments over the lease term calculated using our incremental borrowing rate, unless the implicit rate is readily determinable. Our incremental borrowing rate represents the rate of interest that we would have to pay to borrow on a collateralized basis over a similar term in a similar economic environment. Lease assets also include any upfront lease payments made and exclude lease incentives. Lease terms include options to extend orterminate the lease when it is reasonably certain that those options will be exercised. Leases are classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. See Note 19. |
Separation of Lease and Nonlease Components | For all new and modified leases after adoption, management elected the short-term lease recognition exemption for all of the Company’s leases that qualify , in addition to the practical expedient to not separate lease and nonlease components. |
Short Term Leases | For all new and modified leases after adoption, management elected the short-term lease recognition exemption for all of the Company’s leases that qualify |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Disaggregation of revenue | Disaggregation of revenue In the following tables, revenue is disaggregated by market sector. The tables also include a reconciliation of the disaggregated revenue with the reportable operating segments. Reportable Operating Segments Three Months Ended September 30, 2019 (in thousands) Americas Asia Europe Total Market Sector: Industrials $ 41,328 55,454 18,191 $ 114,973 A&D 108,101 — 7,253 115,354 Medical 79,201 44,582 3,990 127,773 Semi-Cap 23,998 31,332 12,721 68,051 Computing 47,364 12,158 — 59,522 Telecommunication 33,793 35,459 304 69,556 External revenue 333,785 178,985 42,459 555,229 Elimination of intersegment sales 10,576 9,107 182 19,865 Segment revenue $ 344,361 $ 188,092 $ 42,641 $ 575,094 Nine Months Ended September 30, 2019 Americas Asia Europe Total Market Sector: Industrials $ 127,714 $ 162,681 $ 55,615 $ 346,010 A&D 302,961 — 23,247 326,208 Medical 205,575 126,486 13,377 345,438 Semi-Cap 78,536 79,801 38,185 196,522 Computing 277,538 38,899 85 316,522 Telecommunication 111,422 116,090 1,439 228,951 External revenue 1,103,746 523,957 131,948 1,759,651 Elimination of intersegment sales 36,835 25,714 551 63,100 Segment revenue $ 1,140,581 $ 549,671 $ 132,499 $ 1,822,751 Reportable Operating Segments Three Months Ended September 30, 2018 (in thousands) Americas Asia Europe Total Market Sector: Industrials $ 45,334 $ 67,969 $ 15,001 $ 128,304 A&D 97,141 — 7,847 104,988 Medical 58,725 34,404 3,171 96,300 Semi-Cap 32,016 30,494 14,098 76,608 Computing 125,110 18,018 2,258 145,386 Telecommunication 37,846 50,716 540 89,102 External revenue 396,172 201,601 42,915 640,688 Elimination of intersegment sales 7,965 8,552 139 16,656 Segment revenue $ 404,137 $ 210,153 $ 43,054 $ 657,344 Nine Months Ended September 30, 2018 Americas Asia Europe Total Market Sector: Industrials $ 141,966 $ 180,195 $ 49,887 $ 372,048 A&D 278,191 — 23,093 301,284 Medical 173,192 106,769 10,142 290,103 Semi-Cap 125,603 111,280 48,393 285,276 Computing 352,747 50,446 6,368 409,561 Telecommunication 123,386 125,708 2,049 251,143 External revenue 1,195,085 574,398 139,932 1,909,415 Elimination of intersegment sales 22,115 28,505 273 50,893 Segment revenue $ 1,217,200 $ 602,903 $ 140,205 $ 1,960,308 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule Of Unrecognized Compensation Cost And Remaining Weighted-Average Amortization Stock-Based Awards | As of September 30, 2019, the unrecognized compensation cost and remaining weighted-average amortization related to stock-based awards were as follows: Performance- Time-based based Restricted Restricted Stock Stock (in thousands, except remaining period data) Units Units (1) Unrecognized compensation cost $ 21,561 $ 5,241 Remaining weighted-average amortization period 2.6 years 1.3 years (1) |
Summary Of Stock Options | The following table summarizes activities relating to the Company’s stock options: Weighted- Weighted- Average Aggregate Number of Average Remaining Intrinsic Options Exercise Contractual Value (in thousands) Price Term (Years) (in thousands) Outstanding as of December 31, 2018 374 $ 20.35 Exercised ( 76) 21.86 Forfeited or expired ( 2) 23.07 Outstanding as of September 30, 2019 296 $ 19.94 3.50 $ 2,696 Exercisable as of September 30, 2019 296 $ 19.94 3.50 $ 2,696 |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary Of Stock-Based Awards | As of September 30, 2019 and December 31, 2018, 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- Number of Average Units Grant Date (in thousands) Fair Value Non-vested awards outstanding as of December 31, 2018 595 $ 28.93 Granted 630 27.34 Vested ( 195) 27.84 Forfeited ( 54) 29.34 Non-vested awards outstanding as of September 30, 2019 976 $ 28.09 |
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- Number of Average Units Grant Date (in thousands) Fair Value Non-vested awards outstanding as of December 31, 2018 319 $ 29.19 Granted (1) 198 27.45 Vested ( 57) 31.40 Forfeited ( 74) 24.41 Non-vested awards outstanding as of September 30, 2019 386 $ 28.90 (1) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Calculation of Basic and Diluted Earnings per Share | The following table sets forth the calculation of basic and diluted earnings per share: Three Months Ended Nine Months Ended September 30, September 30, (in thousands, except per share data) 2019 2018 2019 2018 Net income (loss) $ 7,136 $ 7,799 $ 30,356 $ ( 4,899) Denominator for basic earnings per share - weighted-average number of common shares outstanding during the period 37,419 46,301 38,813 47,415 Incremental common shares attributable to exercise of dilutive options 80 90 77 — Incremental common shares attributable to outstanding restricted stock units 146 64 294 — Denominator for diluted earnings per share 37,645 46,455 39,184 47,415 Basic earnings (loss) per share $ 0.19 $ 0.17 $ 0.78 $ ( 0.10) Diluted earnings (loss) per share $ 0.19 $ 0.17 $ 0.77 $ ( 0.10) |
Goodwill And Other Intangible_2
Goodwill And Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Goodwill And Other Intangible Assets [Abstract] | |
Goodwill Rollforward | Goodwill allocated to the Company’s reportable segments was as follows: (in thousands) Americas Asia Total Goodwill as of December 31, 2018 and September 30, 2019 $ 154,014 $ 38,102 $ 192,116 |
Schedule Of Intangible Assets | Intangible assets as of September 30, 2019 and December 31, 2018 were as follows: As of September 30, 2019 Gross Net Carrying Accumulated Carrying (in thousands) Amount Amortization Amount Customer relationships $ 100,094 $ ( 45,366) $ 54,728 Purchased software costs 41,250 ( 31,641) 9,609 Technology licenses 28,800 ( 23,325) 5,475 Trade names and trademarks 7,800 — 7,800 Other 868 ( 303) 565 Total $ 178,812 $ ( 100,635) $ 78,177 As of December 31, 2018 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 Total $ 176,683 $ ( 92,578) $ 84,105 |
Schedule Of Amortization Expense | Amortization on the statements of cash flow for the nine months ended September 30, 2019 and 2018 was as follows: Nine Months Ended September 30, (in thousands) 2019 2018 Amortization of intangible assets $ 7,095 $ 7,101 Amortization of capitalized purchased software costs 1,029 836 Amortization of debt costs 345 2,602 $ 8,469 $ 10,539 |
Schedule Of Estimated Future Amortization Expense | 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 (remaining three months) $ 2,997 2020 10,706 2021 7,699 2022 7,621 2023 6,463 |
Contract Assets (Tables)
Contract Assets (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Contract With Customer Asset And Liability [Abstract] | |
Changes In Contract Assets | Significant changes in the contract asset balance during the period are as follows: Nine Months Ended September 30, (in thousands) 2019 2018 Beginning balance as of December 31, $ 140,082 $ 146,496 Revenue recognized 1,613,047 1,774,620 Amounts collected or invoiced ( 1,592,061) ( 1,765,218) Ending balance as of September 30, $ 161,068 $ 155,898 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Inventories [Abstract] | |
Schedule Of Inventory Costs | Note 9 – Inventories Inventory costs are summarized as follows: September 30, December 31, (in thousands) 2019 2018 Raw materials $ 303,177 $ 300,439 Work in process 9,533 7,321 Finished goods 3,125 2,215 $ 315,835 $ 309,975 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Income Taxes [Abstract] | |
Schedule Of Income Tax Expense | Note 11 – Income Taxes Income tax expense consists of the following: Nine Months Ended September 30, (in thousands) 2019 2018 Federal – current $ 907 $ 223 Foreign – current 5,607 25,894 State – current 1,096 7,673 Deferred 206 11,863 $ 7,816 $ 45,653 |
Schedule Of Tax Incentives | The net impact of these tax incentives was to lower income tax expense for the ninemonths ended September 30, 2019 and 2018 by approximately $ 4.0 million (approximately $ 0.10 per diluted share) and $ 8.2 million (approximately $ 0.17 per diluted share), respectively, as follows: Nine Months Ended September 30, (in thousands) 2019 2018 China $ — $ 1,449 Malaysia 2,294 3,219 Thailand 1,705 3,579 $ 3,999 $ 8,247 |
Segment And Geographic Inform_2
Segment And Geographic Information (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Segment And Geographic Information [Abstract] | |
Schedule Of Operating Segments | Information about operating segments is as follows: Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2019 2018 2019 2018 Net sales: Americas $ 344,361 $ 404,137 $ 1,140,581 $ 1,217,200 Asia 188,092 210,153 549,671 602,903 Europe 42,641 43,054 132,499 140,205 Elimination of intersegment sales ( 19,865) ( 16,656) ( 63,100) ( 50,893) $ 555,229 $ 640,688 $ 1,759,651 $ 1,909,415 Depreciation and amortization: Americas $ 5,646 $ 5,746 $ 16,323 $ 17,171 Asia 2,820 2,967 8,363 8,660 Europe 750 860 2,322 2,644 Corporate 3,048 4,987 9,381 11,168 $ 12,264 $ 14,560 $ 36,389 $ 39,643 Income from operations: Americas $ 10,877 $ 9,586 $ 48,437 $ 41,845 Asia 13,209 18,963 41,666 53,441 Europe 1,871 2,242 5,095 7,437 Corporate and intersegment eliminations ( 16,159) ( 19,834) ( 57,372) ( 59,450) 9,798 10,957 37,826 43,273 Interest expense ( 1,687) ( 3,822) ( 5,014) ( 8,543) Interest income 734 1,619 3,084 5,197 Other income (expense) ( 136) 1,139 2,276 827 Income before income taxes $ 8,709 $ 9,893 $ 38,172 $ 40,754 Capital expenditures: Americas $ 4,210 $ 8,975 $ 11,910 $ 34,369 Asia 3,965 3,898 7,901 12,548 Europe 1,304 651 2,035 2,303 Corporate 968 1,046 4,096 3,713 $ 10,447 $ 14,570 $ 25,942 $ 52,933 September 30, December 31, (in thousands) 2019 2018 Total assets: Americas $ 811,158 $ 852,776 Asia 535,687 540,094 Europe 127,603 113,165 Corporate and other 284,298 393,748 $ 1,758,746 $ 1,899,783 |
Schedule Of Geographic Net Sales And Long-Lived Assets | Geographic net sales information reflects the destination of the product shipped. Long-lived assets information is based upon the physical location of the asset. Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2019 2018 2019 2018 Geographic net sales: United States $ 362,136 $ 438,461 $ 1,196,965 $ 1,280,026 Asia 100,200 105,422 278,569 328,327 Europe 64,592 69,289 202,985 222,870 Other Foreign 28,301 27,516 81,132 78,192 $ 555,229 $ 640,688 $ 1,759,651 $ 1,909,415 September 30, December 31, 2019 2018 Long-lived assets: United States $ 243,633 $ 190,056 Asia 77,599 79,051 Europe 19,570 9,537 Other 25,456 22,945 $ 366,258 $ 301,589 |
Supplemental Cash Flow and No_2
Supplemental Cash Flow and Non-Cash Information (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule Of Supplemental Cash Flow and Non-Cash Information | Note 13 – Supplemental Cash Flow and Non-Cash Information The following information concerns supplemental disclosures of cash payments. Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2019 2018 2019 2018 Income taxes paid, net $ 2,091 $ 15,544 $ 16,375 $ 39,296 Interest paid 2,333 1,845 6,355 6,163 Non-cash investing activity: Additions to property, plant and equipment in accounts payable $ 2,370 $ 6,629 |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Restructuring Charges [Abstract] | |
Schedule Of Accrued Restructuring | The following table summarizes the 2019 activity in the accrued restructuring balances related to the restructuring activities initiated prior to September 30, 2019: Balance as of Foreign Balance as of December 31, Restructuring Cash Non-Cash Exchange September 30, (in thousands) 2018 Charges Payment Activity Adjustments 2019 2019 Restructuring: Severance $ — $ 5,408 $ ( 1,108) — $ — $ 4,300 Other exit costs — 1,578 ( 559) ( 834) — 185 — 6,986 ( 1,667) ( 834) — 4,485 2018 Restructuring: Severance 282 — ( 282) — — — Other exit costs 918 461 ( 1,379) — — — 1,200 461 ( 1,661) — — — 2017 Restructuring: Other exit costs 135 — ( 124) — ( 4) 7 135 — ( 124) — ( 4) 7 Total $ 1,335 $ 7,447 $ ( 3,452) ( 834) $ ( 4) $ 4,492 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Comprehensive Income Net Of Tax [Abstract] | |
Schedule Of Accumulated Other Comprehensive Loss | The changes in accumulated other comprehensive loss by component were as follows: Foreign currency Derivative translation instruments, (in thousands) adjustments net of tax Other Total Balances, December 31, 2018 $ ( 11,840) $ 116 $ 600 $ ( 11,124) Other comprehensive loss before reclassifications ( 1,718) ( 3,824) ( 722) ( 6,264) Amounts reclassified from accumulated other comprehensive loss — ( 575) ( 30) ( 605) Net current period other comprehensive loss ( 1,718) ( 4,399) ( 752) ( 6,869) Balances, September 30, 2019 $ ( 13,558) $ ( 4,283) $ ( 152) $ ( 17,993) |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Components of lease expense, and lease assets and liabilities | The components of lease expense were as follows: Three Months Ended Nine Months Ended (in thousands) September 30, 2019 Finance lease cost: Amortization of right-to-use assets (included in depreciation expense) $ 178 $ 534 Interest on lease liabilities 135 422 Operating lease cost 4,181 12,861 Short-term lease cost 131 452 Variable lease cost 595 1,391 Total lease cost $ 5,220 $ 15,660 Nine Months Ended September 30, 2019 Other information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used for finance lease $ 444 Operating cash flows used for operating leases $ 11,142 Financing cash flows used for finance lease $ 864 Right-to-use assets obtained in exchange for new operating lease liabilities $ 15,282 The lease assets and liabilities as of September 30, 2019 were as follows (in thousands): September 30, 2019 Finance lease right-of-assets (included in other assets) $ 2,489 Operating lease right-of-use assets $ 79,854 Finance liability, current (included in current installments of long-term debt) $ 1,284 Finance lease liability, noncurrent (included in long-term debt) $ 4,000 Operating lease liability, current (included in other accrued liabilities) $ 11,394 Operating lease liability, noncurrent $ 70,167 Weighted average remaining lease term – finance leases 3.8 years Weighted average remaining lease term – operating leases 10.3 years Weighted average discount rate – finance leases 10.1% Weighted average discount rate – operating leases 4.7% |
Future annual minimum lease payments and finance lease commitments | Future annual minimum lease payments and finance lease commitments as of September 30, 2019 were as follows (in thousands): Operating Finance Year ending December 31, Leases Leases 2019 (remaining three months) $ 4,006 $ 439 2020 14,359 1,781 2021 12,075 1,816 2022 10,339 1,853 2023 9,709 465 2024 and thereafter 54,454 — Total minimum lease payments $ 104,942 $ 6,354 Less: imputed interest ( 23,381) ( 1,070) Present value of lease liabilities $ 81,561 $ 5,284 Future annual minimum lease payments and capital lease commitments in effect as of December 31, 2018 having a noncancelable term in excess of one year as determined prior to the adoption of ASU 842 were as follows (in thousands): Operating Capital Year ending December 31, Leases Leases 2019 $ 15,272 $ 1,746 2020 14,518 1,781 2021 12,203 1,816 2022 10,466 1,853 2023 9,890 465 Thereafter 47,868 — Total minimum lease payments $ 110,217 $ 7,661 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 |
New Accounting Pronouncements -
New Accounting Pronouncements - Narrative (Details) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Lease, Practical Expedients, Package [true false] | true |
Lessee Operating Lease Option To Extend | Lease terms include options to extend orterminate the lease when it is reasonably certain that those options will be exercised. |
Lessee, Operating Lease, Option to Terminate | Lease terms include options to extend orterminate the lease when it is reasonably certain that those options will be exercised. |
Lessee, Operating Lease, Existence of Option to Extend [true false] | true |
Lessee, Operating Lease, Existence of Option to Terminate [true false] | true |
Revenue (Disaggregation of reve
Revenue (Disaggregation of revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 575,094 | $ 657,344 | $ 1,822,751 | $ 1,960,308 |
Operating Segments [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 555,229 | 640,688 | 1,759,651 | 1,909,415 |
Operating Segments [Member] | Industrials Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 114,973 | 128,304 | 346,010 | 372,048 |
Operating Segments [Member] | Aerospace And Defense Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 115,354 | 104,988 | 326,208 | 301,284 |
Operating Segments [Member] | Medical Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 127,773 | 96,300 | 345,438 | 290,103 |
Operating Segments [Member] | Semi-Cap Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 68,051 | 76,608 | 196,522 | 285,276 |
Operating Segments [Member] | Computing Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 59,522 | 145,386 | 316,522 | 409,561 |
Operating Segments [Member] | Telecommunications Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 69,556 | 89,102 | 228,951 | 251,143 |
Elimination Of Intersegment Sales [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 19,865 | 16,656 | 63,100 | 50,893 |
Americas [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 344,361 | 404,137 | 1,140,581 | 1,217,200 |
Americas [Member] | Operating Segments [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 333,785 | 396,172 | 1,103,746 | 1,195,085 |
Americas [Member] | Operating Segments [Member] | Industrials Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 41,328 | 45,334 | 127,714 | 141,966 |
Americas [Member] | Operating Segments [Member] | Aerospace And Defense Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 108,101 | 97,141 | 302,961 | 278,191 |
Americas [Member] | Operating Segments [Member] | Medical Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 79,201 | 58,725 | 205,575 | 173,192 |
Americas [Member] | Operating Segments [Member] | Semi-Cap Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 23,998 | 32,016 | 78,536 | 125,603 |
Americas [Member] | Operating Segments [Member] | Computing Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 47,364 | 125,110 | 277,538 | 352,747 |
Americas [Member] | Operating Segments [Member] | Telecommunications Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 33,793 | 37,846 | 111,422 | 123,386 |
Americas [Member] | Elimination Of Intersegment Sales [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 10,576 | 7,965 | 36,835 | 22,115 |
Asia [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 188,092 | 210,153 | 549,671 | 602,903 |
Asia [Member] | Operating Segments [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 178,985 | 201,601 | 523,957 | 574,398 |
Asia [Member] | Operating Segments [Member] | Industrials Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 55,454 | 67,969 | 162,681 | 180,195 |
Asia [Member] | Operating Segments [Member] | Aerospace And Defense Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Asia [Member] | Operating Segments [Member] | Medical Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 44,582 | 34,404 | 126,486 | 106,769 |
Asia [Member] | Operating Segments [Member] | Semi-Cap Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 31,332 | 30,494 | 79,801 | 111,280 |
Asia [Member] | Operating Segments [Member] | Computing Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 12,158 | 18,018 | 38,899 | 50,446 |
Asia [Member] | Operating Segments [Member] | Telecommunications Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 35,459 | 50,716 | 116,090 | 125,708 |
Asia [Member] | Elimination Of Intersegment Sales [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 9,107 | 8,552 | 25,714 | 28,505 |
Europe [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 42,641 | 43,054 | 132,499 | 140,205 |
Europe [Member] | Operating Segments [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 42,459 | 42,915 | 131,948 | 139,932 |
Europe [Member] | Operating Segments [Member] | Industrials Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 18,191 | 15,001 | 55,615 | 49,887 |
Europe [Member] | Operating Segments [Member] | Aerospace And Defense Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 7,253 | 7,847 | 23,247 | 23,093 |
Europe [Member] | Operating Segments [Member] | Medical Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 3,990 | 3,171 | 13,377 | 10,142 |
Europe [Member] | Operating Segments [Member] | Semi-Cap Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 12,721 | 14,098 | 38,185 | 48,393 |
Europe [Member] | Operating Segments [Member] | Computing Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 2,258 | 85 | 6,368 |
Europe [Member] | Operating Segments [Member] | Telecommunications Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 304 | 540 | 1,439 | 2,049 |
Europe [Member] | Elimination Of Intersegment Sales [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 182 | $ 139 | $ 551 | $ 273 |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Transferred Over Time [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage Of Revenue | 92.00% | 93.00% |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Additional shares available for issuance | 3.1 | 3.1 | ||
Compensation cost recognized for stock-based awards | $ 2.7 | $ 2.8 | $ 8.5 | $ 8.2 |
Income tax benefit recognized in the income statement for stock-based awards | $ 0.7 | $ 0.7 | 2 | 2 |
Total cash received as a result of stock option exercises | 1.3 | 3.5 | ||
Tax benefit realized as a result of stock option exercises and the vesting of other share-based awards | 1.7 | 2.1 | ||
Total intrinsic value of stock options exercised | $ 0.4 | $ 2.2 | ||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Term of options | 10 years | |||
Employee Awards [Member] | Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 4 years | |||
Employee Awards [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 4 years | |||
Employee Awards [Member] | Performance-Based Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Non-Employee Awards [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 1 year |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule Of Unrecognized Compensation Cost And Remaining Weighted-Average Amortization Period) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $ 21,561 |
Remaining weighted-average amortization period | 2 years 7 months 6 days |
Performance-Based Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $ 5,241 |
Remaining weighted-average amortization period | 1 year 3 months 18 days |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary Of Stock Options) (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($)$ / sharesshares | |
Stock-Based Compensation [Abstract] | |
Number of Options, Outstanding, Beginning balance | shares | 374 |
Number of Options, Exercised | shares | (76) |
Number of Options, Forfeited or expired | shares | (2) |
Number of Options, Outstanding, Ending balance | shares | 296 |
Number of Options, Exercisable as of September 30, 2019 | shares | 296 |
Weighted-Average Exercise Price, Outstanding, Beginning balance | $ / shares | $ 20.35 |
Weighted-Average Exercise Price, Exercised | $ / shares | 21.86 |
Weighted-Average Exercise Price, Forfeited or expired | $ / shares | 23.07 |
Weighted-Average Exercise Price, Outstanding, Ending balance | $ / shares | 19.94 |
Weighted-Average Exercise Price, Exercisable as of September 30, 2019 | $ / shares | $ 19.94 |
Weighted-Average Remaining Contractual Term (Years), Outstanding | 3 years 6 months |
Weighted-Average Remaining Contractual Term (Years), Exercisable as of September 30, 2019 | 3 years 6 months |
Aggregate Intrinsic Value, Outstanding as of September 30, 2019 | $ | $ 2,696 |
Aggregate Intrinsic Value, Exercisable as of September 30, 2019 | $ | $ 2,696 |
Stock-Based Compensation (Sum_2
Stock-Based Compensation (Summary Of Stock-Based Awards) (Details) shares in Thousands | 9 Months Ended |
Sep. 30, 2019$ / sharesshares | |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non-vested shares outstanding, shares or units, beginning balance | shares | 595 |
Granted, shares or units | shares | 630 |
Vested, shares or units | shares | (195) |
Forfeited, shares or units | shares | (54) |
Non-vested shares outstanding, shares or units, ending balance | shares | 976 |
Non-vested outstanding, weighted-average grant date fair value, beginning balance | $ / shares | $ 28.93 |
Granted, weighted-average grant date fair value | $ / shares | 27.34 |
Vested, weighted-average grant date fair value | $ / shares | 27.84 |
Forfeited, weighted-average grant date fair value | $ / shares | 29.34 |
Non-vested outstanding, weighted-average grant date fair value, ending balance | $ / shares | $ 28.09 |
Performance-Based Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non-vested shares outstanding, shares or units, beginning balance | shares | 319 |
Granted, shares or units | shares | 198 |
Vested, shares or units | shares | (57) |
Forfeited, shares or units | shares | (74) |
Non-vested shares outstanding, shares or units, ending balance | shares | 386 |
Non-vested outstanding, weighted-average grant date fair value, beginning balance | $ / shares | $ 29.19 |
Granted, weighted-average grant date fair value | $ / shares | 27.45 |
Vested, weighted-average grant date fair value | $ / shares | 31.40 |
Forfeited, weighted-average grant date fair value | $ / shares | 24.41 |
Non-vested outstanding, weighted-average grant date fair value, ending balance | $ / shares | $ 28.90 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Earnings Per Share Reconciliation [Line Items] | ||||
Net income (loss) | $ 7,136 | $ 7,799 | $ 30,356 | $ (4,899) |
Denominator for basic earnings per share - weighted-average number of common shares outstanding during the period | 37,419 | 46,301 | 38,813 | 47,415 |
Denominator for diluted earnings per share | 37,645 | 46,455 | 39,184 | 47,415 |
Basic earnings per share | $ 0.19 | $ 0.17 | $ 0.78 | $ (0.10) |
Diluted earnings per share | $ 0.19 | $ 0.17 | $ 0.77 | $ (0.10) |
Anti-dilutive securities to purchase common shares | 100 | 200 | 300 | |
Stock Options [Member] | ||||
Earnings Per Share Reconciliation [Line Items] | ||||
Incremental common shares attributable to stock-based awards | 80 | 90 | 77 | 0 |
Restricted Stock Units [Member] | ||||
Earnings Per Share Reconciliation [Line Items] | ||||
Incremental common shares attributable to stock-based awards | 146 | 64 | 294 | 0 |
Goodwill And Other Intangible_3
Goodwill And Other Intangible Assets (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2019 | |
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 | Sep. 30, 2019 | Dec. 31, 2018 |
Goodwill [Line Items] | ||
Goodwill | $ 192,116 | $ 192,116 |
Americas [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 154,014 | 154,014 |
Asia [Member] | ||
Goodwill [Line Items] | ||
Goodwill | $ 38,102 | $ 38,102 |
Goodwill And Other Intangible_5
Goodwill And Other Intangible Assets (Schedule Of Other Intangible Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 178,812 | $ 176,683 |
Accumulated amortization | (100,635) | (92,578) |
Net carrying amount | 78,177 | 84,105 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 100,094 | 100,146 |
Accumulated amortization | (45,366) | (40,661) |
Net carrying amount | 54,728 | 59,485 |
Purchased Software Costs [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 41,250 | 39,069 |
Accumulated amortization | (31,641) | (30,626) |
Net carrying amount | 9,609 | 8,443 |
Technology Licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 28,800 | 28,800 |
Accumulated amortization | (23,325) | (21,006) |
Net carrying amount | 5,475 | 7,794 |
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 | (303) | (285) |
Net carrying amount | $ 565 | $ 583 |
Goodwill And Other Intangible_6
Goodwill And Other Intangible Assets (Schedule Of Amortization Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Goodwill And Other Intangible Assets [Abstract] | ||||
Amortization of intangible assets | $ 2,367 | $ 2,368 | $ 7,095 | $ 7,101 |
Amortization of capitalized purchased software costs | 1,029 | 836 | ||
Amortization of debt costs | 345 | 2,602 | ||
Total amortization | $ 8,469 | $ 10,539 |
Goodwill And Other Intangible_7
Goodwill And Other Intangible Assets (Schedule Of Estimated Future Amortization Expense) (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Goodwill And Other Intangible Assets [Abstract] | |
2019 (remaining three months) | $ 2,997 |
2020 | 10,706 |
2021 | 7,699 |
2022 | 7,621 |
2023 | $ 6,463 |
Borrowing Facilities (Details)
Borrowing Facilities (Details) ฿ in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019THB (฿) | Sep. 30, 2019USD ($) | Sep. 30, 2019USD ($) | Jul. 20, 2018USD ($) | |
Credit Agreement [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Credit Agreement capacity | $ 650 | |||
Description of variable interest rate basis | Interest on outstanding borrowings under the Credit Agreement (other than swingline loans) accrues, at the Company’s option, at (a) the London Interbank Offered Rate (LIBOR) plus 1.0% to 2.0% or (b) the base rate plus 0.0% to 1.0%. | |||
Credit Agreement covenant terms | The Credit Agreement contains certain financial covenants as to interest coverage and debt leverage, and certain customary affirmative and negative covenants, including restrictions on the Company’s ability to incur additional debt and liens, pay dividends, repurchase shares, sell assets and merge or consolidate with other persons. Amounts due under the Credit Agreement could be accelerated upon specified events of default, including a failure to pay amounts due, breach of a covenant, material inaccuracy of a representation, or occurrence of bankruptcy or insolvency, subject, in some cases, to cure periods. | |||
Credit agreement, secured by percentage of stock of the Company's domestic subsidiaries | 100.00% | |||
Credit agreement, secured by percentage of voting capital stock of each direct foreign subsidiary | 65.00% | |||
Credit Agreement covenant compliance | As of September 30, 2019, the Company was in compliance with all of these covenants and restrictions. | |||
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 5-year $500 million revolving credit facility (the Revolving Credit Facility) and a 5-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 | |||
Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Credit Agreement capacity | 500 | |||
Term period | 5 years | |||
Credit Agreement maturity date | Jul. 20, 2023 | |||
Possible increase to total commitments under Credit Agreement | 275 | |||
Letters of credit outstanding amount | 3 | |||
Revolving credit facility, available for future borrowings | 497 | |||
Term Loan Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Term period | 5 years | |||
Credit Agreement maturity date | Jul. 20, 2023 | |||
Term Loan proceeds | $ 150 | |||
Term Loan frequency of periodic payments | quarterly | |||
Principal amount | $ 146.3 | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.928% | 2.928% | ||
Term Loan Facility [Member] | Interest Rate Swap [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Derivative Notional Amount | $ 146.3 | |||
Term Loan Facility [Member] | Bank Of America Credit Agreement [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Quarterly principal installments | $ 1.9 | |||
Benchmark Electronics (Thailand) Public Company Limited [Member] | Thailand Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Credit Agreement capacity | ฿ | ฿ 350 | |||
Credit Agreement maturity date | Oct. 31, 2020 | |||
Principal amount | $ 11.4 | |||
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] | ||||
U.S. Credit facility, commitment fee | 1.00% | |||
LIBOR Plus [Member] | Maximum [Member] | Credit Agreement [Member] | ||||
Line of Credit Facility [Line Items] | ||||
U.S. Credit facility, commitment fee | 2.00% | |||
Alternate Base Rate Plus [Member] | Minimum [Member] | Credit Agreement [Member] | ||||
Line of Credit Facility [Line Items] | ||||
U.S. Credit facility, commitment fee | 0.00% | |||
Alternate Base Rate Plus [Member] | Maximum [Member] | Credit Agreement [Member] | ||||
Line of Credit Facility [Line Items] | ||||
U.S. Credit facility, commitment fee | 1.00% |
Contract Assets (Narrative) (De
Contract Assets (Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Contract With Customer Asset And Liability [Abstract] | ||
Contract assets | $ 161,068 | $ 140,082 |
Contract Assets (Schedule Of Ch
Contract Assets (Schedule Of Changes) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Change In Contract With Customer Asset [Abstract] | ||
Beginning balance, December 31 | $ 140,082 | $ 146,496 |
Revenue recognized | 1,613,047 | 1,774,620 |
Amounts collected or invoiced | (1,592,061) | (1,765,218) |
Ending balance, September 30 | $ 161,068 | $ 155,898 |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventory Costs) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Inventories [Abstract] | ||
Raw materials | $ 303,177 | $ 300,439 |
Work in process | 9,533 | 7,321 |
Finished goods | 3,125 | 2,215 |
Inventories | $ 315,835 | $ 309,975 |
Accounts Receivable Sale Prog_2
Accounts Receivable Sale Program (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Receivables [Abstract] | ||||
Maximum Limit Accounts Receivable Sale Program | $ 120 | |||
Trade Accounts Receivable Sold | $ 75.1 | $ 40 | 205.7 | $ 120 |
Amount Received From Trade Accounts Receivable Sold To Third Party | $ 74.9 | $ 39.9 | $ 205.1 | $ 119.7 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Income Taxes [Line Items] | ||||
Cumulative undistributed earnings of foreign subsidiaries | $ 330,000 | |||
Income tax incentives | $ 3,999 | $ 8,247 | ||
Net impact of tax incentives, per diluted share | $ 0.10 | $ 0.17 | ||
Unrecognized tax benefits including interest and penalties | $ 400 | |||
Accrued income tax penalties and interest on unrecognized tax benefits | 100 | |||
State And Local Jurisdiction [Member] | ||||
Income Taxes [Line Items] | ||||
Income tax expense on foreign earnings expected to be repatriated | $ 9,400 | |||
Foreign Country [Member] | ||||
Income Taxes [Line Items] | ||||
Income tax expense on foreign earnings expected to be repatriated | $ 30,700 | |||
China [Member] | ||||
Income Taxes [Line Items] | ||||
Income tax incentives | $ 0 | $ 1,449 | ||
Malaysia [Member} | ||||
Income Taxes [Line Items] | ||||
Income tax holidays expiration date | 2021 | |||
Income tax incentives | $ 2,294 | 3,219 | ||
Thailand [Member] | ||||
Income Taxes [Line Items] | ||||
Income tax holidays expiration date | 2028 | |||
Income tax incentives | $ 1,705 | $ 3,579 |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Taxes [Abstract] | ||||
Federal - Current | $ 907 | $ 223 | ||
Foreign - Current | 5,607 | 25,894 | ||
State - Current | 1,096 | 7,673 | ||
Deferred | 206 | 11,863 | ||
Total income tax expense | $ 1,573 | $ 2,094 | $ 7,816 | $ 45,653 |
Income Taxes (Schedule Of Tax I
Income Taxes (Schedule Of Tax Incentives) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Income tax incentives | $ 3,999 | $ 8,247 |
China [Member] | ||
Income tax incentives | 0 | 1,449 |
Malaysia [Member} | ||
Income tax incentives | 2,294 | 3,219 |
Thailand [Member] | ||
Income tax incentives | $ 1,705 | $ 3,579 |
Segment And Geographic Inform_3
Segment And Geographic Information (Operating Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||
Net sales | $ 555,229 | $ 640,688 | $ 1,759,651 | $ 1,909,415 | |
Depreciation and amortization | 12,264 | 14,560 | 36,389 | 39,643 | |
Income from operations | 9,798 | 10,957 | 37,826 | 43,273 | |
Interest expense | (1,687) | (3,822) | (5,014) | (8,543) | |
Interest income | 734 | 1,619 | 3,084 | 5,197 | |
Other income (expense) | (136) | 1,139 | 2,276 | 827 | |
Income before income taxes | 8,709 | 9,893 | 38,172 | 40,754 | |
Capital expenditures | 10,447 | 14,570 | 25,942 | 52,933 | |
Total assets | 1,758,746 | 1,758,746 | $ 1,899,783 | ||
Elimination Of Intersegment Sales [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | (19,865) | (16,656) | (63,100) | (50,893) | |
Corporate And Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Income from operations | (16,159) | (19,834) | (57,372) | (59,450) | |
Americas [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 344,361 | 404,137 | 1,140,581 | 1,217,200 | |
Depreciation and amortization | 5,646 | 5,746 | 16,323 | 17,171 | |
Income from operations | 10,877 | 9,586 | 48,437 | 41,845 | |
Capital expenditures | 4,210 | 8,975 | 11,910 | 34,369 | |
Total assets | 811,158 | 811,158 | 852,776 | ||
Asia [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 188,092 | 210,153 | 549,671 | 602,903 | |
Depreciation and amortization | 2,820 | 2,967 | 8,363 | 8,660 | |
Income from operations | 13,209 | 18,963 | 41,666 | 53,441 | |
Capital expenditures | 3,965 | 3,898 | 7,901 | 12,548 | |
Total assets | 535,687 | 535,687 | 540,094 | ||
Europe [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 42,641 | 43,054 | 132,499 | 140,205 | |
Depreciation and amortization | 750 | 860 | 2,322 | 2,644 | |
Income from operations | 1,871 | 2,242 | 5,095 | 7,437 | |
Capital expenditures | 1,304 | 651 | 2,035 | 2,303 | |
Total assets | 127,603 | 127,603 | 113,165 | ||
Corporate And Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | 284,298 | 284,298 | $ 393,748 | ||
Corporate [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation and amortization | 3,048 | 4,987 | 9,381 | 11,168 | |
Capital expenditures | $ 968 | $ 1,046 | $ 4,096 | $ 3,713 |
Segment And Geographic Inform_4
Segment And Geographic Information (Schedule Of Geographic Net Sales And Long-Lived Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||
Geographic net sales | $ 555,229 | $ 640,688 | $ 1,759,651 | $ 1,909,415 | |
Long-lived assets | 366,258 | 366,258 | $ 301,589 | ||
United States [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Geographic net sales | 362,136 | 438,461 | 1,196,965 | 1,280,026 | |
Long-lived assets | 243,633 | 243,633 | 190,056 | ||
Asia [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Geographic net sales | 100,200 | 105,422 | 278,569 | 328,327 | |
Long-lived assets | 77,599 | 77,599 | 79,051 | ||
Europe [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Geographic net sales | 64,592 | 69,289 | 202,985 | 222,870 | |
Long-lived assets | 19,570 | 19,570 | 9,537 | ||
Other Foreign [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Geographic net sales | 28,301 | $ 27,516 | 81,132 | $ 78,192 | |
Long-lived assets | $ 25,456 | $ 25,456 | $ 22,945 |
Supplemental Cash Flow and No_3
Supplemental Cash Flow and Non-Cash Information (Table Of Supplmental Cash Flow Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Supplemental Cash Flow Information [Abstract] | ||||
Income taxes paid, net | $ 2,091 | $ 15,544 | $ 16,375 | $ 39,296 |
Interest paid | $ 2,333 | $ 1,845 | 6,355 | 6,163 |
Cash Flow Non-cash Investing And Financing Activities Disclosure [Abstract] | ||||
Additions to property, plant and equipment in accounts payable | $ 2,370 | $ 6,629 |
Restructuring Charges (Schedule
Restructuring Charges (Schedule Of Accrued Restructuring Balances) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | $ 1,335 |
Restructuring charges | 7,447 |
Cash Payment | (3,452) |
Non-Cash Activity | (834) |
Foreign Exchange Adjustments | (4) |
Ending Balance | 4,492 |
2019 [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | 0 |
Restructuring charges | 6,986 |
Cash Payment | (1,667) |
Non-Cash Activity | (834) |
Foreign Exchange Adjustments | 0 |
Ending Balance | 4,485 |
2018 [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | 1,200 |
Restructuring charges | 461 |
Cash Payment | (1,661) |
Non-Cash Activity | 0 |
Foreign Exchange Adjustments | 0 |
Ending Balance | 0 |
2017 [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | 135 |
Restructuring charges | 0 |
Cash Payment | (124) |
Non-Cash Activity | 0 |
Foreign Exchange Adjustments | (4) |
Ending Balance | 7 |
Severance [Member] | 2019 [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | 0 |
Restructuring Reserve Accrual Adjustment | 5,408 |
Cash Payment | (1,108) |
Non-Cash Activity | 0 |
Foreign Exchange Adjustments | 0 |
Ending Balance | 4,300 |
Severance [Member] | 2018 [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | 282 |
Restructuring charges | 0 |
Cash Payment | (282) |
Non-Cash Activity | 0 |
Foreign Exchange Adjustments | 0 |
Ending Balance | 0 |
Other Exit Costs [Member] | 2019 [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | 0 |
Restructuring charges | 1,578 |
Cash Payment | (559) |
Non-Cash Activity | (834) |
Foreign Exchange Adjustments | 0 |
Ending Balance | 185 |
Other Exit Costs [Member] | 2018 [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | 918 |
Restructuring charges | 461 |
Cash Payment | (1,379) |
Non-Cash Activity | 0 |
Foreign Exchange Adjustments | 0 |
Ending Balance | 0 |
Other Exit Costs [Member] | 2017 [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | 135 |
Restructuring charges | 0 |
Cash Payment | (124) |
Non-Cash Activity | 0 |
Foreign Exchange Adjustments | (4) |
Ending Balance | $ 7 |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||||||
Unrealized gain (loss) on derivative, net of tax | $ (853) | $ 82 | $ (4,399) | $ 1,159 | ||
Amounts reclassified from accumulated other comprehensive loss, net of tax | 605 | |||||
Interest Rate Swap [Member] | ||||||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||||||
Interest rate swap notional amount | $ 146,300 | $ 146,300 | $ 150,000 | $ 155,300 | ||
Fixed interest rate | 2.928% | 2.928% | 2.928% | 1.4935% | ||
Fair value of interest rate swap | $ 7,700 | $ 7,700 | $ 3,000 | |||
Unrealized loss on interest rate swap | 4,700 | |||||
Unrealized gain (loss) on derivative, net of tax | 3,500 | |||||
Gain On Contract Termination | $ 3,500 | |||||
Amounts reclassified from accumulated other comprehensive loss | 1,200 | |||||
Amounts reclassified from accumulated other comprehensive loss, net of tax | $ 900 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Schedule Of Accumulated Other Comprehensive Loss By Component) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Accumulated other comprehensive income loss [Line Items] | ||||
Accumulated other comprehensive loss, net of tax, beginning balance | $ (11,124) | |||
Other comprehensive loss before reclassifications | (6,264) | |||
Amounts reclassified from accumulated other comprehensive loss, net of tax | (605) | |||
Other comprehensive loss | $ (2,869) | $ (167) | (6,869) | $ (369) |
Accumulated other comprehensive loss, net of tax, ending balance | (17,993) | (17,993) | ||
Foreign currency translaction adjustments [Member] | ||||
Accumulated other comprehensive income loss [Line Items] | ||||
Accumulated other comprehensive loss, net of tax, beginning balance | (11,840) | |||
Other comprehensive loss before reclassifications | (1,718) | |||
Amounts reclassified from accumulated other comprehensive loss, net of tax | 0 | |||
Other comprehensive loss | (1,718) | |||
Accumulated other comprehensive loss, net of tax, ending balance | (13,558) | (13,558) | ||
Derivative instruments, net of tax [Member] | ||||
Accumulated other comprehensive income loss [Line Items] | ||||
Accumulated other comprehensive loss, net of tax, beginning balance | 116 | |||
Other comprehensive loss before reclassifications | (3,824) | |||
Amounts reclassified from accumulated other comprehensive loss, net of tax | (575) | |||
Other comprehensive loss | (4,399) | |||
Accumulated other comprehensive loss, net of tax, ending balance | (4,283) | (4,283) | ||
Other, net of tax [Member] | ||||
Accumulated other comprehensive income loss [Line Items] | ||||
Accumulated other comprehensive loss, net of tax, beginning balance | 600 | |||
Other comprehensive loss before reclassifications | (722) | |||
Amounts reclassified from accumulated other comprehensive loss, net of tax | (30) | |||
Other comprehensive loss | (752) | |||
Accumulated other comprehensive loss, net of tax, ending balance | $ (152) | $ (152) |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Oct. 15, 2019 | Sep. 30, 2019 | Oct. 26, 2018 | Mar. 06, 2018 |
Dividends Payable [Line Items] | ||||
Quarterly cash dividend declared | $ 0.15 | |||
Dividend declared date | Sep. 16, 2019 | |||
Dividend record date | Sep. 30, 2019 | |||
Dividends paid | $ 17.7 | |||
Dividend paid date | Oct. 15, 2019 | |||
Equity Class Of Treasury Stock [Line Items] | ||||
Repurchase of common shares program authorized amount | $ 100 | $ 250 | ||
Repurchase of common shares remaining authorized amount | $ 83.2 | |||
Subsequent Event [Member] | ||||
Dividends Payable [Line Items] | ||||
Dividends paid | $ 5.6 |
Leases - Components of lease ex
Leases - Components of lease expense, and lease assets and liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | |
Lease Cost | |||
Amortization of right-to-use assets (included in depreciation expense) | $ 178 | $ 534 | |
Interest on lease liabilities | 135 | 422 | |
Operating lease cost | 4,181 | 12,861 | |
Short-term lease cost | 131 | 452 | |
Variable lease cost | 595 | 1,391 | |
Total lease cost | 5,220 | 15,660 | |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows from finance lease | 444 | ||
Operating cash flows from operating leases | 11,142 | ||
Financing cash flows from finance lease | 864 | ||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 15,282 | ||
Assets and Liabilities, Lessee [Abstract] | |||
Finance lease right-of-assets (included in other assets) | $ 2,489 | $ 2,489 | |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other, net | Other, net | |
Operating lease right-of-use assets | $ 79,854 | $ 79,854 | $ 0 |
Finance liability, current (included in current installments of long-term debt) | $ 1,284 | $ 1,284 | |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Long Term Debt And Capital Lease Obligations Current | Long Term Debt And Capital Lease Obligations Current | |
Finance lease liability, noncurrent (included in long-term debt) | $ 4,000 | $ 4,000 | |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Long Term Debt And Capital Lease Obligations | Long Term Debt And Capital Lease Obligations | |
Operating lease liability, current (included in other accrued liabilities) | $ 11,394 | $ 11,394 | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other Liabilities, Current | Other Liabilities, Current | |
Operating lease liability, noncurrent | $ 70,167 | $ 70,167 | $ 0 |
Weighted average remaining lease term finance leases | 3 years 9 months 18 days | 3 years 9 months 18 days | |
Weighted average remaining lease term operating leases | 10 years 3 months 18 days | 10 years 3 months 18 days | |
Weighted average discount rate finance leases | 10.10% | 10.10% | |
Weighted average discount rate operating leases | 4.70% | 4.70% |
Leases - Future annual minimum
Leases - Future annual minimum lease payments and finance lease commitments (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Operating Leases | |
2019 (remaining three months) | $ 4,006 |
2020 | 14,359 |
2021 | 12,075 |
2022 | 10,339 |
2023 | 9,709 |
2024 and thereafter | 54,454 |
Total minimum lease payments | 104,942 |
Finance Lease, Liability, Payment, Due [Abstract] | |
2019 (remaining three months) | 439 |
2020 | 1,781 |
2021 | 1,816 |
2022 | 1,853 |
2023 | 465 |
2024 and thereafter | 0 |
Total minimum lease payments | $ 6,354 |
Leases - Future annual minimu_2
Leases - Future annual minimum lease payments and finance lease commitments - Present value of lease liabilities (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Present value of lease liabilities - Operating Leases | |
Total minimum lease payments | $ 104,942 |
Less: imputed interest | (23,381) |
Present value of lease liabilities | 81,561 |
Finance Lease Liabilities, Gross Difference, Amount [Abstract] | |
Total minimum lease payments | 6,354 |
Less: imputed interest | (1,070) |
Present value of lease liabilities | $ 5,284 |
Leases (Schedule Of Future Mini
Leases (Schedule Of Future Minimum Lease Payments Under Noncancelable Operating Leases And Future Minimum Capital Lease Payments) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
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) |
Capital lease obligations, less current installments | 4,979 |
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 |
Leases - Narrative (Details)
Leases - Narrative (Details) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Lessee, Operating Lease, Description | expire at various dates through 2036 |
Lessee, Operating Lease, Variable Lease Payment, Terms and Conditions | Variable lease payments are generally expensed as incurred and include certain index-based changes in rent, certain nonlease components, such as maintenance and other services provided by the lessor, and other charges included in the lease. |
Subsequent Event (Details)
Subsequent Event (Details) - Subsequent Event [Member] | 3 Months Ended |
Dec. 31, 2019 | |
Subsequent Event [Line Items] | |
Subsequent Event, Description | During the fourth quarter of 2019, some of the Company’s systems were affected by a ransomware incident that encrypted information on the Company’s systems and disrupted customer and employee access to the Company’s systems and services. The Company carries insurance, including cyber insurance. |
Subsequent Event, Amount Inestimable | The full scope of the costs and related impacts of this incident, including the availability of insurance to offset some of these costs, cannot be estimated at this time. |