Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jul. 01, 2019 | Aug. 05, 2019 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jul. 1, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | TTMI | |
Entity Registrant Name | TTM TECHNOLOGIES INC | |
Entity Central Index Key | 0001116942 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 105,492,642 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity File Number | 0-31285 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 91-1033443 | |
Entity Address, Address Line One | 200 East Sandpointe | |
Entity Address, Address Line Two | Suite 400 | |
Entity Address, City or Town | Santa Ana | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92707 | |
City Area Code | 714 | |
Local Phone Number | 327-3000 | |
Title of 12(b) Security | Common Stock | |
Security Exchange Name | NASDAQ | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Former Address | ||
Document Information [Line Items] | ||
Entity Address, Address Line One | 1665 Scenic Avenue | |
Entity Address, Address Line Two | Suite 250 | |
Entity Address, City or Town | Costa Mesa | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92626 |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets - USD ($) $ in Thousands | Jul. 01, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 284,466 | $ 256,360 |
Accounts receivable, net | 482,740 | 523,165 |
Contract assets | 261,071 | 287,741 |
Inventories | 122,149 | 109,377 |
Prepaid expenses and other current assets | 39,260 | 30,271 |
Total current assets | 1,189,686 | 1,206,914 |
Property, plant and equipment, net | 1,037,087 | 1,052,024 |
Operating lease right-of-use assets | 25,625 | |
Goodwill | 767,045 | 767,045 |
Definite-lived intangibles, net | 345,471 | 375,923 |
Deposits and other non-current assets | 75,199 | 55,597 |
Assets, Total | 3,440,113 | 3,457,503 |
Current liabilities: | ||
Short-term debt, including current portion of long-term debt | 30,000 | |
Accounts payable | 432,936 | 431,288 |
Contract liabilities | 2,386 | 3,220 |
Accrued salaries, wages and benefits | 81,490 | 94,950 |
Other | 107,143 | 113,756 |
Total current liabilities | 623,955 | 673,214 |
Long-term debt, net of discount and issuance costs | 1,469,270 | 1,462,425 |
Operating lease liabilities | 18,365 | |
Other long-term liabilities | 99,446 | 94,777 |
Total long-term liabilities | 1,587,081 | 1,557,202 |
Commitments and contingencies (Note 14) | ||
Equity: | ||
Common stock, $0.001 par value; 300,000 shares authorized, 105,491 and 103,687 shares issued and outstanding at July 1, 2019 and December 31, 2018, respectively | 105 | 104 |
Additional paid-in capital | 805,421 | 797,895 |
Retained earnings | 433,180 | 433,008 |
Accumulated other comprehensive loss | (9,629) | (3,920) |
Total stockholders’ equity | 1,229,077 | 1,227,087 |
Liabilities and Equity, Total | $ 3,440,113 | $ 3,457,503 |
Consolidated Condensed Balanc_2
Consolidated Condensed Balance Sheets (Parenthetical) - $ / shares | Jul. 01, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 105,491,000 | 103,687,000 |
Common stock, shares outstanding | 105,491,000 | 103,687,000 |
Consolidated Condensed Statemen
Consolidated Condensed Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2019 | Jul. 02, 2018 | Jul. 01, 2019 | Jul. 02, 2018 | |
Income Statement [Abstract] | ||||
Net sales | $ 633,038 | $ 716,887 | $ 1,253,238 | $ 1,380,469 |
Cost of goods sold | 548,423 | 600,747 | 1,079,938 | 1,175,651 |
Gross profit | 84,615 | 116,140 | 173,300 | 204,818 |
Operating expenses: | ||||
Selling and marketing | 17,867 | 18,619 | 36,768 | 36,247 |
General and administrative | 38,637 | 46,298 | 74,105 | 81,486 |
Amortization of definite-lived intangibles | 11,267 | 19,489 | 28,093 | 25,350 |
Total operating expenses | 67,771 | 84,406 | 138,966 | 143,083 |
Operating income | 16,844 | 31,734 | 34,334 | 61,735 |
Other income (expense): | ||||
Interest expense | (20,871) | (20,453) | (42,559) | (34,200) |
Other, net | 4,621 | 6,178 | 4,091 | 5,071 |
Total other expense, net | (16,250) | (14,275) | (38,468) | (29,129) |
Income (loss) before income taxes | 594 | 17,459 | (4,134) | 32,606 |
Income tax benefit | 2,830 | 66,545 | 4,306 | 61,495 |
Net income | $ 3,424 | $ 84,004 | $ 172 | $ 94,101 |
Earnings per share: | ||||
Basic earnings per share | $ 0.03 | $ 0.81 | $ 0 | $ 0.91 |
Diluted earnings per share | $ 0.03 | $ 0.65 | $ 0 | $ 0.75 |
Consolidated Condensed Statem_2
Consolidated Condensed Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2019 | Jul. 02, 2018 | Jul. 01, 2019 | Jul. 02, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 3,424 | $ 84,004 | $ 172 | $ 94,101 |
Other comprehensive loss, net of tax: | ||||
Foreign currency translation adjustments, net | (601) | (1,701) | 29 | (1,079) |
Pension obligation adjustments, net | 19 | |||
Net unrealized losses on cash flow hedges: | ||||
Unrealized loss on effective cash flow hedges during the period, net | (4,503) | (1,739) | (6,331) | (1,745) |
Loss realized in the statement of operations | 296 | 342 | 574 | 383 |
Net | (4,207) | (1,397) | (5,757) | (1,362) |
Other comprehensive loss, net of tax | (4,808) | (3,098) | (5,709) | (2,441) |
Comprehensive (loss) income, net of tax | $ (1,384) | $ 80,906 | $ (5,537) | $ 91,660 |
Consolidated Condensed Statem_3
Consolidated Condensed Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income |
Beginning balance at Jan. 01, 2018 | $ 1,011,380 | $ 102 | $ 777,025 | $ 230,850 | $ 3,403 |
Beginning balance (in shares) at Jan. 01, 2018 | 101,820 | ||||
New revenue standard adjustment | 28,574 | 28,574 | |||
Net income (loss) | 10,097 | 10,097 | |||
Other comprehensive income (loss) | 657 | 657 | |||
Issuance of common stock for performance-based restricted stock units (in shares) | 521 | ||||
Issuance of common stock for restricted stock units | $ 1 | (1) | |||
Issuance of common stock for restricted stock units (in shares) | 1,104 | ||||
Stock-based compensation | 3,622 | 3,622 | |||
Ending balance at Apr. 02, 2018 | 1,054,330 | $ 103 | 780,646 | 269,521 | 4,060 |
Ending balance (in shares) at Apr. 02, 2018 | 103,445 | ||||
Beginning balance at Jan. 01, 2018 | 1,011,380 | $ 102 | 777,025 | 230,850 | 3,403 |
Beginning balance (in shares) at Jan. 01, 2018 | 101,820 | ||||
Net income (loss) | 94,101 | ||||
Other comprehensive income (loss) | (2,441) | ||||
Ending balance at Jul. 02, 2018 | 1,141,293 | $ 104 | 786,702 | 353,525 | 962 |
Ending balance (in shares) at Jul. 02, 2018 | 103,674 | ||||
Beginning balance at Apr. 02, 2018 | 1,054,330 | $ 103 | 780,646 | 269,521 | 4,060 |
Beginning balance (in shares) at Apr. 02, 2018 | 103,445 | ||||
Net income (loss) | 84,004 | 84,004 | |||
Other comprehensive income (loss) | (3,098) | (3,098) | |||
Exercise of stock options | 190 | 190 | |||
Exercise of stock options (in shares) | 20 | ||||
Issuance of common stock for restricted stock units | $ 1 | (1) | |||
Issuance of common stock for restricted stock units (in shares) | 209 | ||||
Stock-based compensation | 5,867 | 5,867 | |||
Ending balance at Jul. 02, 2018 | 1,141,293 | $ 104 | 786,702 | 353,525 | 962 |
Ending balance (in shares) at Jul. 02, 2018 | 103,674 | ||||
Beginning balance at Dec. 31, 2018 | 1,227,087 | $ 104 | 797,895 | 433,008 | (3,920) |
Beginning balance (in shares) at Dec. 31, 2018 | 103,687 | ||||
Net income (loss) | (3,252) | (3,252) | |||
Other comprehensive income (loss) | (901) | (901) | |||
Redemption of convertible notes, net | (1) | (1) | |||
Issuance of common stock for performance-based restricted stock units (in shares) | 694 | ||||
Issuance of common stock for restricted stock units | $ 1 | (1) | |||
Issuance of common stock for restricted stock units (in shares) | 1,040 | ||||
Stock-based compensation | 3,926 | 3,926 | |||
Ending balance at Apr. 01, 2019 | 1,226,859 | $ 105 | 801,819 | 429,756 | (4,821) |
Ending balance (in shares) at Apr. 01, 2019 | 105,421 | ||||
Beginning balance at Dec. 31, 2018 | 1,227,087 | $ 104 | 797,895 | 433,008 | (3,920) |
Beginning balance (in shares) at Dec. 31, 2018 | 103,687 | ||||
Net income (loss) | 172 | ||||
Other comprehensive income (loss) | (5,709) | (5,709) | |||
Ending balance at Jul. 01, 2019 | 1,229,077 | $ 105 | 805,421 | 433,180 | (9,629) |
Ending balance (in shares) at Jul. 01, 2019 | 105,491 | ||||
Beginning balance at Apr. 01, 2019 | 1,226,859 | $ 105 | 801,819 | 429,756 | (4,821) |
Beginning balance (in shares) at Apr. 01, 2019 | 105,421 | ||||
Net income (loss) | 3,424 | 3,424 | |||
Other comprehensive income (loss) | (4,808) | (4,808) | |||
Issuance of common stock for restricted stock units (in shares) | 70 | ||||
Stock-based compensation | 3,602 | 3,602 | |||
Ending balance at Jul. 01, 2019 | $ 1,229,077 | $ 105 | $ 805,421 | $ 433,180 | $ (9,629) |
Ending balance (in shares) at Jul. 01, 2019 | 105,491 |
Consolidated Condensed Statem_4
Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 01, 2019 | Jul. 02, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 172 | $ 94,101 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation of property, plant and equipment | 82,837 | 80,073 |
Amortization of definite-lived intangible assets | 30,452 | 25,350 |
Amortization of debt discount and issuance costs | 7,313 | 6,358 |
Deferred income taxes | (2,228) | (64,769) |
Stock-based compensation | 7,528 | 9,489 |
Other | (8,785) | 56 |
Changes in operating assets and liabilities, net of acquisition: | ||
Accounts receivable, net | 40,425 | (17,056) |
Contract assets | 26,670 | (16,478) |
Inventories | (12,772) | 5,685 |
Prepaid expenses and other current assets | (8,934) | 356 |
Accounts payable | (10,659) | (33,778) |
Contract liabilities | (834) | (98) |
Accrued salaries, wages and benefits and other current liabilities | (28,138) | (47,911) |
Net cash provided by operating activities | 123,047 | 41,378 |
Cash flows from investing activities: | ||
Acquisition, net of cash acquired | (596,396) | |
Purchase of property, plant and equipment and other assets | (69,099) | (81,338) |
Proceeds from sale of property, plant and equipment and other assets | 5,912 | 251 |
Net cash used in investing activities | (63,187) | (677,483) |
Cash flows from financing activities: | ||
Proceeds from incremental long-term borrowings | 600,000 | |
Repayment of long-term debt borrowing | (30,000) | (3,718) |
Repayment of assumed long-term debt in acquisition | (178,604) | |
Proceeds from borrowings of revolving loan | 23,000 | |
Payment of debt issuance costs | (1,532) | (7,653) |
Payment of original issue discount | (1,500) | |
Proceeds from exercise of stock options | 192 | |
Redemption of convertible notes | (10) | |
Net cash (used in) provided by financing activities | (31,542) | 431,717 |
Effect of foreign currency exchange rates on cash and cash equivalents | (212) | (838) |
Net increase (decrease) in cash and cash equivalents | 28,106 | (205,226) |
Cash and cash equivalents at beginning of period | 256,360 | 409,326 |
Cash and cash equivalents at end of period | 284,466 | 204,100 |
Supplemental cash flow information: | ||
Cash paid, net for interest | 39,739 | 28,896 |
Cash paid, net for income taxes | 13,119 | 18,557 |
Noncash transactions: | ||
Property, plant and equipment recorded in accounts payable | $ 61,475 | $ 54,369 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 6 Months Ended |
Jul. 01, 2019 | |
Accounting Policies [Abstract] | |
Nature of Operations and Basis of Presentation | (1) Nature of Operations and Basis of Presentation TTM Technologies, Inc. (the Company or TTM) is a leading global printed circuit board (PCB) manufacturer, focusing on quick-turn and volume production of technologically complex PCBs, backplane assemblies and electro-mechanical solutions (E-M Solutions) as well as a global designer and manufacturer of radio-frequency (RF) and microwave components and assemblies. The Company provides time-to-market and volume production of advanced technology products and offers a one-stop design, engineering and manufacturing solution to customers from engineering support to prototype development through final mass production. This one-stop design and manufacturing solution enables the Company to align technology developments with the diverse needs of the Company’s customers and to enable them to reduce the time required to develop new products and bring them to market. The Company serves a diversified customer base in various markets throughout the world, including aerospace and defense, automotive components, smartphones and touchscreen tablets, high-end computing, medical, industrial and instrumentation related products, as well as networking/communications infrastructure products. The Company’s customers include both original equipment manufacturers (OEMs) and electronic manufacturing services (EMS) providers. The accompanying consolidated condensed financial statements have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) have been condensed or omitted pursuant to such rules and regulations. These consolidated condensed financial statements reflect all adjustments (consisting only of normal recurring adjustments) which, in the opinion of management, are necessary to present fairly the financial position, the results of operations and cash flows of the Company for the periods presented. It is suggested that these consolidated condensed financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s most recent Annual Report on Form 10-K. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the Company’s consolidated condensed financial statements and accompanying notes. Actual results could differ materially from those estimates. The Company uses a 13-week fiscal quarter accounting period with the fourth quarter ending on the Monday nearest December 31. Reclassifications Certain amounts in the prior period consolidated condensed financial statement have been reclassified to conform to the presentation of the current period consolidated condensed financial statement. These reclassifications had no effect on the previously reported net income. An adjustment has been made to combine the statutory surplus reserve with retained earnings on the consolidated condensed balance sheet and the consolidated condensed statement of stockholders’ equity. Recently Adopted and Issued Accounting Standards Recently Adopted Accounting Standards In February 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-02, Leases (Topic 842) In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements The Company adopted the new lease standard as of January 1, 2019 and utilized the retrospective cumulative effect adjustment transition method with a cumulative effect adjustment being recorded as of the adoption date. Therefore, comparative information has not been adjusted and continues to be reported under previous U.S. GAAP guidance for the consolidated condensed balance sheet as of December 31, 2018 and the consolidated condensed statement of operations for the quarter and two quarters ended July 2, 2018. The Company implemented internal controls and key system functionality to enable the preparation of financial information on adoption. The Company elected certain available practical expedients including the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed the Company to carry forward the historical lease classification. Additionally, the Company elected an accounting policy to not record ROU assets and lease liabilities for leases with an initial term of twelve months or less on its consolidated condensed balance sheet. The cumulative effect of the changes made to the Company’s January 1, 2019 consolidated condensed balance sheet for the adoption of the new lease standard was as follows: Balance as of December 31, 2018 New Lease Standard Adjustment Balance as of January 1, 2019 (In thousands) Assets Operating lease right-of-use assets $ — $ 16,894 $ 16,894 Deposits and other non-current assets 55,597 (548 ) 55,049 Liabilities Other current liabilities 113,756 2,545 116,301 Operating lease liabilities — 14,356 14,356 Other long-term liabilities 94,777 (555 ) 94,222 The adoption of the new accounting guidance did not have a material impact to the consolidated condensed statement of operations for the quarter and two quarters ended July 1, 2019, or the consolidated condensed statement of cash flows for the two quarters ended July 1, 2019. See Note 3 for further details. In June 2018, the FASB issued ASU 2018-07, Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-based Payments In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities Recently Issued Accounting Standards Not Yet Adopted In August 2018, the FASB issued ASU 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20)—Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jul. 01, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | (2) Summary of Significant Accounting Policies Leases The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease ROU assets, other current liabilities, and operating lease liabilities on the consolidated condensed balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components and accounts for the lease and non-lease components as a single lease component. |
Leases
Leases | 6 Months Ended |
Jul. 01, 2019 | |
Leases [Abstract] | |
Leases | (3) Leases The Company leases some of its manufacturing and assembly plants, sales offices and equipment under non-cancellable operating leases that expire at various dates through 2049. The majority of the Company’s lease arrangements are comprised of fixed payments and a limited number of leases consist of variable payments based on equipment usage. Certain leases contain renewal provisions at the Company’s option. Most of the leases require the Company to pay for certain other costs such as property taxes and maintenance. Certain leases also contain rent escalation clauses (step rents) that require additional rental amounts in the later years of the term. Rent expense for leases with step rents is recognized on a straight-line basis over the minimum lease term. The lease agreements do not contain any material residual value guarantees or material restrictive covenants. The components of lease expense were as follows: Quarter Ended July 1, 2019 Two Quarters Ended July 1, 2019 (In thousands) Operating lease cost $ 2,293 $ 4,524 Variable lease cost 1,811 2,002 Short-term lease cost 230 381 Supplemental cash flow information related to leases was as follows: Two Quarters Ended July 1, 2019 (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 4,410 Right-of-use assets obtained in exchange for new lease obligations: Operating leases 12,860 Supplemental balance sheet information related to leases was as follows: As of July 1, 2019 (In thousands) Operating lease right-of-use assets $ 25,625 Other current liabilities 7,376 Operating lease liabilities 18,365 Total operating lease liabilities $ 25,741 Weighted average remaining lease term 4.6 years Weighted average discount rate 3.97 % Maturities of operating lease liabilities were as follows (1) (In thousands) Less than one year $ 8,182 1 - 2 years 6,964 2 - 3 years 4,864 3 - 4 years 2,449 4 - 5 years 1,925 Thereafter 3,886 Total lease payments 28,270 Less imputed interest (2,529 ) Total $ 25,741 (1) Excludes $851 of legally binding minimum lease payments for leases signed but not yet commenced. Operating Leases Pre-Topic 842 Adoption The following is a schedule of future minimum lease payments as of December 31, 2018: Operating Leases (In thousands) 2019 $ 7,282 2020 4,701 2021 3,406 2022 2,408 2023 2,172 Thereafter 4,172 Total minimum lease payments $ 24,141 |
Revenues
Revenues | 6 Months Ended |
Jul. 01, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenues | (4) Revenues As of July 1, 2019, the aggregate amount of the transaction price allocated to remaining performance obligations for long-term contracts was $20,097. The Company expects to recognize revenue on approximately 94% of the remaining performance obligations for the Company’s long-term contracts over the next twelve months with the remaining amount recognized thereafter. The remaining performance obligations for the Company’s short-term contracts are expected to be recognized within one year or less. Revenue from products and services transferred to customers over time and at a point in time accounted for 97% and 3%, July 1, 2019. The following tables represent a disaggregation of revenue by principal end markets with the reportable segments: Quarter Ended July 1, 2019 Quarter Ended July 2, 2018 PCB E-M Solutions Total PCB E-M Solutions Total End Markets (In thousands) Aerospace and Defense $ 175,301 $ 362 $ 175,663 $ 162,951 $ 455 $ 163,406 Automotive 79,048 23,993 103,041 110,607 25,854 136,461 Cellular Phone 40,094 — 40,094 55,393 — 55,393 Computing/Storage/Peripherals 95,127 — 95,127 109,633 568 110,201 Medical/Industrial/Instrumentation 87,471 9,641 97,112 96,704 9,856 106,560 Networking/Communications 79,937 25,926 105,863 99,353 24,602 123,955 Other 16,143 (5 ) 16,138 20,404 507 20,911 Total $ 573,121 $ 59,917 $ 633,038 $ 655,045 $ 61,842 $ 716,887 Two Quarters Ended July 1, 2019 Two Quarters Ended July 2, 2018 PCB E-M Solutions Total PCB E-M Solutions Total End Markets (In thousands) Aerospace and Defense $ 340,369 $ 366 $ 340,735 $ 285,627 $ 544 $ 286,171 Automotive 164,861 43,758 208,619 226,899 45,164 272,063 Cellular Phone 83,178 — 83,178 160,253 — 160,253 Computing/Storage/Peripherals 176,019 189 176,208 198,175 873 199,048 Medical/Industrial/Instrumentation 175,141 17,808 192,949 190,338 17,379 207,717 Networking/Communications 168,000 49,265 217,265 181,290 44,075 225,365 Other 34,375 (91 ) 34,284 28,894 958 29,852 Total $ 1,141,943 $ 111,295 $ 1,253,238 $ 1,271,476 $ 108,993 $ 1,380,469 |
Composition of Certain Consolid
Composition of Certain Consolidated Condensed Financial Statement Captions | 6 Months Ended |
Jul. 01, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Composition of Certain Consolidated Condensed Financial Statement Captions | (5) Composition of Certain Consolidated Condensed Financial Statement Captions As of As of July 1, 2019 December 31, 2018 (In thousands) Inventories: Raw materials $ 102,974 $ 97,600 Work-in-process 13,083 10,299 Finished goods 6,092 1,478 $ 122,149 $ 109,377 Property, plant and equipment, net: Land and land use rights $ 74,850 $ 75,431 Buildings and improvements 538,003 534,122 Machinery and equipment 1,398,905 1,357,035 Construction-in-progress, furniture and fixtures and other 57,946 42,713 2,069,704 2,009,301 Less: Accumulated depreciation (1,032,617 ) (957,277 ) $ 1,037,087 $ 1,052,024 |
Goodwill
Goodwill | 6 Months Ended |
Jul. 01, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill | (6) Goodwill As of July 1, 2019 and December 31, 2018, goodwill was as follows: Total (In thousands) Balance as of July 1, 2019 and December 31, 2018 Goodwill $ 938,445 Accumulated impairment losses (171,400 ) $ 767,045 All goodwill relates to the Company’s PCB reportable segment. The Company evaluates its goodwill on an annual basis during its fourth fiscal quarter and whenever events or changes in circumstances — such as significant adverse changes in business climate or operating results, changes in management strategy, coupled with a decline in the market price of its stock and market capitalization — indicate that there may be a potential impairment. During the quarter, the Company evaluated for triggering events and management did not believe that goodwill was impaired as of July 1, 2019. |
Definite-lived Intangibles
Definite-lived Intangibles | 6 Months Ended |
Jul. 01, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Definite-lived Intangibles | (7) Definite-lived Intangibles As of July 1, 2019 and December 31, 2018, the components of definite-lived intangibles were as follows: Gross Amount Accumulated Amortization Net Carrying Amount Weighted Average Amortization Period (In thousands) (In years) July 1, 2019 Customer relationships $ 415,000 $ (103,324 ) $ 311,676 10.7 Technology 39,500 (5,705 ) 33,795 9.4 $ 454,500 $ (109,029 ) $ 345,471 December 31, 2018 Customer relationships $ 203,634 $ (123,522 ) $ 80,112 8.1 Technology 3,000 (3,000 ) — 3.0 Acquired intangibles from acquisition Customer relationships 267,500 (15,561 ) 251,939 12.2 Developed technology 39,500 (3,345 ) 36,155 9.4 Backlog 29,000 (21,283 ) 7,717 0.9 $ 542,634 $ (166,711 ) $ 375,923 Definite-lived intangibles are generally amortized using the straight-line method of amortization over the estimated useful life, with the exception of certain customer relationship intangibles, which are amortized using an accelerated method of amortization based on estimated cash flows. Amortization expense was $12,447 and $19,489 for the quarters ended July 1, 2019 and July 2, 2018, respectively, and $30,452 and $25,350 for the two quarters ended July 1, 2019 and July 2, 2018, respectively. For the quarter and two quarters ended July 1, 2019, $1,180 and $2,359, respectively, of amortization expense is included in cost of goods sold. Estimated aggregate amortization for definite-lived intangible assets for the next five years and thereafter is as follows: (In thousands) Remaining 2019 $ 22,709 2020 45,419 2021 42,108 2022 39,002 2023 36,290 Thereafter 159,943 $ 345,471 |
Long-term Debt and Letters of C
Long-term Debt and Letters of Credit | 6 Months Ended |
Jul. 01, 2019 | |
Debt Disclosure [Abstract] | |
Long-term Debt and Letters of Credit | (8) Long-term Debt and Letters of Credit The following table summarizes the long-term debt of the Company as of July 1, 2019 and December 31, 2018: Interest Rate as of July 1, 2019 Principal Outstanding as of July 1, 2019 Interest Rate as of December 31, 2018 Principal Outstanding as of December 31, 2018 (In thousands, except interest rates) Term Loan due September 2024 4.89 % $ 805,879 5.00 % $ 835,879 Senior Notes due October 2025 5.63 375,000 5.63 375,000 Convertible Senior Notes due December 2020 1.75 249,975 1.75 249,985 U.S. ABL Revolving Loan due June 2024 3.76 40,000 4.00 40,000 Asia ABL Revolving Loan due June 2024 3.79 30,000 3.90 30,000 1,500,854 1,530,864 Less: Long-term debt unamortized discount (17,090 ) (22,167 ) Long-term debt unamortized debt issuance costs (14,494 ) (16,272 ) 1,469,270 1,492,425 Less: current maturities — (30,000 ) Long-term debt, less current maturities $ 1,469,270 $ 1,462,425 Term Loan Facility On April 18, 2018, the Company closed its $600,000 commitment of incremental loans concurrent with the completion of its acquisition of Anaren. At issuance, these incremental loans increased the Company’s existing balance of its Term Loan Facility due 2024 from $348,250 to $948,250. The Term Loan Facility had an outstanding balance of $805,879 as of July 1, 2019 , 2019, the Based on certain parameters defined in the Term Loan Facility, including a First Lien Leverage Ratio, the Company may be required to make an additional principal payment on an annual basis beginning after fiscal year 2018, if the Company’s First Lien Leverage Ratio is greater than 2.0. For 2019, the Company is not required to make an additional principal payment as its First Lien Leverage Ratio was less than 2.0. Any remaining outstanding balance under the Term Loan Facility is due at the maturity date of September 28, 2024. Borrowings under the Term Loan Facility are subject to certain affirmative and negative covenants, including limitations on indebtedness, corporate transactions, investments and dispositions, and share payments. Senior Notes The $375,000 of Senior Notes, which is included in long-term debt, bear interest at a rate of 5.63% per annum. Interest is payable semiannually in arrears on April 1 and October 1 of each year beginning April 1, 2018. The Senior Notes will mature on October 1, 2025. Borrowings under the Senior Notes are subject to certain affirmative and negative covenants, including limitations on indebtedness, corporate transactions, investments, dispositions, and share payments. Convertible Senior Notes due 2020 The Company maintains 1.75% Convertible Senior Notes in the amount of $249,975 due December 15, 2020. The Convertible Senior Notes bear interest at a rate of 1.75% per annum. Interest is payable semiannually in arrears on June 15 and December 15 of each year. The Convertible Senior Notes are senior unsecured obligations and would rank equally to the Company’s future unsecured senior indebtedness and are senior in right of payment to any of the Company’s future subordinated indebtedness. As of July 1, 2019 and December 31, 2018, the following summarizes the equity components of the Convertible Senior Notes included in additional paid-in capital: As of July 1, 2019 As of December 31, 2018 Embedded conversion option — Convertible Senior Notes Embedded conversion option — Convertible Senior Notes Issuance Costs Total Embedded conversion option — Convertible Senior Notes Embedded conversion option — Convertible Senior Notes Issuance Costs Total (In thousands) Convertible Senior Notes due 2020 $ 60,213 $ (1,916 ) $ 58,297 $ 60,216 $ (1,916 ) $ 58,300 The components of interest expense resulting from the Convertible Senior Notes for the quarter and two quarters ended July 1, 2019 and July 2 , 2018 Quarter Ended Two Quarters Ended July 1, July 2, July 1, July 2, 2019 2018 2019 2018 (In thousands) Contractual coupon interest $ 1,093 $ 1,093 $ 2,187 $ 2,187 Amortization of debt discount $ 2,418 $ 2,267 $ 4,797 $ 4,497 Amortization of debt issuance costs $ 243 $ 227 $ 481 $ 451 Asset-Based Lending Agreements During June 2019, the Company amended its U.S. Asset-Based Lending Credit Agreement (U.S. ABL) and its Asia Asset-Based Lending Credit Agreement (Asia ABL) (collectively the ABL Revolving Loans). The U.S. ABL credit facility was amended to extend its maturity to June 2024, decrease the size of the facility to $150,000 and add a $100,000 incremental facility. The Asia ABL credit facility was amended to extend the maturity to June 2024 and add a $50,000 incremental facility. The U.S. ABL consists of two tranches comprised of a revolving credit facility for up to $150,000 and a letter of credit facility for up to $50,000, provided that at no time may amounts outstanding under the tranches exceed in aggregate $150,000 or the applicable borrowing base, which is a percentage of the principal amount of Eligible Accounts, as defined in the U.S. ABL agreement. Borrowings under the U.S. ABL bear interest at either a floating rate of LIBOR plus a margin of 138 basis points or an alternate base rate (defined as the greater of the prime rate, the New York Fed bank rate plus 0.5% or LIBOR plus 1.0%) subject to a 1.0% floor, plus an applicable margin of 38 basis points, at the Company’s option. As of July 1, 2019, the interest rate on the outstanding borrowings under the U.S. ABL was 3.76%. The applicable margin can vary based on the remaining availability of the facility, from 125 to 150 basis points for LIBOR-based loans and from 25 to 50 basis points for JP Morgan Chase Bank’s prime rate-based loans. Other than availability and an event of default, there are no other provisions for the interest margin to increase. The U.S. ABL will mature on June 3, 2024. Loans made under the U.S. ABL are secured first by all of the Company’s domestic cash, receivables and certain inventories as well as by a second position against a significant amount of the domestic assets of the Company and a pledge of 65% of the voting stock of the Company’s first tier foreign subsidiaries and are structurally senior to the Company’s Senior Notes and Convertible Senior Notes. See Senior Notes and Convertible Senior Notes above. As of July 1, 2019, $40,000 of the U.S. ABL was outstanding and classified as long-term debt, which is consistent with its maturity date. The Asia ABL consists of two tranches comprised of a revolving credit facility for up to $150,000 and a letter of credit facility for up to $100,000, provided that at no time may amounts outstanding under both tranches exceed in aggregate $150,000 or the applicable borrowing base, which is a percentage of the principal amount of Eligible Accounts, as defined in the Asia ABL agreement. Borrowings under the Asia ABL bear interest at a floating rate of LIBOR plus 140 basis points. As of July 1, 2019, the interest rate on the outstanding borrowings under the Asia ABL was 3.79%. There is no provision, other than an event of default, for the interest margin to increase. The Asia ABL will mature on June 4, 2024. Loans made under the Asia ABL are secured by a portion of the Company’s Asia Pacific cash and receivables and are structurally senior to the Company’s domestic obligations, including the Senior Notes and Convertible Senior Notes. See Senior Notes and Convertible Senior Notes above. As of July 1, 2019, $30,000 of the Asia ABL was outstanding and classified as long-term debt, which is consistent with its maturity date. The Company has up to $50,000 and $100,000 Letters of Credit Facilities under the U.S. ABL and the Asia ABL, respectively. As of July 1, 2019, letters of credit in the amount of $15,287 were outstanding under the U.S. ABL and $22,718 were outstanding under the Asia ABL with various expiration dates through May 2020. Available borrowing capacity under the U.S. ABL and the Asia ABL was $94,713 and $97,282, respectively, which considers letters of credit outstanding as of July 1, 2019. The Company is required to pay a commitment fee of 0.25% per annum on any unused portion of the U.S. ABL and 0.28% per annum on any unused portion of the Asia ABL. The Company incurred total commitment fees related to unused borrowing availability of $210 and $247 for the quarters ended July 1, 2019 and July 2 , 2018 Other Credit Facility Additionally, the Company is party to a revolving loan credit facility (Chinese Revolver) with a lender in China. Under this arrangement, the lender has made available to the Company approximately $29,070 in unsecured borrowing with all terms of the borrowing to be negotiated at the time the Chinese Revolver is drawn upon. There are no commitment fees on the unused portion of the Chinese Revolver. In July 2019, the expiration of the Chinese Revolver was extended to July 2020. As of July 1, 2019, the Chinese Revolver had not been drawn upon. Debt Issuance and Debt Discount As of July 1 , 2019 As of July 1, 2019 As of December 31, 2018 Debt Issuance Costs Debt Discount Effective Interest Rate Debt Issuance Costs Debt Discount Effective Interest Rate (In thousands, except interest rates) Term Loan due September 2024 $ 7,303 $ 2,210 4.66 % $ 8,229 $ 2,489 4.66 % Senior Notes due October 2025 5,700 — 5.92 6,071 — 5.92 Convertible Senior Notes 1,491 14,880 6.48 1,972 19,678 6.48 $ 14,494 $ 17,090 $ 16,272 $ 22,167 The above debt discount and debt issuance costs are recorded as a reduction of the debt and are amortized into interest expense using an effective interest rate over the duration of the debt. Remaining unamortized debt issuance costs for the ABL Revolving Loans of $2,741 and $1,420 as of July 1 , 2019 As of July 1 , 2019 |
Income Taxes
Income Taxes | 6 Months Ended |
Jul. 01, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (9) Income Taxes The Company’s effective tax rate is impacted by tax rates in China and Hong Kong, the U.S. federal income tax rate, apportioned state income tax rates, generation of other credits and deductions available to the Company as well as changes in valuation allowances and certain non-deductible items. During the quarter and two quarters ended July 1, 2019, the Company’s effective tax rate was impacted by a net discrete benefit of $2,946 and $3,288, respectively. This is related mainly to release of uncertain tax positions due to the expiration of the statute of limitations in foreign jurisdictions netted against accrued interest expense on existing uncertain tax positions. Additionally, no tax benefit was recorded on the losses incurred in certain foreign jurisdictions as a result of corresponding increases in the valuation allowances in these jurisdictions. The Company has various foreign subsidiaries formed or acquired to conduct or support its business outside the United States. The Company expects its earnings attributable to most foreign subsidiaries may be repatriated back to the U.S. and so a deferred tax liability has been recorded for foreign withholding and the estimated federal/state tax impact. For those other companies with earnings currently being reinvested outside of the U.S., no deferred tax liabilities on undistributed earnings are recorded. |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jul. 01, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Financial Instruments | (10) Financial Instruments Derivatives Interest Rate Swaps The Company’s business is exposed to interest rate risk resulting from fluctuations in interest rates on certain LIBOR-based variable rate debt. Increases in interest rates would increase interest expenses relating to the outstanding variable rate borrowings and increase the cost of debt. Fluctuations in interest rates can also lead to significant fluctuations in the fair value of the debt obligations. On May 15, 2018, the Company entered into a four-year pay-fixed, receive floating (1-month LIBOR), interest rate swap arrangement with a notional amount of $400,000 for the period beginning June 1, 2018 and ending on June 1, 2022. Under the terms of the interest rate swap, the Company pays a fixed rate of 2.84% against the first interest payments of a portion of its LIBOR-based debt and receives floating 1-month LIBOR during the swap period. At inception, the Company designated the interest rate swap as a cash flow hedge and the fair value of the interest rate swap was zero. As of July 1, 2019, the fair value of the interest rate swap was recorded as a liability in the amount of $12,693 and included as a component of other long-term liabilities. The change in the fair value of the interest rate swap is recorded as a component of accumulated other comprehensive loss, net of tax. No ineffectiveness was recognized for the quarter and two quarters ended July 1, 2019 and July 2, 2018. The interest rate swap increased interest expense by $367 and $303 for the quarters ended July 1, 2019 and July 2, 2018, respectively, and $706 and $303 for the two quarters ended July 1, 2019 and July 2, 2018, respectively. Foreign Exchange Contracts The Company enters into foreign currency forward contracts to mitigate the impact of changes in foreign currency exchange rates and to reduce the volatility of purchases and other obligations generated in currencies other than its functional currencies. The Company’s foreign subsidiaries may at times purchase forward exchange contracts to manage their foreign currency risks in relation to certain purchases of machinery denominated in foreign currencies other than the Company’s functional currencies. The notional amount of the foreign exchange contracts as of July 1, 2019 and December 31, 2018 was approximately $1,608 and $4,313, respectively. The Company has designated certain of these foreign exchange contracts as cash flow hedges. The fair values of derivative instruments in the consolidated condensed balance sheets are as follows: Asset / (Liability) Fair Value Balance Sheet Location July 1, 2019 December 31, 2018 (In thousands) Cash flow derivative instruments designated as hedges: Foreign exchange contracts Prepaid expenses and other current assets $ 40 $ — Interest rate swap Other long-term liabilities (12,693 ) (4,735 ) Cash flow derivative instruments not designated as hedges: Foreign exchange contracts Other current liabilities — (139 ) The following table provides information about the amounts recorded in accumulated other comprehensive loss related to derivatives designated as cash flow hedges, as well as the amounts recorded in each caption in the consolidated condensed statements of operations when derivative amounts are reclassified out of accumulated other comprehensive loss for the quarter and two quarters ended July 1, 2019 and July 2, 2018: Quarter Ended July 1, 2019 Quarter Ended July 2, 2018 Financial Statement Caption Loss Recognized in Other Comprehensive Income Loss Reclassified into Income Loss Recognized in Other Comprehensive Income Loss Reclassified into Income (In thousands) Cash flow hedge: Interest rate swap Interest expense $ (6,077 ) $ (367 ) $ (1,719 ) $ (303 ) Foreign currency forward Depreciation expense (5 ) (39 ) (20 ) (39 ) Two Quarters Ended July 1, 2019 Two Quarters Ended July 2, 2018 Financial Statement Caption Loss Recognized in Other Comprehensive Income Loss Reclassified into Income Loss Recognized in Other Comprehensive Income Loss Reclassified into Income (In thousands) Cash flow hedge: Interest rate swap Interest expense $ (8,663 ) $ (706 ) $ (1,719 ) $ (303 ) Foreign currency forward Depreciation expense (5 ) (78 ) (26 ) (80 ) The following table provides a summary of the activity associated with the designated cash flow hedges reflected in accumulated other comprehensive loss for the two quarters ended July 1, 2019 and July 2, 2018: Two Quarters Ended July 1, July 2, 2019 2018 (In thousands) Beginning balance, net of tax $ (4,214 ) $ (742 ) Changes in fair value loss, net of tax (6,331 ) (1,745 ) Reclassification to earnings 574 383 Ending balance, net of tax $ (9,971 ) $ (2,104 ) Based on the current yield curve, the Company expects that losses of approximately $2,956 of the accumulated other comprehensive loss will be reclassified into the statement of operations, net of tax, in the next twelve months. The net gain (loss) recognized in other, net in the consolidated condensed statements of operations on derivative instruments not designated as hedges is as follows: Quarter Ended Two Quarters Ended July 1, July 2, July 1, July 2, 2019 2018 2019 2018 (In thousands) Derivative instruments not designated as hedges: Foreign exchange contracts $ 45 $ (324 ) $ 49 $ 103 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Jul. 01, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | (11) Accumulated Other Comprehensive Loss The following provides a summary of the components of accumulated other comprehensive loss, net of tax, as of July 1, 2019 and December 31, 2018: Foreign Currency Translation Pension Obligation Gains (Losses) on Cash Flow Hedges Total (In thousands) Ending balance as of December 31, 2018 $ 1,578 $ (1,284 ) $ (4,214 ) $ (3,920 ) Other comprehensive loss before reclassifications 29 19 (6,331 ) (6,283 ) Amounts reclassified from accumulated other comprehensive income — — 574 574 Other comprehensive loss 29 19 (5,757 ) (5,709 ) Ending balance as of July 1, 2019 $ 1,607 $ (1,265 ) $ (9,971 ) $ (9,629 ) |
Significant Customers and Conce
Significant Customers and Concentration of Credit Risk | 6 Months Ended |
Jul. 01, 2019 | |
Risks And Uncertainties [Abstract] | |
Significant Customers and Concentration of Credit Risk | (12) Significant Customers and Concentration of Credit Risk In the normal course of business, the Company extends credit to its customers. The Company performs ongoing credit evaluations of customers, does not require collateral, and considers the credit risk profile of the entity from which the receivable is due in further evaluating collection risk. The Company’s customers include both OEMs and EMS companies. The Company’s OEM customers often direct a significant portion of their purchases through EMS companies. While the Company’s customers include both OEM and EMS providers, the Company measures customer concentration based on OEM companies, as they are the ultimate end customers. For the quarter ended July 1, 2019, one customer accounted for approximately 10% of the Company’s net sales. There were no customers that accounted for 10% or more of net sales for the two quarters ended July 1, 2019. There were no customers that accounted for 10% or more of net sales for the quarter ended July 2, 2018. For the two quarters ended July 2, 2018, one customer accounted for approximately 12% of the Company’s net sales. There were no other customers that accounted for 10% or more of net sales for the quarter and two quarters ended July 1, 2019 and July 2 , 2018 |
Fair Value Measures
Fair Value Measures | 6 Months Ended |
Jul. 01, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measures | (13) Fair Value Measures The Company measures at fair value its financial and non-financial assets by using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, essentially an exit price, based on the highest and best use of the asset or liability. The carrying amount and estimated fair value of the Company’s financial instruments as of July 1, 2019 and December 31, 2018 were as follows: As of As of July 1, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value (In thousands) Derivative liabilities, current $ — $ — $ 139 $ 139 Derivative liabilities, non-current 12,693 12,693 4,735 4,735 Term Loan due September 2024 796,366 798,828 825,161 782,592 Senior Notes due October 2025 369,300 369,274 368,929 350,880 Convertible Senior Notes 233,604 293,571 228,335 290,858 ABL Revolving Loans 70,000 70,000 70,000 70,000 The fair value of the derivative instruments was determined using pricing models developed based on the LIBOR swap rate, foreign currency exchange rates, and other observable market data, including quoted market prices, as appropriate using Level 2 inputs. The values were adjusted to reflect non-performance risk of both the counterparty and the Company, as necessary. The fair value of the long-term debt was estimated based on quoted market prices or discounting the debt over its life using current market rates for similar debt as of July The fair value of the Convertible Senior Notes was estimated based on quoted market prices of the securities on an active exchange, which are considered Level 2 inputs. As of July 1, 2019 and December 31, 2018, the Company’s other financial instruments also included cash and cash equivalents, accounts receivable, and accounts payable. Due to short-term maturities, the carrying amount of these instruments approximates fair value. The Company’s cash and cash equivalents as of July 1, 2019 consisted of $79,661 held in the U.S., with the remaining $204,805 held by foreign subsidiaries. The majority of the Company’s non-financial assets and liabilities, which include goodwill, intangible assets, inventories, and property, plant and equipment, are not required to be carried at fair value on a recurring basis. However, if certain triggering events occur (or are tested at least annually in the case of goodwill) such that a non-financial instrument is required to be evaluated for impairment, based upon a comparison of the non-financial instrument’s fair value to its carrying value, an impairment is recorded to reduce the carrying value to the fair value, if the carrying value exceeds the fair value. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jul. 01, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (14) Commitments and Contingencies Legal Matters The Company is subject to various legal matters, which it considers normal for its business activities. While the Company currently believes that the amount of any reasonably possible loss for known matters would not be material to the Company’s financial condition, the outcome of these actions is inherently difficult to predict. In the event of an adverse outcome, the ultimate potential loss could have a material adverse effect on the Company’s financial condition or results of operations in a particular period. The Company has accrued amounts for its loss contingencies which are probable and estimable as of July 1, 2019 and December 31, 2018. However, these amounts are not material to the consolidated condensed financial statements of the Company. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jul. 01, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | (15) Earnings Per Share The following is a reconciliation of the numerator and denominator used to calculate basic earnings per share and diluted earnings per share for the quarter and two quarters ended July 1, 2019 and July 2, 2018: Quarter Ended Two Quarters Ended July 1, 2019 July 2, 2018 July 1, 2019 July 2, 2018 (In thousands, except per share amounts) Basic earnings: Basic earnings $ 3,424 $ 84,004 $ 172 $ 94,101 Diluted earnings: Net income $ 3,424 $ 84,004 $ 172 $ 94,101 Interest expense from Convertible Senior Notes, net of tax — 3,587 — 7,135 Diluted earnings $ 3,424 $ 87,591 $ 172 $ 101,236 Basic weighted average shares 105,470 103,553 104,893 103,030 Dilutive effect of performance-based restricted stock units, restricted stock units and stock options 637 1,376 967 1,603 Dilutive effect of outstanding warrants — 3,854 — 3,517 Dilutive effect of assumed conversion of Convertible Senior Notes outstanding — 25,938 — 25,938 Diluted shares 106,107 134,721 105,860 134,088 Earnings per share: Basic $ 0.03 $ 0.81 $ 0.00 $ 0.91 Diluted $ 0.03 $ 0.65 $ 0.00 $ 0.75 Performance-based restricted stock units (PRUs), restricted stock units (RSUs), and stock options to purchase 1,089 and 45 shares of common stock for the quarters ended July 1, 2019 and July 2, 2018, respectively, and 1,089 and 488 shares of common stock for the two quarters ended July 1, 2019 and July 2, 2018, respectively, were not included in the computation of diluted earnings per share because the options’ exercise prices or the total expected proceeds under the treasury stock method for PRUs, RSUs, or stock options was greater than the average market price of common shares during the applicable quarter and two quarters and, as a result, the impact would be anti-dilutive. Outstanding warrants for the quarter and two quarters ended July 1, 2019, to purchase common stock were not included in the computation of dilutive earnings per share because the strike price of the warrants to purchase the Company’s common stock were greater than the average market price of common shares during the applicable quarter, and therefore, the effect would be anti-dilutive. For the quarter and two quarters ended July 1, 2019, the effect of shares of common stock related to the Company’s Convertible Senior Notes, based on the if-converted method, were not included in the computation of dilutive earnings per share as the impact would be anti-dilutive. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jul. 01, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | (16) Stock-Based Compensation Stock-based compensation expense is recognized in the accompanying consolidated condensed statements of operations as follows: Quarter Ended Two Quarters Ended July 1, July 2, July 1, July 2, 2019 2018 2019 2018 (In thousands) Cost of goods sold $ 570 $ 829 $ 1,275 $ 1,358 Selling and marketing 396 545 862 919 General and administrative 2,636 4,493 5,391 7,212 Stock-based compensation expense recognized $ 3,602 $ 5,867 $ 7,528 $ 9,489 Performance-based Restricted Stock Units The Company maintains a long-term incentive program for executives that provides for the issuance of PRUs, representing hypothetical shares of the Company’s common stock that may be issued. Under the PRU program, a target number of PRUs is typically awarded at the beginning of each three-year performance period. The number of shares of common stock released at the end of the performance period will range from zero to 2.4 times the target number depending on performance during the period. The performance metrics of the PRU program are based on (a) annual financial targets, which are based on revenue and EBITDA (earnings before interest, tax, depreciation, and amortization expense), each equally weighted, and (b) an overall modifier based on the Company’s total stockholder return (TSR) relative to a group of peer companies selected by the Company’s compensation committee, over the three-year performance period. The Company records stock-based compensation expense for PRU awards granted based on management’s periodic assessment of the annual financial performance goals to be achieved. As of July 1, 2019, management determined that vesting of the PRU awards was probable. PRUs activity for the two quarters ended July 1, 2019 was as follows: Shares Weighted Average Fair Value (In thousands) Outstanding shares as of December 31, 2018 255 $ 18.75 Granted 293 10.17 Change in units due to annual performance achievement (51 ) 10.15 Forfeited / cancelled (6 ) 15.18 Outstanding shares as of July 1, 2019 491 $ 14.57 The fair value of PRUs granted is calculated using a Monte Carlo simulation model, as the TSR modifier contains a market condition. For the two quarters ended July 1, 2019 and July 2, 2018, the following assumptions were used in determining the fair value: Two Quarters Ended July 1, July 2, 2019 (1) 2018 (2) Weighted-average fair value $ 10.17 $ 19.59 Risk-free interest rate 2.18 % 2.14 % Dividend yield — — Expected volatility 38 % 40 % Expected term in years 1.8 1.5 (1) Reflects the weighted-averages for the third year of the three-year performance period applicable to PRUs granted in 2017 and second year of the three-year performance period applicable to PRUs granted in 2018 and first year of the three-year performance period applicable to PRUs granted in 2019. (2) Reflects the weighted-averages for the third year of the three-year performance period applicable to PRUs granted in 2016, second year of the three-year performance period applicable to PRUs granted in 2017 and first year of the three-year performance period applicable to PRUs granted in 2018. The risk-free interest rate for the expected term of PRUs is based on the U.S. Treasury yield curve in effect at the time of grant. Expected volatility is calculated using the Company’s historical stock price. The expected term of the PRUs reflects the performance period for the PRUs granted. Restricted Stock Units The Company granted 1,599 and 195 RSUs during the quarters ended July 1, 2019 and July 2, 2018, respectively, and 1,601 and 1,023 RSUs during the two quarters ended July 1, 2019 and July 2, 2018, respectively. The RSUs granted have a weighted-average fair value per unit of $10.04 and $16.06 for the quarters ended July 1, 2019 and July 2, 2018, respectively, and $10.04 and $15.44 for the two quarters ended July 1, 2019 and July 2, 2018, respectively. The fair value for RSUs granted is based on the closing share price of the Company’s common stock on the date of grant. Stock Options The Company did not grant stock option awards during the quarter and two quarters ended July 1, 2019. During the quarter and two quarters ended July 2, 2018, the Company granted 20 stock option awards to a newly appointed member of the board which were estimated to have a fair value per share of $8.92. The fair value calculation is based on stock options granted during the period using the Black-Scholes option-pricing model on the date of grant. For the quarter and two quarters ended July 2, 2018, the fair value was determined using 3.0% as the risk-free interest rate, 43.0% as the expected volatility, 8.5 years Summary of Unrecognized Compensation Costs The following is a summary of total unrecognized compensation costs as of July 1, 2019: Unrecognized Stock-Based Compensation Cost Remaining Weighted Average Recognition Period (In thousands) (In years) RSU awards $ 27,002 1.6 PRU awards 3,326 1.3 Stock options 300 1.9 $ 30,628 |
Segment Information
Segment Information | 6 Months Ended |
Jul. 01, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | (17) Segment Information The reportable segments shown below are the Company’s segments for which separate financial information is available and upon which operating results are evaluated by the chief operating decision maker to assess performance and to allocate resources. The Company has two reportable segments: PCB and E-M Solutions. The PCB reportable segment is comprised of multiple operating segments. Factors considered to determine whether operating segments can be aggregated into reportable segments included similarity regarding economic characteristics, products, production processes, type or classes of customers, distribution methods, and regulatory environments. The Company, including the chief operating decision maker, evaluates segment performance based on reportable segment income, which is operating income before amortization of intangibles. Interest expense and interest income are not presented by segment since they are not included in the measure of segment profitability reviewed by the chief operating decision maker. All inter-segment transactions have been eliminated. Quarter Ended Two Quarters Ended July 1, 2019 July 2, 2018 July 1, 2019 July 2, 2018 (In thousands) Net Sales: PCB $ 573,121 $ 655,045 $ 1,141,943 $ 1,271,476 E-M Solutions 59,917 61,842 111,295 108,993 Total net sales $ 633,038 $ 716,887 $ 1,253,238 $ 1,380,469 Operating Segment Income (Loss): PCB $ 50,989 $ 80,964 $ 109,531 $ 144,428 E-M Solutions 863 2,496 2,042 2,536 Corporate (22,561 ) (32,237 ) (46,787 ) (59,879 ) Total operating segment income 29,291 51,223 64,786 87,085 Amortization of definite-lived intangibles (1) (12,447 ) (19,489 ) (30,452 ) (25,350 ) Total operating income 16,844 31,734 34,334 61,735 Total other expense, net (16,250 ) (14,275 ) (38,468 ) (29,129 ) Income (loss) before income taxes $ 594 $ 17,459 $ (4,134 ) $ 32,606 (1) Amortization of definite-lived intangibles primarily relates to the PCB reportable segment. For the quarter and two quarters ended July 1, 2019, $1,180 and $2,359, respectively, of amortization expense is included in cost of goods sold. The Corporate category primarily includes operating expenses that are not included in the segment operating performance measures. Corporate consists primarily of corporate governance functions such as finance, accounting, information technology, facilities and human resources personnel, as well as global sales and marketing personnel, research and development costs, acquisition and integration costs associated with acquisitions. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jul. 01, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | (18) Related Party Transactions In the normal course of business, the Company’s foreign subsidiaries purchase laminate and prepreg from related parties in which a member of the Board of Directors of the Company holds an equity interest. The Company’s foreign subsidiaries purchased laminate and prepreg from these related parties in the amount of $8,917 and $12,550 for the quarters ended July 1, 2019 and July 2, 2018, respectively, and $17,229 and $25,258 for the two quarters ended July 1, 2019 and July 2, 2018, respectively. As of July 1, 2019 and December 31, 2018, the Company’s consolidated condensed balance sheets included $10,537 and $10,630, respectively, in accounts payable due to related parties for purchases of laminate and prepreg and such balances are included as a component of accounts payable on the consolidated condensed balance sheets. |
Restructuring Charges
Restructuring Charges | 6 Months Ended |
Jul. 01, 2019 | |
Restructuring And Related Activities [Abstract] | |
Restructuring Charges | (19) Restructuring Charges The Company periodically incurs restructuring charges as part of the integration process of recent acquisitions and to realign its operations with anticipated market demand. The Company recognized employee separation, contract termination and other costs during the quarter and two quarters ended July 1, 2019. Contract termination and other costs primarily represented plant closure costs. The below table summarizes such restructuring costs by reportable segment for the quarter and two quarters ended July 1, 2019: Quarter Ended July 1, 2019 Two Quarters Ended July 1, 2019 Employee separation/ severance Contract termination and other costs Total Employee separation/ severance Contract termination and other costs Total (In thousands) Reportable Segment: PCB $ 3,776 $ — $ 3,776 $ 4,213 $ — $ 4,213 E-M Solutions — — — — — — Corporate 160 8 168 160 16 176 $ 3,936 $ 8 $ 3,944 $ 4,373 $ 16 $ 4,389 Accrued restructuring costs are included as a component of other current liabilities in the consolidated condensed balance sheet. The below table shows the utilization of the accrued restructuring costs during the two quarters ended July 1, 2019: Employee separation/ severance Contract termination and other costs Total (In thousands) Accrued at December 31, 2018 $ 3,158 $ 393 $ 3,551 Charged to expense 4,373 16 4,389 Amount paid (3,851 ) (61 ) (3,912 ) Accrued at July 1, 2019 $ 3,680 $ 348 $ 4,028 |
Nature of Operations and Basi_2
Nature of Operations and Basis of Presentation (Policies) | 6 Months Ended |
Jul. 01, 2019 | |
Accounting Policies [Abstract] | |
Reclassifications | Reclassifications Certain amounts in the prior period consolidated condensed financial statement have been reclassified to conform to the presentation of the current period consolidated condensed financial statement. These reclassifications had no effect on the previously reported net income. An adjustment has been made to combine the statutory surplus reserve with retained earnings on the consolidated condensed balance sheet and the consolidated condensed statement of stockholders’ equity. |
Recently Adopted and Issued Accounting Standards | Recently Adopted and Issued Accounting Standards Recently Adopted Accounting Standards In February 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-02, Leases (Topic 842) In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements The Company adopted the new lease standard as of January 1, 2019 and utilized the retrospective cumulative effect adjustment transition method with a cumulative effect adjustment being recorded as of the adoption date. Therefore, comparative information has not been adjusted and continues to be reported under previous U.S. GAAP guidance for the consolidated condensed balance sheet as of December 31, 2018 and the consolidated condensed statement of operations for the quarter and two quarters ended July 2, 2018. The Company implemented internal controls and key system functionality to enable the preparation of financial information on adoption. The Company elected certain available practical expedients including the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed the Company to carry forward the historical lease classification. Additionally, the Company elected an accounting policy to not record ROU assets and lease liabilities for leases with an initial term of twelve months or less on its consolidated condensed balance sheet. The cumulative effect of the changes made to the Company’s January 1, 2019 consolidated condensed balance sheet for the adoption of the new lease standard was as follows: Balance as of December 31, 2018 New Lease Standard Adjustment Balance as of January 1, 2019 (In thousands) Assets Operating lease right-of-use assets $ — $ 16,894 $ 16,894 Deposits and other non-current assets 55,597 (548 ) 55,049 Liabilities Other current liabilities 113,756 2,545 116,301 Operating lease liabilities — 14,356 14,356 Other long-term liabilities 94,777 (555 ) 94,222 The adoption of the new accounting guidance did not have a material impact to the consolidated condensed statement of operations for the quarter and two quarters ended July 1, 2019, or the consolidated condensed statement of cash flows for the two quarters ended July 1, 2019. See Note 3 for further details. In June 2018, the FASB issued ASU 2018-07, Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-based Payments In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities Recently Issued Accounting Standards Not Yet Adopted In August 2018, the FASB issued ASU 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20)—Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments |
Leases | Leases The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease ROU assets, other current liabilities, and operating lease liabilities on the consolidated condensed balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components and accounts for the lease and non-lease components as a single lease component. |
Nature of Operations and Basi_3
Nature of Operations and Basis of Presentation (Tables) | 6 Months Ended |
Jul. 01, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Cumulative Effect of Changes Made to Consolidated Condensed Balance Sheet | The cumulative effect of the changes made to the Company’s January 1, 2019 consolidated condensed balance sheet for the adoption of the new lease standard was as follows: Balance as of December 31, 2018 New Lease Standard Adjustment Balance as of January 1, 2019 (In thousands) Assets Operating lease right-of-use assets $ — $ 16,894 $ 16,894 Deposits and other non-current assets 55,597 (548 ) 55,049 Liabilities Other current liabilities 113,756 2,545 116,301 Operating lease liabilities — 14,356 14,356 Other long-term liabilities 94,777 (555 ) 94,222 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jul. 01, 2019 | |
Leases [Abstract] | |
Components of Lease Expense | The components of lease expense were as follows: Quarter Ended July 1, 2019 Two Quarters Ended July 1, 2019 (In thousands) Operating lease cost $ 2,293 $ 4,524 Variable lease cost 1,811 2,002 Short-term lease cost 230 381 |
Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases was as follows: Two Quarters Ended July 1, 2019 (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 4,410 Right-of-use assets obtained in exchange for new lease obligations: Operating leases 12,860 |
Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases was as follows: As of July 1, 2019 (In thousands) Operating lease right-of-use assets $ 25,625 Other current liabilities 7,376 Operating lease liabilities 18,365 Total operating lease liabilities $ 25,741 Weighted average remaining lease term 4.6 years Weighted average discount rate 3.97 % |
Maturities of Operating Lease Liabilities | Maturities of operating lease liabilities were as follows (1) (In thousands) Less than one year $ 8,182 1 - 2 years 6,964 2 - 3 years 4,864 3 - 4 years 2,449 4 - 5 years 1,925 Thereafter 3,886 Total lease payments 28,270 Less imputed interest (2,529 ) Total $ 25,741 (1) Excludes $851 of legally binding minimum lease payments for leases signed but not yet commenced. |
Schedule of Future Minimum Lease Payments | The following is a schedule of future minimum lease payments as of December 31, 2018: Operating Leases (In thousands) 2019 $ 7,282 2020 4,701 2021 3,406 2022 2,408 2023 2,172 Thereafter 4,172 Total minimum lease payments $ 24,141 |
Revenues (Tables)
Revenues (Tables) | 6 Months Ended |
Jul. 01, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Schedule of Disaggregation of Revenue by Principal End Markets with the Reportable Segment | The following tables represent a disaggregation of revenue by principal end markets with the reportable segments: Quarter Ended July 1, 2019 Quarter Ended July 2, 2018 PCB E-M Solutions Total PCB E-M Solutions Total End Markets (In thousands) Aerospace and Defense $ 175,301 $ 362 $ 175,663 $ 162,951 $ 455 $ 163,406 Automotive 79,048 23,993 103,041 110,607 25,854 136,461 Cellular Phone 40,094 — 40,094 55,393 — 55,393 Computing/Storage/Peripherals 95,127 — 95,127 109,633 568 110,201 Medical/Industrial/Instrumentation 87,471 9,641 97,112 96,704 9,856 106,560 Networking/Communications 79,937 25,926 105,863 99,353 24,602 123,955 Other 16,143 (5 ) 16,138 20,404 507 20,911 Total $ 573,121 $ 59,917 $ 633,038 $ 655,045 $ 61,842 $ 716,887 Two Quarters Ended July 1, 2019 Two Quarters Ended July 2, 2018 PCB E-M Solutions Total PCB E-M Solutions Total End Markets (In thousands) Aerospace and Defense $ 340,369 $ 366 $ 340,735 $ 285,627 $ 544 $ 286,171 Automotive 164,861 43,758 208,619 226,899 45,164 272,063 Cellular Phone 83,178 — 83,178 160,253 — 160,253 Computing/Storage/Peripherals 176,019 189 176,208 198,175 873 199,048 Medical/Industrial/Instrumentation 175,141 17,808 192,949 190,338 17,379 207,717 Networking/Communications 168,000 49,265 217,265 181,290 44,075 225,365 Other 34,375 (91 ) 34,284 28,894 958 29,852 Total $ 1,141,943 $ 111,295 $ 1,253,238 $ 1,271,476 $ 108,993 $ 1,380,469 |
Composition of Certain Consol_2
Composition of Certain Consolidated Condensed Financial Statement Captions (Tables) | 6 Months Ended |
Jul. 01, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Schedule of Composition of Certain Consolidated Condensed Financial Statement Captions | As of As of July 1, 2019 December 31, 2018 (In thousands) Inventories: Raw materials $ 102,974 $ 97,600 Work-in-process 13,083 10,299 Finished goods 6,092 1,478 $ 122,149 $ 109,377 Property, plant and equipment, net: Land and land use rights $ 74,850 $ 75,431 Buildings and improvements 538,003 534,122 Machinery and equipment 1,398,905 1,357,035 Construction-in-progress, furniture and fixtures and other 57,946 42,713 2,069,704 2,009,301 Less: Accumulated depreciation (1,032,617 ) (957,277 ) $ 1,037,087 $ 1,052,024 |
Goodwill (Tables)
Goodwill (Tables) | 6 Months Ended |
Jul. 01, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill | As of July 1, 2019 and December 31, 2018, goodwill was as follows: Total (In thousands) Balance as of July 1, 2019 and December 31, 2018 Goodwill $ 938,445 Accumulated impairment losses (171,400 ) $ 767,045 |
Definite-lived Intangibles (Tab
Definite-lived Intangibles (Tables) | 6 Months Ended |
Jul. 01, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Definite Lived Intangibles | As of July 1, 2019 and December 31, 2018, the components of definite-lived intangibles were as follows: Gross Amount Accumulated Amortization Net Carrying Amount Weighted Average Amortization Period (In thousands) (In years) July 1, 2019 Customer relationships $ 415,000 $ (103,324 ) $ 311,676 10.7 Technology 39,500 (5,705 ) 33,795 9.4 $ 454,500 $ (109,029 ) $ 345,471 December 31, 2018 Customer relationships $ 203,634 $ (123,522 ) $ 80,112 8.1 Technology 3,000 (3,000 ) — 3.0 Acquired intangibles from acquisition Customer relationships 267,500 (15,561 ) 251,939 12.2 Developed technology 39,500 (3,345 ) 36,155 9.4 Backlog 29,000 (21,283 ) 7,717 0.9 $ 542,634 $ (166,711 ) $ 375,923 |
Estimated Aggregate Amortization for Definite-Lived Intangible Assets | Estimated aggregate amortization for definite-lived intangible assets for the next five years and thereafter is as follows: (In thousands) Remaining 2019 $ 22,709 2020 45,419 2021 42,108 2022 39,002 2023 36,290 Thereafter 159,943 $ 345,471 |
Long-term Debt and Letters of_2
Long-term Debt and Letters of Credit (Tables) | 6 Months Ended |
Jul. 01, 2019 | |
Debt Disclosure [Abstract] | |
Long-term Debt | The following table summarizes the long-term debt of the Company as of July 1, 2019 and December 31, 2018: Interest Rate as of July 1, 2019 Principal Outstanding as of July 1, 2019 Interest Rate as of December 31, 2018 Principal Outstanding as of December 31, 2018 (In thousands, except interest rates) Term Loan due September 2024 4.89 % $ 805,879 5.00 % $ 835,879 Senior Notes due October 2025 5.63 375,000 5.63 375,000 Convertible Senior Notes due December 2020 1.75 249,975 1.75 249,985 U.S. ABL Revolving Loan due June 2024 3.76 40,000 4.00 40,000 Asia ABL Revolving Loan due June 2024 3.79 30,000 3.90 30,000 1,500,854 1,530,864 Less: Long-term debt unamortized discount (17,090 ) (22,167 ) Long-term debt unamortized debt issuance costs (14,494 ) (16,272 ) 1,469,270 1,492,425 Less: current maturities — (30,000 ) Long-term debt, less current maturities $ 1,469,270 $ 1,462,425 |
Schedule of Liability and Equity Components of Convertible Senior Notes Included in Additional Paid-in Capital | As of July 1, 2019 and December 31, 2018, the following summarizes the equity components of the Convertible Senior Notes included in additional paid-in capital: As of July 1, 2019 As of December 31, 2018 Embedded conversion option — Convertible Senior Notes Embedded conversion option — Convertible Senior Notes Issuance Costs Total Embedded conversion option — Convertible Senior Notes Embedded conversion option — Convertible Senior Notes Issuance Costs Total (In thousands) Convertible Senior Notes due 2020 $ 60,213 $ (1,916 ) $ 58,297 $ 60,216 $ (1,916 ) $ 58,300 |
Components of Interest Expense from Convertible Senior Notes | The components of interest expense resulting from the Convertible Senior Notes for the quarter and two quarters ended July 1, 2019 and July 2 , 2018 Quarter Ended Two Quarters Ended July 1, July 2, July 1, July 2, 2019 2018 2019 2018 (In thousands) Contractual coupon interest $ 1,093 $ 1,093 $ 2,187 $ 2,187 Amortization of debt discount $ 2,418 $ 2,267 $ 4,797 $ 4,497 Amortization of debt issuance costs $ 243 $ 227 $ 481 $ 451 |
Schedule of Remaining Unamortized Debt Discount and Debt Issuance Costs | As of July 1 , 2019 As of July 1, 2019 As of December 31, 2018 Debt Issuance Costs Debt Discount Effective Interest Rate Debt Issuance Costs Debt Discount Effective Interest Rate (In thousands, except interest rates) Term Loan due September 2024 $ 7,303 $ 2,210 4.66 % $ 8,229 $ 2,489 4.66 % Senior Notes due October 2025 5,700 — 5.92 6,071 — 5.92 Convertible Senior Notes 1,491 14,880 6.48 1,972 19,678 6.48 $ 14,494 $ 17,090 $ 16,272 $ 22,167 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Jul. 01, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Summary of Fair Values of Derivative Instruments in Consolidated Balance Sheets | The fair values of derivative instruments in the consolidated condensed balance sheets are as follows: Asset / (Liability) Fair Value Balance Sheet Location July 1, 2019 December 31, 2018 (In thousands) Cash flow derivative instruments designated as hedges: Foreign exchange contracts Prepaid expenses and other current assets $ 40 $ — Interest rate swap Other long-term liabilities (12,693 ) (4,735 ) Cash flow derivative instruments not designated as hedges: Foreign exchange contracts Other current liabilities — (139 ) |
Summary of Accumulated Other Comprehensive Loss Related to Derivatives Designated as Cash Flow Hedges | The following table provides information about the amounts recorded in accumulated other comprehensive loss related to derivatives designated as cash flow hedges, as well as the amounts recorded in each caption in the consolidated condensed statements of operations when derivative amounts are reclassified out of accumulated other comprehensive loss for the quarter and two quarters ended July 1, 2019 and July 2, 2018: Quarter Ended July 1, 2019 Quarter Ended July 2, 2018 Financial Statement Caption Loss Recognized in Other Comprehensive Income Loss Reclassified into Income Loss Recognized in Other Comprehensive Income Loss Reclassified into Income (In thousands) Cash flow hedge: Interest rate swap Interest expense $ (6,077 ) $ (367 ) $ (1,719 ) $ (303 ) Foreign currency forward Depreciation expense (5 ) (39 ) (20 ) (39 ) Two Quarters Ended July 1, 2019 Two Quarters Ended July 2, 2018 Financial Statement Caption Loss Recognized in Other Comprehensive Income Loss Reclassified into Income Loss Recognized in Other Comprehensive Income Loss Reclassified into Income (In thousands) Cash flow hedge: Interest rate swap Interest expense $ (8,663 ) $ (706 ) $ (1,719 ) $ (303 ) Foreign currency forward Depreciation expense (5 ) (78 ) (26 ) (80 ) |
Summary of Activity of Designated Cash Flow Hedges in Accumulated Other Comprehensive Loss | The following table provides a summary of the activity associated with the designated cash flow hedges reflected in accumulated other comprehensive loss for the two quarters ended July 1, 2019 and July 2, 2018: Two Quarters Ended July 1, July 2, 2019 2018 (In thousands) Beginning balance, net of tax $ (4,214 ) $ (742 ) Changes in fair value loss, net of tax (6,331 ) (1,745 ) Reclassification to earnings 574 383 Ending balance, net of tax $ (9,971 ) $ (2,104 ) |
Summary of Net Gain (Loss) Recognized in Other, Net in Consolidated Statement of Operation on Derivative Instruments Not Designated as Hedges | The net gain (loss) recognized in other, net in the consolidated condensed statements of operations on derivative instruments not designated as hedges is as follows: Quarter Ended Two Quarters Ended July 1, July 2, July 1, July 2, 2019 2018 2019 2018 (In thousands) Derivative instruments not designated as hedges: Foreign exchange contracts $ 45 $ (324 ) $ 49 $ 103 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jul. 01, 2019 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss, Net of Tax | The following provides a summary of the components of accumulated other comprehensive loss, net of tax, as of July 1, 2019 and December 31, 2018: Foreign Currency Translation Pension Obligation Gains (Losses) on Cash Flow Hedges Total (In thousands) Ending balance as of December 31, 2018 $ 1,578 $ (1,284 ) $ (4,214 ) $ (3,920 ) Other comprehensive loss before reclassifications 29 19 (6,331 ) (6,283 ) Amounts reclassified from accumulated other comprehensive income — — 574 574 Other comprehensive loss 29 19 (5,757 ) (5,709 ) Ending balance as of July 1, 2019 $ 1,607 $ (1,265 ) $ (9,971 ) $ (9,629 ) |
Fair Value Measures (Tables)
Fair Value Measures (Tables) | 6 Months Ended |
Jul. 01, 2019 | |
Fair Value Disclosures [Abstract] | |
Carrying Amount and Estimated Fair Value of Financial Instruments | The carrying amount and estimated fair value of the Company’s financial instruments as of July 1, 2019 and December 31, 2018 were as follows: As of As of July 1, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value (In thousands) Derivative liabilities, current $ — $ — $ 139 $ 139 Derivative liabilities, non-current 12,693 12,693 4,735 4,735 Term Loan due September 2024 796,366 798,828 825,161 782,592 Senior Notes due October 2025 369,300 369,274 368,929 350,880 Convertible Senior Notes 233,604 293,571 228,335 290,858 ABL Revolving Loans 70,000 70,000 70,000 70,000 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jul. 01, 2019 | |
Earnings Per Share [Abstract] | |
Reconciliation of Numerator and Denominator Used to Calculate Basic Earnings per Share and Diluted Earnings per Share | The following is a reconciliation of the numerator and denominator used to calculate basic earnings per share and diluted earnings per share for the quarter and two quarters ended July 1, 2019 and July 2, 2018: Quarter Ended Two Quarters Ended July 1, 2019 July 2, 2018 July 1, 2019 July 2, 2018 (In thousands, except per share amounts) Basic earnings: Basic earnings $ 3,424 $ 84,004 $ 172 $ 94,101 Diluted earnings: Net income $ 3,424 $ 84,004 $ 172 $ 94,101 Interest expense from Convertible Senior Notes, net of tax — 3,587 — 7,135 Diluted earnings $ 3,424 $ 87,591 $ 172 $ 101,236 Basic weighted average shares 105,470 103,553 104,893 103,030 Dilutive effect of performance-based restricted stock units, restricted stock units and stock options 637 1,376 967 1,603 Dilutive effect of outstanding warrants — 3,854 — 3,517 Dilutive effect of assumed conversion of Convertible Senior Notes outstanding — 25,938 — 25,938 Diluted shares 106,107 134,721 105,860 134,088 Earnings per share: Basic $ 0.03 $ 0.81 $ 0.00 $ 0.91 Diluted $ 0.03 $ 0.65 $ 0.00 $ 0.75 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jul. 01, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Amounts Recognized in Consolidated Financial Statements of Operations with Respect to Stock Based Compensation Plan | Stock-based compensation expense is recognized in the accompanying consolidated condensed statements of operations as follows: Quarter Ended Two Quarters Ended July 1, July 2, July 1, July 2, 2019 2018 2019 2018 (In thousands) Cost of goods sold $ 570 $ 829 $ 1,275 $ 1,358 Selling and marketing 396 545 862 919 General and administrative 2,636 4,493 5,391 7,212 Stock-based compensation expense recognized $ 3,602 $ 5,867 $ 7,528 $ 9,489 |
Performance-Based Restricted Stock Units Activity | PRUs activity for the two quarters ended July 1, 2019 was as follows: Shares Weighted Average Fair Value (In thousands) Outstanding shares as of December 31, 2018 255 $ 18.75 Granted 293 10.17 Change in units due to annual performance achievement (51 ) 10.15 Forfeited / cancelled (6 ) 15.18 Outstanding shares as of July 1, 2019 491 $ 14.57 |
Assumptions Used in Determining Fair Value | For the two quarters ended July 1, 2019 and July 2, 2018, the following assumptions were used in determining the fair value: Two Quarters Ended July 1, July 2, 2019 (1) 2018 (2) Weighted-average fair value $ 10.17 $ 19.59 Risk-free interest rate 2.18 % 2.14 % Dividend yield — — Expected volatility 38 % 40 % Expected term in years 1.8 1.5 (1) Reflects the weighted-averages for the third year of the three-year performance period applicable to PRUs granted in 2017 and second year of the three-year performance period applicable to PRUs granted in 2018 and first year of the three-year performance period applicable to PRUs granted in 2019. (2) Reflects the weighted-averages for the third year of the three-year performance period applicable to PRUs granted in 2016, second year of the three-year performance period applicable to PRUs granted in 2017 and first year of the three-year performance period applicable to PRUs granted in 2018. |
Summary of Unrecognized Compensation Costs | The following is a summary of total unrecognized compensation costs as of July 1, 2019: Unrecognized Stock-Based Compensation Cost Remaining Weighted Average Recognition Period (In thousands) (In years) RSU awards $ 27,002 1.6 PRU awards 3,326 1.3 Stock options 300 1.9 $ 30,628 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jul. 01, 2019 | |
Segment Reporting [Abstract] | |
Reconciliation of Operating Income (Loss) from Segments to Consolidated | Quarter Ended Two Quarters Ended July 1, 2019 July 2, 2018 July 1, 2019 July 2, 2018 (In thousands) Net Sales: PCB $ 573,121 $ 655,045 $ 1,141,943 $ 1,271,476 E-M Solutions 59,917 61,842 111,295 108,993 Total net sales $ 633,038 $ 716,887 $ 1,253,238 $ 1,380,469 Operating Segment Income (Loss): PCB $ 50,989 $ 80,964 $ 109,531 $ 144,428 E-M Solutions 863 2,496 2,042 2,536 Corporate (22,561 ) (32,237 ) (46,787 ) (59,879 ) Total operating segment income 29,291 51,223 64,786 87,085 Amortization of definite-lived intangibles (1) (12,447 ) (19,489 ) (30,452 ) (25,350 ) Total operating income 16,844 31,734 34,334 61,735 Total other expense, net (16,250 ) (14,275 ) (38,468 ) (29,129 ) Income (loss) before income taxes $ 594 $ 17,459 $ (4,134 ) $ 32,606 (1) Amortization of definite-lived intangibles primarily relates to the PCB reportable segment. For the quarter and two quarters ended July 1, 2019, $1,180 and $2,359, respectively, of amortization expense is included in cost of goods sold. |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 6 Months Ended |
Jul. 01, 2019 | |
Restructuring And Related Activities [Abstract] | |
Summary of Restructuring Costs by Reportable Segment | The below table summarizes such restructuring costs by reportable segment for the quarter and two quarters ended July 1, 2019: Quarter Ended July 1, 2019 Two Quarters Ended July 1, 2019 Employee separation/ severance Contract termination and other costs Total Employee separation/ severance Contract termination and other costs Total (In thousands) Reportable Segment: PCB $ 3,776 $ — $ 3,776 $ 4,213 $ — $ 4,213 E-M Solutions — — — — — — Corporate 160 8 168 160 16 176 $ 3,936 $ 8 $ 3,944 $ 4,373 $ 16 $ 4,389 |
Accrued Restructuring Costs | The below table shows the utilization of the accrued restructuring costs during the two quarters ended July 1, 2019: Employee separation/ severance Contract termination and other costs Total (In thousands) Accrued at December 31, 2018 $ 3,158 $ 393 $ 3,551 Charged to expense 4,373 16 4,389 Amount paid (3,851 ) (61 ) (3,912 ) Accrued at July 1, 2019 $ 3,680 $ 348 $ 4,028 |
Nature of Operations and Basi_4
Nature of Operations and Basis of Presentation - Cumulative Effect of Changes to Consolidated Condensed Balance Sheet For Adoption of New Lease Standard (Detail) - USD ($) $ in Thousands | Jul. 01, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Assets | |||
Operating lease right-of-use assets | $ 25,625 | ||
Deposits and other non-current assets | 75,199 | $ 55,597 | |
Liabilities | |||
Other | 107,143 | 113,756 | |
Operating lease liabilities | 18,365 | ||
Other long-term liabilities | $ 99,446 | 94,777 | |
Previously Reported | |||
Assets | |||
Deposits and other non-current assets | 55,597 | ||
Liabilities | |||
Other | 113,756 | ||
Other long-term liabilities | $ 94,777 | ||
ASU 2016-02, Leases (Topic 842) | |||
Assets | |||
Operating lease right-of-use assets | $ 16,894 | ||
Deposits and other non-current assets | 55,049 | ||
Liabilities | |||
Other | 116,301 | ||
Operating lease liabilities | 14,356 | ||
Other long-term liabilities | 94,222 | ||
ASU 2016-02, Leases (Topic 842) | New Lease Standard Adjustment | |||
Assets | |||
Operating lease right-of-use assets | 16,894 | ||
Deposits and other non-current assets | (548) | ||
Liabilities | |||
Other | 2,545 | ||
Operating lease liabilities | 14,356 | ||
Other long-term liabilities | $ (555) |
Components of Lease Expense (De
Components of Lease Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jul. 01, 2019 | Jul. 01, 2019 | |
Leases [Abstract] | ||
Operating lease cost | $ 2,293 | $ 4,524 |
Variable lease cost | 1,811 | 2,002 |
Short-term lease cost | $ 230 | $ 381 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information Related to Leases (Detail) $ in Thousands | 6 Months Ended |
Jul. 01, 2019USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows from operating leases | $ 4,410 |
Right-of-use assets obtained in exchange for new lease obligations: | |
Operating leases | $ 12,860 |
Supplemental Balance Sheet Info
Supplemental Balance Sheet Information Related to Leases (Detail) $ in Thousands | Jul. 01, 2019USD ($) |
Leases [Abstract] | |
Operating lease right-of-use assets | $ 25,625 |
Other current liabilities | $ 7,376 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesCurrent |
Operating lease liabilities | $ 18,365 |
Total operating lease liabilities | $ 25,741 |
Weighted average remaining lease term | 4 years 7 months 6 days |
Weighted average discount rate | 3.97% |
Maturities of Operating Lease L
Maturities of Operating Lease Liabilities (Detail) $ in Thousands | Jul. 01, 2019USD ($) |
Leases [Abstract] | |
Less than one year | $ 8,182 |
1 - 2 years | 6,964 |
2 - 3 years | 4,864 |
3 - 4 years | 2,449 |
4 - 5 years | 1,925 |
Thereafter | 3,886 |
Total lease payments | 28,270 |
Less imputed interest | (2,529) |
Total | $ 25,741 |
Maturities of Operating Lease_2
Maturities of Operating Lease Liabilities (Parenthetical) (Detail) | Jul. 01, 2019USD ($) |
Leases [Abstract] | |
Legally binding lease payments for leases signed but not yet commenced | $ 851,000 |
Schedule of Future Minimum Leas
Schedule of Future Minimum Lease Payments (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
2019 | $ 7,282 |
2020 | 4,701 |
2021 | 3,406 |
2022 | 2,408 |
2023 | 2,172 |
Thereafter | 4,172 |
Total minimum lease payments | $ 24,141 |
Revenues - Additional Informati
Revenues - Additional Information (Detail 1) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-07-02 $ in Thousands | Jul. 01, 2019USD ($) |
Revenue From Contract With Customer [Line Items] | |
Transaction price allocated to remaining performance obligations | $ 20,097 |
Remaining performance obligation period | 12 months |
Revenues - Additional Informa_2
Revenues - Additional Information (Detail) | 3 Months Ended | 6 Months Ended |
Jul. 01, 2019 | Jul. 01, 2019 | |
Revenue From Contract With Customer [Line Items] | ||
Remaining revenue performance obligation, percentage | 94.00% | 94.00% |
Transferred over Time | ||
Revenue From Contract With Customer [Line Items] | ||
Revenue from products and services transferred to customers, percentage | 97.00% | 97.00% |
Transferred at Point in Time | ||
Revenue From Contract With Customer [Line Items] | ||
Revenue from products and services transferred to customers, percentage | 3.00% | 3.00% |
Disaggregation of Revenue by Pr
Disaggregation of Revenue by Principal End Markets with the Reportable Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2019 | Jul. 02, 2018 | Jul. 01, 2019 | Jul. 02, 2018 | |
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | $ 633,038 | $ 716,887 | $ 1,253,238 | $ 1,380,469 |
Printed Circuit Board | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 573,121 | 655,045 | 1,141,943 | 1,271,476 |
E-M Solutions | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 59,917 | 61,842 | 111,295 | 108,993 |
Aerospace and Defense | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 175,663 | 163,406 | 340,735 | 286,171 |
Aerospace and Defense | Printed Circuit Board | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 175,301 | 162,951 | 340,369 | 285,627 |
Aerospace and Defense | E-M Solutions | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 362 | 455 | 366 | 544 |
Automotive | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 103,041 | 136,461 | 208,619 | 272,063 |
Automotive | Printed Circuit Board | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 79,048 | 110,607 | 164,861 | 226,899 |
Automotive | E-M Solutions | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 23,993 | 25,854 | 43,758 | 45,164 |
Cellular Phone | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 40,094 | 55,393 | 83,178 | 160,253 |
Cellular Phone | Printed Circuit Board | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 40,094 | 55,393 | 83,178 | 160,253 |
Computing/Storage/Peripherals | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 95,127 | 110,201 | 176,208 | 199,048 |
Computing/Storage/Peripherals | Printed Circuit Board | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 95,127 | 109,633 | 176,019 | 198,175 |
Computing/Storage/Peripherals | E-M Solutions | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 568 | 189 | 873 | |
Medical/Industrial/Instrumentation | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 97,112 | 106,560 | 192,949 | 207,717 |
Medical/Industrial/Instrumentation | Printed Circuit Board | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 87,471 | 96,704 | 175,141 | 190,338 |
Medical/Industrial/Instrumentation | E-M Solutions | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 9,641 | 9,856 | 17,808 | 17,379 |
Networking/Communications | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 105,863 | 123,955 | 217,265 | 225,365 |
Networking/Communications | Printed Circuit Board | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 79,937 | 99,353 | 168,000 | 181,290 |
Networking/Communications | E-M Solutions | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 25,926 | 24,602 | 49,265 | 44,075 |
Other | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 16,138 | 20,911 | 34,284 | 29,852 |
Other | Printed Circuit Board | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 16,143 | 20,404 | 34,375 | 28,894 |
Other | E-M Solutions | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | $ (5) | $ 507 | $ (91) | $ 958 |
Schedule of Composition of Cert
Schedule of Composition of Certain Consolidated Condensed Financial Statement Captions (Detail) - USD ($) $ in Thousands | Jul. 01, 2019 | Dec. 31, 2018 |
Inventories: | ||
Raw materials | $ 102,974 | $ 97,600 |
Work-in-process | 13,083 | 10,299 |
Finished goods | 6,092 | 1,478 |
Inventories | 122,149 | 109,377 |
Property, plant and equipment, net: | ||
Land and land use rights | 74,850 | 75,431 |
Buildings and improvements | 538,003 | 534,122 |
Machinery and equipment | 1,398,905 | 1,357,035 |
Construction-in-progress, furniture and fixtures and other | 57,946 | 42,713 |
Property, plant and equipment, gross | 2,069,704 | 2,009,301 |
Less: Accumulated depreciation | (1,032,617) | (957,277) |
Property, plant and equipment, net | $ 1,037,087 | $ 1,052,024 |
Goodwill (Detail)
Goodwill (Detail) - USD ($) $ in Thousands | Jul. 01, 2019 | Dec. 31, 2018 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ 938,445 | $ 938,445 |
Accumulated impairment losses | (171,400) | (171,400) |
Goodwill, net | $ 767,045 | $ 767,045 |
Definite-lived Intangibles (Det
Definite-lived Intangibles (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jul. 01, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | $ 454,500 | $ 542,634 |
Accumulated Amortization | (109,029) | (166,711) |
Net Carrying Amount | 345,471 | 375,923 |
Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 415,000 | 203,634 |
Accumulated Amortization | (103,324) | (123,522) |
Net Carrying Amount | $ 311,676 | $ 80,112 |
Weighted Average Amortization Period | 10 years 8 months 12 days | 8 years 1 month 6 days |
Customer Relationships | Acquired Intangible Assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | $ 267,500 | |
Accumulated Amortization | (15,561) | |
Net Carrying Amount | $ 251,939 | |
Weighted Average Amortization Period | 12 years 2 months 12 days | |
Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | $ 39,500 | $ 3,000 |
Accumulated Amortization | (5,705) | $ (3,000) |
Net Carrying Amount | $ 33,795 | |
Weighted Average Amortization Period | 9 years 4 months 24 days | 3 years |
Developed Technology | Acquired Intangible Assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | $ 39,500 | |
Accumulated Amortization | (3,345) | |
Net Carrying Amount | $ 36,155 | |
Weighted Average Amortization Period | 9 years 4 months 24 days | |
Backlog | Acquired Intangible Assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | $ 29,000 | |
Accumulated Amortization | (21,283) | |
Net Carrying Amount | $ 7,717 | |
Weighted Average Amortization Period | 10 months 24 days |
Definite-lived Intangibles - Ad
Definite-lived Intangibles - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2019 | Jul. 02, 2018 | Jul. 01, 2019 | Jul. 02, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||||
Amortization of definite-lived intangibles | $ 12,447 | $ 19,489 | $ 30,452 | $ 25,350 |
Amortization of definite-lived intangibles included in cost of goods sold | $ 1,180 | $ 2,359 |
Estimated Aggregate Amortizatio
Estimated Aggregate Amortization for Definite-Lived Intangible Assets (Detail) - USD ($) $ in Thousands | Jul. 01, 2019 | Dec. 31, 2018 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Remaining 2019 | $ 22,709 | |
2020 | 45,419 | |
2021 | 42,108 | |
2022 | 39,002 | |
2023 | 36,290 | |
Thereafter | 159,943 | |
Net Carrying Amount | $ 345,471 | $ 375,923 |
Long-term Debt (Detail)
Long-term Debt (Detail) - USD ($) | 6 Months Ended | 12 Months Ended |
Jul. 01, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 1,500,854,000 | $ 1,530,864,000 |
Less: Long-term debt unamortized discount | (17,090,000) | (22,167,000) |
Long-term debt unamortized debt issuance costs | (14,494,000) | (16,272,000) |
Long-term debt, Carrying Amount | 1,469,270,000 | 1,492,425,000 |
Less: current maturities | (30,000,000) | |
Long-term debt, less current maturities | 1,469,270,000 | 1,462,425,000 |
1.75% Convertible Senior Notes due December 15, 2020 | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 249,975,000 | 249,985,000 |
Less: Long-term debt unamortized discount | $ (14,880,000) | $ (19,678,000) |
Debt instrument, interest rate | 1.75% | 1.75% |
Term Loan Due September 2024 | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 805,879,000 | $ 835,879,000 |
Less: Long-term debt unamortized discount | $ (2,210,000) | $ (2,489,000) |
Interest rate at period end | 4.89% | 5.00% |
Senior Notes Due October 2025 | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 375,000,000 | $ 375,000,000 |
Debt instrument, interest rate | 5.63% | 5.63% |
U.S. Asset Based Lending Revolving Loan Due June 2024 | ||
Debt Instrument [Line Items] | ||
Revolving loan | $ 40,000,000 | $ 40,000,000 |
Long-term debt unamortized debt issuance costs | $ (2,741,000) | $ (1,420,000) |
Interest rate at period end | 3.76% | 4.00% |
Asia Asset Based Lending Revolving Loan Due June 2024 | ||
Debt Instrument [Line Items] | ||
Revolving loan | $ 30,000,000 | $ 30,000,000 |
Interest rate at period end | 3.79% | 3.90% |
Long-term Debt (Parenthetical)
Long-term Debt (Parenthetical) (Detail) | 6 Months Ended |
Jul. 01, 2019 | |
1.75% Convertible Senior Notes due December 15, 2020 | |
Debt Instrument [Line Items] | |
Long-term debt, maturity month and year | 2020-12 |
Term Loan Due September 2024 | |
Debt Instrument [Line Items] | |
Long-term debt, maturity month and year | 2024-09 |
Senior Notes Due October 2025 | |
Debt Instrument [Line Items] | |
Long-term debt, maturity month and year | 2025-10 |
U.S. Asset Based Lending Revolving Loan Due June 2024 | |
Debt Instrument [Line Items] | |
Long-term debt, maturity month and year | 2024-06 |
Asia Asset Based Lending Revolving Loan Due June 2024 | |
Debt Instrument [Line Items] | |
Long-term debt, maturity month and year | 2024-06 |
Long-term Debt and Letters of_3
Long-term Debt and Letters of Credit - Additional Information (Detail) | Apr. 18, 2018USD ($) | Jul. 31, 2019 | Jul. 01, 2019USD ($)Tranche | Jul. 02, 2018USD ($) | Jul. 01, 2019USD ($)Tranche | Jul. 02, 2018USD ($) | Dec. 31, 2018USD ($) | Apr. 17, 2018USD ($) |
Debt Instrument [Line Items] | ||||||||
Allocated portion of commitments from lenders closed | $ 600,000,000 | |||||||
Long-term debt, gross | $ 1,500,854,000 | $ 1,500,854,000 | $ 1,530,864,000 | |||||
Line of credit unused portion of commitment fee | 210,000 | $ 247,000 | 450,000 | $ 488,000 | ||||
Remaining unamortized debt issuance costs | 14,494,000 | $ 14,494,000 | 16,272,000 | |||||
Weighted Average | ||||||||
Debt Instrument [Line Items] | ||||||||
Unamortized debt discount and debt issuance costs, amortization period | 3 years 7 months 6 days | |||||||
Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, maximum borrowing capacity | 150,000,000 | $ 150,000,000 | ||||||
Revolving Credit Facility | CHINA | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, maximum borrowing capacity | 29,070,000 | 29,070,000 | ||||||
Line of credit unused portion of commitment fee | $ 0 | |||||||
Revolving Credit Facility | CHINA | Subsequent Event | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, maturity month and year | 2020-07 | |||||||
Letters of Credit Facility | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Letters of credit outstanding under U.S. ABL and Asia ABL, expiration period | 2020-05 | |||||||
Senior Notes Due October 2025 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument amount | $ 375,000,000 | $ 375,000,000 | ||||||
Long-term debt, maturity date | Oct. 1, 2025 | |||||||
Debt instrument, interest rate | 5.63% | 5.63% | ||||||
1.75% Convertible Senior Notes due December 15, 2020 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, gross | $ 249,975,000 | $ 249,975,000 | $ 249,985,000 | |||||
Long-term debt, maturity date | Dec. 15, 2020 | |||||||
Debt instrument, interest rate | 1.75% | 1.75% | 1.75% | |||||
Long-term debt, maturity month and year | 2020-12 | |||||||
Term Loan Due September 2024 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument amount | $ 948,250,000 | $ 348,250,000 | ||||||
Long-term debt, gross | $ 805,879,000 | $ 805,879,000 | $ 835,879,000 | |||||
Interest rate at period end | 4.89% | 5.00% | ||||||
Long-term debt, maturity date | Sep. 28, 2024 | |||||||
Debt instrument, percentage of voting stock pledged as security | 65.00% | |||||||
Secured leverage ratio, limit | 2 | 2 | ||||||
Long-term debt, maturity month and year | 2024-09 | |||||||
Term Loan Due September 2024 | London Interbank Offered Rate (LIBOR) | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, weighted average discount percentage | 99.70% | |||||||
Debt instrument, basis spread on variable rate | 2.50% | |||||||
Term Loan Due September 2024 | Alternate Base Rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, basis spread on variable rate | 1.50% | |||||||
Base rate description | as defined in the Term Loan Credit Agreement | |||||||
U.S. Asset Based Lending Revolving Loan Due June 2024 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate at period end | 3.76% | 4.00% | ||||||
Long-term debt, maturity date | Jun. 3, 2024 | |||||||
Debt instrument, percentage of voting stock pledged as security | 65.00% | |||||||
Debt instrument, maximum borrowing capacity | $ 150,000,000 | $ 150,000,000 | ||||||
Long-term debt, maturity month and year | 2024-06 | |||||||
Debt instrument, incremental facility | $ 100,000,000 | |||||||
Number of tranches | Tranche | 2 | 2 | ||||||
Long-term debt | $ 40,000,000 | $ 40,000,000 | ||||||
Commitment fee under credit agreement | 0.25% | |||||||
Remaining unamortized debt issuance costs | 2,741,000 | $ 2,741,000 | $ 1,420,000 | |||||
U.S. Asset Based Lending Revolving Loan Due June 2024 | Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, maximum borrowing capacity | 150,000,000 | 150,000,000 | ||||||
U.S. Asset Based Lending Revolving Loan Due June 2024 | Letters of Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, maximum borrowing capacity | 50,000,000 | 50,000,000 | ||||||
Letter of credit outstanding | 15,287,000 | 15,287,000 | ||||||
Debt instrument, available borrowing capacity | $ 94,713,000 | $ 94,713,000 | ||||||
U.S. Asset Based Lending Revolving Loan Due June 2024 | London Interbank Offered Rate (LIBOR) | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, basis spread on variable rate | 1.25% | |||||||
U.S. Asset Based Lending Revolving Loan Due June 2024 | London Interbank Offered Rate (LIBOR) | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, basis spread on variable rate | 1.50% | |||||||
U.S. Asset Based Lending Revolving Loan Due June 2024 | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, basis spread on variable rate | 1.38% | |||||||
U.S. Asset Based Lending Revolving Loan Due June 2024 | Alternate Base Rate | Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, basis spread on variable rate | 0.38% | |||||||
Base rate description | defined as the greater of the prime rate, the New York Fed bank rate plus 0.5% or LIBOR plus 1.0% | |||||||
U.S. Asset Based Lending Revolving Loan Due June 2024 | Alternate Base Rate | Revolving Credit Facility | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, basis spread on variable rate | 0.01% | |||||||
U.S. Asset Based Lending Revolving Loan Due June 2024 | Alternate Base Rate New York Fed Bank Rate | Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, basis spread on variable rate | 0.005% | |||||||
U.S. Asset Based Lending Revolving Loan Due June 2024 | Alternate Base Rate, LIBOR Rate | Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, basis spread on variable rate | 0.01% | |||||||
U.S. Asset Based Lending Revolving Loan Due June 2024 | Prime Rate | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, basis spread on variable rate | 0.25% | |||||||
U.S. Asset Based Lending Revolving Loan Due June 2024 | Prime Rate | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, basis spread on variable rate | 0.50% | |||||||
Asia Asset Based Lending Revolving Loan Due June 2024 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate at period end | 3.79% | |||||||
Long-term debt, maturity date | Jun. 4, 2024 | |||||||
Long-term debt, maturity month and year | 2024-06 | |||||||
Debt instrument, incremental facility | $ 50,000,000 | |||||||
Number of tranches | Tranche | 2 | 2 | ||||||
Long-term debt | $ 30,000,000 | $ 30,000,000 | ||||||
Asia Asset Based Lending Revolving Loan Due June 2024 | Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, maximum borrowing capacity | 150,000,000 | 150,000,000 | ||||||
Asia Asset Based Lending Revolving Loan Due June 2024 | Letters of Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, maximum borrowing capacity | 100,000,000 | $ 100,000,000 | ||||||
Asia Asset Based Lending Revolving Loan Due June 2024 | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, basis spread on variable rate | 1.40% | |||||||
Asia Asset Based Lending Revolving Loan Due June 2024 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate at period end | 3.79% | 3.90% | ||||||
Long-term debt, maturity month and year | 2024-06 | |||||||
Commitment fee under credit agreement | 0.28% | |||||||
Asia Asset Based Lending Revolving Loan Due June 2024 | Letters of Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, maximum borrowing capacity | 100,000,000 | $ 100,000,000 | ||||||
Letter of credit outstanding | 22,718,000 | 22,718,000 | ||||||
Debt instrument, available borrowing capacity | $ 97,282,000 | $ 97,282,000 |
Schedule of Liability and Equit
Schedule of Liability and Equity Components of Convertible Senior Notes Included in Additional Paid-in Capital (Detail) - 1.75% Convertible Senior Notes due December 15, 2020 - USD ($) $ in Thousands | Jul. 01, 2019 | Dec. 31, 2018 |
Schedule of Convertible Notes [Line Items] | ||
Embedded conversion option — Convertible Senior Notes | $ 60,213 | $ 60,216 |
Embedded conversion option — Convertible Senior Notes Issuance Costs | (1,916) | (1,916) |
Total | $ 58,297 | $ 58,300 |
Components of Interest Expense
Components of Interest Expense from Convertible Senior Notes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2019 | Jul. 02, 2018 | Jul. 01, 2019 | Jul. 02, 2018 | |
Debt Disclosure [Abstract] | ||||
Contractual coupon interest | $ 1,093 | $ 1,093 | $ 2,187 | $ 2,187 |
Amortization of debt discount | 2,418 | 2,267 | 4,797 | 4,497 |
Amortization of debt issuance costs | $ 243 | $ 227 | $ 481 | $ 451 |
Long-term Debt and Letters of_4
Long-term Debt and Letters of Credit - Schedule of Remaining Unamortized Debt Discount and Debt Issuance Costs (Detail) - USD ($) $ in Thousands | Jul. 01, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Debt Issuance Costs | $ 14,494 | $ 16,272 |
Debt Discount | 17,090 | 22,167 |
1.75% Convertible Senior Notes due December 15, 2020 | ||
Debt Instrument [Line Items] | ||
Debt Issuance Costs | 1,491 | 1,972 |
Debt Discount | $ 14,880 | $ 19,678 |
Effective Interest Rate | 6.48% | 6.48% |
Term Loan Due September 2024 | ||
Debt Instrument [Line Items] | ||
Debt Issuance Costs | $ 7,303 | $ 8,229 |
Debt Discount | $ 2,210 | $ 2,489 |
Effective Interest Rate | 4.66% | 4.66% |
Senior Notes Due October 2025 | ||
Debt Instrument [Line Items] | ||
Debt Issuance Costs | $ 5,700 | $ 6,071 |
Effective Interest Rate | 5.92% | 5.92% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 3 Months Ended | 6 Months Ended |
Jul. 01, 2019USD ($) | Jul. 01, 2019USD ($) | |
Income Tax Disclosure [Abstract] | ||
Effective tax rate impacted by net discrete tax benefit | $ 2,946,000 | $ 3,288,000 |
Change in valuation allowance | 0 | |
Tax on undistributed earnings | 0 | 0 |
Deferred tax liabilities | $ 0 | $ 0 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - USD ($) | May 15, 2018 | Jul. 01, 2019 | Jul. 02, 2018 | Jul. 01, 2019 | Jul. 02, 2018 | Dec. 31, 2018 |
Derivative [Line Items] | ||||||
Accumulated other comprehensive income (loss) will be reclassified into the statement of operations, net of tax, in the next 12 months | $ (2,956,000) | |||||
Interest Rate Swap | ||||||
Derivative [Line Items] | ||||||
Interest rate derivatives, at fair value, net | $ 0 | |||||
Derivative, ineffectiveness | $ 0 | $ 0 | 0 | $ 0 | ||
Interest Rate Swap | Other Long-term Liabilities | ||||||
Derivative [Line Items] | ||||||
Interest rate derivative liability, at fair value | 12,693,000 | 12,693,000 | ||||
Interest Rate Swap | Interest expense | ||||||
Derivative [Line Items] | ||||||
Derivative instrument, increased interest expense | 367,000 | $ 303,000 | 706,000 | $ 303,000 | ||
Foreign Exchange Contracts | ||||||
Derivative [Line Items] | ||||||
Derivative, notional amount | $ 1,608,000 | $ 1,608,000 | $ 4,313,000 | |||
1-Month LIBOR | Interest Rate Swap | ||||||
Derivative [Line Items] | ||||||
Derivative, maturity period | 4 years | |||||
Derivative, notional amount | $ 400,000,000 | |||||
Derivative, expiration date | Jun. 1, 2022 | |||||
Derivative, fixed rate | 2.84% |
Summary of Fair Values of Deriv
Summary of Fair Values of Derivative Instruments in Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Jul. 01, 2019 | Dec. 31, 2018 |
Prepaid Expenses and Other Current Assets | Foreign Exchange Contracts | ||
Cash flow derivative instruments designated as hedges: | ||
Cash flow derivative instruments designated as hedges, asset fair value | $ 40 | |
Other Long-term Liabilities | Interest Rate Swap | ||
Cash flow derivative instruments designated as hedges: | ||
Cash flow derivative instruments designated as hedges, liability fair value | $ (12,693) | $ (4,735) |
Other Current Liabilities | Foreign Exchange Contracts | ||
Cash flow derivative instruments not designated as hedges: | ||
Cash flow derivative instruments not designated as hedges, liability fair value | $ (139) |
Summary of Accumulated Other Co
Summary of Accumulated Other Comprehensive Loss Related to Derivatives Designated as Cash Flow Hedges (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2019 | Jul. 02, 2018 | Jul. 01, 2019 | Jul. 02, 2018 | |
Derivative Instruments Gain Loss [Line Items] | ||||
Loss Recognized in Other Comprehensive Income | $ (4,503) | $ (1,739) | $ (6,331) | $ (1,745) |
Interest Rate Swap | Interest expense | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Loss Recognized in Other Comprehensive Income | (6,077) | (1,719) | (8,663) | (1,719) |
Loss Reclassified into Income | (367) | (303) | (706) | (303) |
Foreign currency forward | Depreciation expense | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Loss Recognized in Other Comprehensive Income | (5) | (20) | (5) | (26) |
Loss Reclassified into Income | $ (39) | $ (39) | $ (78) | $ (80) |
Summary of Activity of Designat
Summary of Activity of Designated Cash Flow Hedges in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 01, 2019 | Jul. 02, 2018 | |
Derivative [Line Items] | ||
Beginning balance | $ 1,227,087 | $ 1,011,380 |
Ending balance | 1,229,077 | 1,141,293 |
Gains (Losses) on Cash Flow Hedges | ||
Derivative [Line Items] | ||
Beginning balance | (4,214) | (742) |
Changes in fair value loss, net of tax | (6,331) | (1,745) |
Reclassification to earnings | 574 | 383 |
Ending balance | $ (9,971) | $ (2,104) |
Summary of Net Gain (Loss) Reco
Summary of Net Gain (Loss) Recognized in Other, Net in Consolidated Statement of Operation on Derivative Instruments Not Designated as Hedges (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2019 | Jul. 02, 2018 | Jul. 01, 2019 | Jul. 02, 2018 | |
Foreign Exchange Contracts | ||||
Derivative [Line Items] | ||||
Derivative instruments not designated as hedges | $ 45 | $ (324) | $ 49 | $ 103 |
Schedule of Accumulated Other C
Schedule of Accumulated Other Comprehensive Loss, Net of Tax (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jul. 01, 2019 | Apr. 01, 2019 | Jul. 02, 2018 | Apr. 02, 2018 | Jul. 01, 2019 | Jul. 02, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning balance | $ 1,226,859 | $ 1,227,087 | $ 1,054,330 | $ 1,011,380 | $ 1,227,087 | $ 1,011,380 |
Other comprehensive loss, net of tax | (4,808) | (901) | (3,098) | 657 | (5,709) | (2,441) |
Ending balance | 1,229,077 | 1,226,859 | 1,141,293 | 1,054,330 | 1,229,077 | 1,141,293 |
Foreign Currency Translation | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning balance | 1,578 | 1,578 | ||||
Other comprehensive loss before reclassifications | 29 | |||||
Other comprehensive loss, net of tax | 29 | |||||
Ending balance | 1,607 | 1,607 | ||||
Pension Obligation | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning balance | (1,284) | (1,284) | ||||
Other comprehensive loss before reclassifications | 19 | |||||
Other comprehensive loss, net of tax | 19 | |||||
Ending balance | (1,265) | (1,265) | ||||
Gains (Losses) on Cash Flow Hedges | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning balance | (4,214) | (742) | (4,214) | (742) | ||
Other comprehensive loss before reclassifications | (6,331) | (1,745) | ||||
Amounts reclassified from accumulated other comprehensive income | 574 | 383 | ||||
Other comprehensive loss, net of tax | (5,757) | |||||
Ending balance | (9,971) | (2,104) | (9,971) | (2,104) | ||
Accumulated Other Comprehensive Income | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning balance | (4,821) | (3,920) | 4,060 | 3,403 | (3,920) | 3,403 |
Other comprehensive loss before reclassifications | (6,283) | |||||
Amounts reclassified from accumulated other comprehensive income | 574 | |||||
Other comprehensive loss, net of tax | (4,808) | (901) | (3,098) | 657 | (5,709) | |
Ending balance | $ (9,629) | $ (4,821) | $ 962 | $ 4,060 | $ (9,629) | $ 962 |
Significant Customers and Con_2
Significant Customers and Concentration of Credit Risk - Additional Information (Detail) - Customer | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2019 | Jul. 02, 2018 | Jul. 01, 2019 | Jul. 02, 2018 | |
Concentration Risk [Line Items] | ||||
Number of customers contributing to more than ten percent of revenue | 1 | 0 | 0 | 1 |
Net Sales | Customer Concentration Risk | ||||
Concentration Risk [Line Items] | ||||
Percentage of net sales, accounted by one customer | 10.00% | 12.00% |
Carrying Amount and Estimated F
Carrying Amount and Estimated Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Jul. 01, 2019 | Dec. 31, 2018 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities, current | $ 139 | |
Derivative liabilities, non-current | $ 12,693 | 4,735 |
Carrying Amount | 1.75% Convertible Senior Notes due December 15, 2020 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 233,604 | 228,335 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities, current | 139 | |
Derivative liabilities, non-current | 12,693 | 4,735 |
Fair Value | 1.75% Convertible Senior Notes due December 15, 2020 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 293,571 | 290,858 |
Term Loan Due September 2024 | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 796,366 | 825,161 |
Term Loan Due September 2024 | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 798,828 | 782,592 |
Senior Notes Due October 2025 | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 369,300 | 368,929 |
Senior Notes Due October 2025 | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 369,274 | 350,880 |
ABL Revolving Loans | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 70,000 | 70,000 |
ABL Revolving Loans | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $ 70,000 | $ 70,000 |
Fair Value Measures - Additiona
Fair Value Measures - Additional Information (Detail) - USD ($) $ in Thousands | Jul. 01, 2019 | Dec. 31, 2018 | Jul. 02, 2018 | Jan. 01, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents | $ 284,466 | $ 256,360 | $ 204,100 | $ 409,326 |
Domestic Subsidiaries | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents | 79,661 | |||
Foreign Subsidiaries | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents | $ 204,805 |
Reconciliation of Numerator and
Reconciliation of Numerator and Denominator Used to Calculate Basic Earnings per Share and Diluted Earnings per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jul. 01, 2019 | Apr. 01, 2019 | Jul. 02, 2018 | Apr. 02, 2018 | Jul. 01, 2019 | Jul. 02, 2018 | |
Basic earnings: | ||||||
Basic earnings | $ 3,424 | $ 84,004 | $ 172 | $ 94,101 | ||
Diluted earnings: | ||||||
Net income | 3,424 | $ (3,252) | 84,004 | $ 10,097 | 172 | 94,101 |
Interest expense from Convertible Senior Notes, net of tax | 3,587 | 7,135 | ||||
Diluted earnings | $ 3,424 | $ 87,591 | $ 172 | $ 101,236 | ||
Basic weighted average shares | 105,470 | 103,553 | 104,893 | 103,030 | ||
Dilutive effect of performance-based restricted stock units, restricted stock units and stock options | 637 | 1,376 | 967 | 1,603 | ||
Dilutive effect of outstanding warrants | 3,854 | 3,517 | ||||
Dilutive effect of assumed conversion of Convertible Senior Notes outstanding | 25,938 | 25,938 | ||||
Diluted shares | 106,107 | 134,721 | 105,860 | 134,088 | ||
Earnings per share: | ||||||
Basic | $ 0.03 | $ 0.81 | $ 0 | $ 0.91 | ||
Diluted | $ 0.03 | $ 0.65 | $ 0 | $ 0.75 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2019 | Jul. 02, 2018 | Jul. 01, 2019 | Jul. 02, 2018 | |
Performance-Based Restricted Stock Units (PRUs), Restricted Stock Units (RSUs) and Stock options | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Shares excluded from calculating diluted earnings per share | 1,089 | 45 | 1,089 | 488 |
Amounts Recognized in Consolida
Amounts Recognized in Consolidated Financial Statements of Operations with Respect to Stock Based Compensation Plan (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2019 | Jul. 02, 2018 | Jul. 01, 2019 | Jul. 02, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense recognized | $ 3,602 | $ 5,867 | $ 7,528 | $ 9,489 |
Cost of goods sold | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense recognized | 570 | 829 | 1,275 | 1,358 |
Selling and marketing | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense recognized | 396 | 545 | 862 | 919 |
General and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense recognized | $ 2,636 | $ 4,493 | $ 5,391 | $ 7,212 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) shares in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jul. 01, 2019$ / sharesshares | Jul. 02, 2018$ / sharesshares | Jul. 01, 2019Time$ / sharesshares | Jul. 02, 2018$ / sharesshares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock option granted | shares | 0 | 20 | 0 | 20 | ||
Weighted average fair value of stock options granted | $ / shares | $ 8.92 | $ 8.92 | ||||
Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of times common stock released at end of the period exceeds the target number | Time | 0 | |||||
Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of times common stock released at end of the period exceeds the target number | Time | 2.4 | |||||
Performance-Based Restricted Stock Units (PRUs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted stock units granted | shares | 293 | |||||
Weighted Average Grant-Date Fair Value Granted | $ / shares | $ 10.17 | [1] | $ 19.59 | [2] | ||
Risk-free interest rate | 2.18% | [1] | 2.14% | [2] | ||
Expected volatility | 38.00% | [1] | 40.00% | [2] | ||
Expected term in years | 1 year 9 months 18 days | [1] | 1 year 6 months | [2] | ||
Performance-Based Restricted Stock Units (PRUs) | Employees | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Options vesting period (in years) | 3 years | |||||
Restricted Stock Units (RSUs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted stock units granted | shares | 1,599 | 195 | 1,601 | 1,023 | ||
Weighted Average Grant-Date Fair Value Granted | $ / shares | $ 10.04 | $ 16.06 | $ 10.04 | $ 15.44 | ||
Stock options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Risk-free interest rate | 3.00% | 3.00% | ||||
Expected volatility | 43.00% | 43.00% | ||||
Expected term in years | 8 years 6 months | 8 years 6 months | ||||
Dividend yield | 0.00% | 0.00% | ||||
[1] | Reflects the weighted-averages for the third year of the three-year performance period applicable to PRUs granted in 2017 and second year of the three-year performance period applicable to PRUs granted in 2018 and first year of the three-year performance period applicable to PRUs granted in 2019. | |||||
[2] | Reflects the weighted-averages for the third year of the three-year performance period applicable to PRUs granted in 2016, second year of the three-year performance period applicable to PRUs granted in 2017 and first year of the three-year performance period applicable to PRUs granted in 2018. |
Performance-Based Restricted St
Performance-Based Restricted Stock Units Activity (Detail) - Performance-Based Restricted Stock Units (PRUs) - $ / shares shares in Thousands | 6 Months Ended | |||
Jul. 01, 2019 | Jul. 02, 2018 | [2] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Outstanding shares as of December 31, 2018 | 255 | |||
Granted | 293 | |||
Change in units due to annual performance achievement | (51) | |||
Forfeited / cancelled | (6) | |||
Outstanding shares as of July 1, 2019 | 491 | |||
Weighted Average Grant-Date Fair Value | ||||
Outstanding shares as of December 31, 2018 | $ 18.75 | |||
Granted | 10.17 | [1] | $ 19.59 | |
Change in units due to annual performance achievement | 10.15 | |||
Forfeited / cancelled | 15.18 | |||
Outstanding shares as of July 1, 2019 | $ 14.57 | |||
[1] | Reflects the weighted-averages for the third year of the three-year performance period applicable to PRUs granted in 2017 and second year of the three-year performance period applicable to PRUs granted in 2018 and first year of the three-year performance period applicable to PRUs granted in 2019. | |||
[2] | Reflects the weighted-averages for the third year of the three-year performance period applicable to PRUs granted in 2016, second year of the three-year performance period applicable to PRUs granted in 2017 and first year of the three-year performance period applicable to PRUs granted in 2018. |
Assumptions Used in Determining
Assumptions Used in Determining Fair Value (Detail) - Performance-Based Restricted Stock Units (PRUs) - $ / shares | 6 Months Ended | |||
Jul. 01, 2019 | [1] | Jul. 02, 2018 | [2] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted-average fair value | $ 10.17 | $ 19.59 | ||
Risk-free interest rate | 2.18% | 2.14% | ||
Expected volatility | 38.00% | 40.00% | ||
Expected term in years | 1 year 9 months 18 days | 1 year 6 months | ||
[1] | Reflects the weighted-averages for the third year of the three-year performance period applicable to PRUs granted in 2017 and second year of the three-year performance period applicable to PRUs granted in 2018 and first year of the three-year performance period applicable to PRUs granted in 2019. | |||
[2] | Reflects the weighted-averages for the third year of the three-year performance period applicable to PRUs granted in 2016, second year of the three-year performance period applicable to PRUs granted in 2017 and first year of the three-year performance period applicable to PRUs granted in 2018. |
Summary of Unrecognized Compens
Summary of Unrecognized Compensation Costs (Detail) $ in Thousands | 6 Months Ended |
Jul. 02, 2018USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Stock-Based Compensation Cost | $ 30,628 |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Stock-Based Compensation Cost | $ 27,002 |
Remaining Weighted Average Recognition Period (years) | 1 year 7 months 6 days |
Performance-Based Restricted Stock Units (PRUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Stock-Based Compensation Cost | $ 3,326 |
Remaining Weighted Average Recognition Period (years) | 1 year 3 months 18 days |
Stock options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Stock-Based Compensation Cost | $ 300 |
Remaining Weighted Average Recognition Period (years) | 1 year 10 months 24 days |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 6 Months Ended |
Jul. 01, 2019Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Reconciliation of Operating Inc
Reconciliation of Operating Income (Loss) from Segments to Consolidated By Reportable Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2019 | Jul. 02, 2018 | Jul. 01, 2019 | Jul. 02, 2018 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 633,038 | $ 716,887 | $ 1,253,238 | $ 1,380,469 |
Operating income (loss) | 16,844 | 31,734 | 34,334 | 61,735 |
Amortization of definite-lived intangibles | (12,447) | (19,489) | (30,452) | (25,350) |
Total other expense, net | (16,250) | (14,275) | (38,468) | (29,129) |
Income (loss) before income taxes | 594 | 17,459 | (4,134) | 32,606 |
Printed Circuit Board | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 573,121 | 655,045 | 1,141,943 | 1,271,476 |
E-M Solutions | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 59,917 | 61,842 | 111,295 | 108,993 |
Operating Segment | ||||
Segment Reporting Information [Line Items] | ||||
Operating income (loss) | 29,291 | 51,223 | 64,786 | 87,085 |
Operating Segment | Printed Circuit Board | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 573,121 | 655,045 | 1,141,943 | 1,271,476 |
Operating income (loss) | 50,989 | 80,964 | 109,531 | 144,428 |
Operating Segment | E-M Solutions | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 59,917 | 61,842 | 111,295 | 108,993 |
Operating income (loss) | 863 | 2,496 | 2,042 | 2,536 |
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Operating income (loss) | $ (22,561) | $ (32,237) | $ (46,787) | $ (59,879) |
Reconciliation of Operating I_2
Reconciliation of Operating Income (Loss) from Segments to Consolidated By Reportable Segments (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jul. 01, 2019 | Jul. 01, 2019 | |
Segment Reporting Information [Line Items] | ||
Amortization of definite-lived intangibles included in cost of goods sold | $ 1,180 | $ 2,359 |
Printed Circuit Board | ||
Segment Reporting Information [Line Items] | ||
Amortization of definite-lived intangibles included in cost of goods sold | $ 1,180 | $ 2,359 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 01, 2019 | Jul. 02, 2018 | Jul. 01, 2019 | Jul. 02, 2018 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |||||
Accounts payable due to related parties | $ 10,537 | $ 10,537 | $ 10,630 | ||
Foreign Subsidiaries | |||||
Related Party Transaction [Line Items] | |||||
Purchases from related party | $ 8,917 | $ 12,550 | $ 17,229 | $ 25,258 |
Summary of Restructuring Costs
Summary of Restructuring Costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jul. 01, 2019 | Jul. 01, 2019 | |
Reportable Segment: | ||
Restructuring charges | $ 3,944 | $ 4,389 |
Employee Separation/ Severance | ||
Reportable Segment: | ||
Restructuring charges | 3,936 | 4,373 |
Contract Termination and Other Costs | ||
Reportable Segment: | ||
Restructuring charges | 8 | 16 |
Operating Segment | Printed Circuit Board | ||
Reportable Segment: | ||
Restructuring charges | 3,776 | 4,213 |
Operating Segment | Employee Separation/ Severance | Printed Circuit Board | ||
Reportable Segment: | ||
Restructuring charges | 3,776 | 4,213 |
Corporate | ||
Reportable Segment: | ||
Restructuring charges | 168 | 176 |
Corporate | Employee Separation/ Severance | ||
Reportable Segment: | ||
Restructuring charges | 160 | 160 |
Corporate | Contract Termination and Other Costs | ||
Reportable Segment: | ||
Restructuring charges | $ 8 | $ 16 |
Accrued Restructuring Costs (De
Accrued Restructuring Costs (Detail) $ in Thousands | 6 Months Ended |
Jul. 01, 2019USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Beginning balance | $ 3,551 |
Charged to expense | 4,389 |
Amount paid | (3,912) |
Ending balance | 4,028 |
Employee Separation/ Severance | |
Restructuring Cost and Reserve [Line Items] | |
Beginning balance | 3,158 |
Charged to expense | 4,373 |
Amount paid | (3,851) |
Ending balance | 3,680 |
Contract Termination and Other Costs | |
Restructuring Cost and Reserve [Line Items] | |
Beginning balance | 393 |
Charged to expense | 16 |
Amount paid | (61) |
Ending balance | $ 348 |