Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2020 | May 07, 2020 | |
Cover [Abstract] | ||
Entity Central Index Key | 0000863436 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Document Period End Date | Mar. 31, 2020 | |
Entity Registrant Name | BENCHMARK ELECTRONICS, INC. | |
Entity File Number | 1-10560 | |
Entity Incorporation, State or Country Code | TX | |
Entity Tax Identification Number | 74-2211011 | |
Entity Address, Address Line One | 56 South Rockford Drive | |
Entity Address, City or Town | Tempe | |
Entity Address, State or Province | AZ | |
Entity Address, Postal Zip Code | 85281 | |
City Area Code | 623 | |
Local Phone Number | 300-7000 | |
Title of 12(b) Security | Common Stock, par value $0.10 per share | |
Trading Symbol | BHE | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 36,415,712 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and cash equivalents | $ 411,786 | $ 347,558 |
Restricted cash | 0 | 16,398 |
Accounts receivable, net of allowance for doubtful accounts of $10,085 and $10,085, respectively | 317,862 | 324,424 |
Contract assets | 159,962 | 161,061 |
Inventories | 338,437 | 314,956 |
Prepaid expenses and other current assets | 35,863 | 29,566 |
Income taxes receivable | 1,092 | 1,119 |
Total current assets | 1,265,002 | 1,195,082 |
Property, plant and equipment, net of accumulated depreciationof $478,616 and $460,708, respectively | 201,580 | 205,819 |
Operating lease right-of-use assets | 77,033 | 76,859 |
Goodwill | 192,116 | 192,116 |
Deferred income taxes | 5,274 | 5,274 |
Other assets, net | 82,377 | 84,724 |
Total assets | 1,823,382 | 1,759,874 |
Current liabilities: | ||
Current installments of long-term debt | 8,868 | 8,825 |
Accounts payable | 315,729 | 302,994 |
Income taxes payable | 7,537 | 7,895 |
Accrued liabilities | 127,205 | 139,531 |
Total current liabilities | 459,339 | 459,245 |
Long-term debt, less current installments | 231,798 | 138,912 |
Operating lease liabilities | 67,009 | 67,898 |
Other long-term liabilities | 64,367 | 65,483 |
Deferred income taxes | 11,247 | 13,504 |
Shareholders' equity: | ||
Preferred stock, $0.10 par value; 5,000 shares authorized, none issued | 0 | 0 |
Common stock, $0.10 par value; 145,000 shares authorized; issued and outstanding - and outstanding - 36,415 and 36,957, respectively | 3,642 | 3,696 |
Additional paid-in capital | 505,283 | 512,019 |
Retained earnings | 502,692 | 515,876 |
Accumulated other comprehensive loss | (21,995) | (16,759) |
Total shareholders' equity | 989,622 | 1,014,832 |
Commitments and contingencies | ||
Total liabilities and shareholders' equity | $ 1,823,382 | $ 1,759,874 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Condensed Consolidated Balance Sheets [Abstract] | ||
Allowance for doubtful accounts, accounts receivable | $ 10,085 | $ 10,085 |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment | $ 478,616 | $ 460,708 |
Preferred shares, par value | $ 0.10 | $ 0.1 |
Preferred shares, shares authorized | 5,000 | 5,000 |
Preferred shares, issued | ||
Common stock, par value | $ 0.10 | $ 0.1 |
Common stock, shares authorized | 145,000 | 145,000 |
Common stock, issued | 36,415 | 36,957 |
Common stock, outstanding | 36,415 | 36,957 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Income (unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Condensed Consolidated Statements Of Income (Loss) [Abstract] | ||
Net sales | $ 514,964 | $ 602,820 |
Cost of sales | 471,603 | 552,783 |
Gross profit | 43,361 | 50,037 |
Selling, general and administrative expenses | 31,575 | 30,007 |
Amortization of intangible assets | 2,381 | 2,367 |
Restructuring charges and other costs | 2,915 | 1,576 |
Income from operations | 6,490 | 16,087 |
Interest expense | (1,702) | (1,609) |
Interest income | 599 | 1,297 |
Other income (expense), net | (662) | 1,604 |
Income before income taxes | 4,725 | 17,379 |
Income tax expense | 873 | 3,606 |
Net income | $ 3,852 | $ 13,773 |
Earnings per share: | ||
Basic | $ 0.10 | $ 0.34 |
Diluted | $ 0.10 | $ 0.34 |
Weighted-average number of shares outstanding: | ||
Basic | 36,790 | 40,630 |
Diluted | 37,071 | 40,853 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements Of Comprehensive Income (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Consolidated Statements Of Comprehensive Income [Abstract] | ||
Net income | $ 3,852 | $ 13,773 |
Other comprehensive income (loss): | ||
Foreign currency translation adjustments | (1,257) | (833) |
Unrealized loss on derivative, net of tax | (4,094) | (1,285) |
Other | 115 | (15) |
Other comprehensive income (loss): | (5,236) | (2,133) |
Comprehensive income (loss) | $ (1,384) | $ 11,640 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements Of Shareholders' Equity (unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Additional Paid In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] |
Balances, shares at Dec. 31, 2018 | 41,357 | ||||
Shares repurchased and retired, shares | (2,383) | ||||
Stock options exercised, shares | 13 | ||||
Vesting of restricted stock units, shares | 227 | ||||
Shares withheld for taxes, shares | (45) | ||||
Balances, shares at Mar. 31, 2019 | 39,169 | ||||
Beginning Balances, value at Dec. 31, 2018 | $ 1,132,225 | $ 4,136 | $ 554,939 | $ 584,274 | $ (11,124) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation expense | 2,772 | 0 | 2,772 | 0 | 0 |
Shares repurchased and retired, value | (61,080) | (239) | (26,473) | (34,368) | 0 |
Stock options exercised, value | 279 | 1 | 278 | 0 | 0 |
Vesting of restricted stock units, value | 0 | 23 | (23) | 0 | 0 |
Shares withheld for taxes, value | (1,236) | (4) | (1,232) | 0 | 0 |
Dividends declared | (5,875) | 0 | 0 | (5,875) | 0 |
Net income | 13,773 | 0 | 0 | 13,773 | 0 |
Other comprehensive loss | (2,133) | 0 | 0 | 0 | (2,133) |
Ending Balances, value at Mar. 31, 2019 | $ 1,078,725 | $ 3,917 | 530,261 | 557,804 | (13,257) |
Balances, shares at Dec. 31, 2019 | 36,957 | 36,957 | |||
Shares repurchased and retired, shares | (724) | ||||
Stock options exercised, shares | 16 | ||||
Vesting of restricted stock units, shares | 236 | ||||
Shares withheld for taxes, shares | (70) | ||||
Balances, shares at Mar. 31, 2020 | 36,415 | 36,415 | |||
Beginning Balances, value at Dec. 31, 2019 | $ 1,014,832 | $ 3,696 | 512,019 | 515,876 | (16,759) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation expense | 2,739 | 0 | 2,739 | 0 | 0 |
Shares repurchased and retired, value | (19,329) | (73) | (8,048) | (11,208) | 0 |
Stock options exercised, value | 359 | 2 | 357 | 0 | 0 |
Vesting of restricted stock units, value | 0 | 24 | (24) | 0 | 0 |
Shares withheld for taxes, value | (1,767) | (7) | (1,760) | 0 | 0 |
Dividends declared | (5,828) | 0 | 0 | (5,828) | 0 |
Net income | 3,852 | 0 | 0 | 3,852 | 0 |
Other comprehensive loss | (5,236) | 0 | 0 | 0 | (5,236) |
Ending Balances, value at Mar. 31, 2020 | $ 989,622 | $ 3,642 | $ 505,283 | $ 502,692 | $ (21,995) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements Of Cash Flows (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities: | ||
Net income | $ 3,852 | $ 13,773 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation | 9,301 | 9,319 |
Amortization | 2,891 | 2,853 |
Provision for doubtful accounts | 0 | (1,661) |
Deferred income taxes | (885) | 685 |
Asset impairments | 1,007 | 0 |
(Gain) loss on the sale of property, plant and equipment | (31) | 2 |
Stock-based compensation expense | 2,739 | 2,772 |
Changes in operating assets and liabilities, net of effects from business acquisition: | ||
Accounts receivable | 6,414 | 64,176 |
Contract assets | 1,099 | (16,943) |
Inventories | (23,769) | (5,862) |
Prepaid expenses and other assets | (3,110) | 3,056 |
Accounts payable | 14,882 | (45,914) |
Accrued liabilities | (17,166) | (11,044) |
Operating leases | (83) | 543 |
Income taxes | (250) | 659 |
Net cash provided by (used in) operations | (3,109) | 16,414 |
Cash flows from investing activities: | ||
Additions to property, plant and equipment | (11,856) | (9,326) |
Proceeds from the sale of property, plant and equipment | 7 | 1 |
Additions to purchased software | (1,040) | (748) |
Cash received from business divestitures | 1,341 | 0 |
Other | 57 | (98) |
Net cash used in investing activities | (11,491) | (10,171) |
Cash flows from financing activities: | ||
Proceeds from stock options exercised | 359 | 279 |
Employee taxes paid for shares withheld | (1,767) | (1,236) |
Dividends paid | (5,538) | (6,203) |
Borrowings under credit agreement | 110,000 | 0 |
Principal payments on long-term debt | (17,187) | (274) |
Share repurchases | (19,329) | (61,080) |
Net cash provided by (used in) financing activities | 66,538 | (68,514) |
Effect of exchange rate changes | (4,108) | (515) |
Net increase (decrease) in cash and cash equivalents and restricted cash | 47,830 | (62,786) |
Cash and cash equivalents and restricted cash at beginning of period | 363,956 | 458,102 |
Cash and cash equivalents and restricted cash at end of period | $ 411,786 | $ 395,316 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | Note 1 – Basis of Presentation Benchmark Electronics, Inc. (the Company) is a Texas corporation that provides innovative product design, engineering services, technology solutions and advanced manufacturing services. From initial product concept to volume production, including direct order fulfillment and aftermarket services, the Company has been providing integrated services and solutions to original equipment manufacturers (OEMs) since 1979. The Company serves the following industries: aerospace and defense (A&D), medical technologies, complex industrials, semiconductor capital equipment (Semi-Cap), next-generation telecommunications and advanced computing. The Company has manufacturing operations located in the United States and Mexico (the Americas), Asia and Europe. The unaudited condensed consolidated financial statements included herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the SEC). The financial statements reflect all normal and recurring adjustments necessary in the opinion of management for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. The results of operations for the periods presented are not necessarily indicative of the results to be expected for the full year. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 (the 2019 10-K). Management has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these financial statements in accordance with generally accepted accounting principles in the United States (U.S. GAAP) with consideration given to the potential impacts of the coronavirus disease 2019 (COVID-19) pandemic. However, actual results could differ materially from these estimates and be significantly affected by the severity and duration of the pandemic, the extent of actions to contain or treat COVID-19, how quickly and to what extent normal economic and operating activity can resume, and the severity and duration of the global economic downturn that results from the pandemic. For comparative purposes and based on ongoing evaluation of personnel roles involved in the production process, prior year expenses associated with certain personnel have been reclassified from selling, general and administrative expenses to cost of goods sold to conform to the current year presentation. |
New Accounting Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2020 | |
New Accounting Pronouncements | |
New Accounting Pronouncements | Note 2 – New Accounting Pronouncements Adopted in 2020 In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which replaces the current incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This update is effective for annual reporting periods beginning after December 15, 2019. The Company adopted this update effective January 1, 2020 Not Yet Adopted The Company has determined that other recently issued accounting standards will either have no material impact on its consolidated financial position, results of operations or cash flows, or will not apply to its operations. |
Contract Assets
Contract Assets | 3 Months Ended |
Mar. 31, 2020 | |
Contract Assets | |
Contract assets | Note 3 – Contract Assets As of March 31, 2020 and December 31, 2019, the Company had $ 160.0 million and $ 161.1 million, respectively, in contract receivables from contracts with customers. The contract receivables primarily relate to the Company’s right to consideration for work completed but not billed at the reporting date. The contract receivables are transferred to accounts receivable when the rights become unconditional. Significant changes in the contract asset balance during the period are as follows: Three Months Ended March 31, (in thousands) 2020 2019 Beginning balance as of December 31, $ 161,061 $ 140,082 Revenue recognized 464,727 564,889 Amounts collected or invoiced ( 465,826) ( 547,946) Ending balance as of March 31, $ 159,962 $ 157,025 |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2020 | |
Inventories [Abstract] | |
Inventories | Note 4 – Inventories Inventory costs are summarized as follows: March 31, December 31, (in thousands) 2020 2019 Raw materials $ 326,924 $ 304,069 Work in process 7,941 8,282 Finished goods 3,572 2,605 $ 338,437 $ 314,956 |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill And Other Intangible Assets [Abstract] | |
Goodwill And Other Intangible Assets | Note 5 – Goodwill and Other Intangible Assets Goodwill allocated to the Company’s reportable segments was as follows: (in thousands) Americas Asia Total Goodwill as of December 31, 2019 and March 31, 2020 $ 154,014 $ 38,102 $ 192,116 Other assets, net consist primarily of acquired identifiable intangible assets and capitalized purchased software costs. Intangible assets as of March 31, 2020 and December 31, 2019 were as follows: As of March 31, 2020 Gross Net Carrying Accumulated Carrying (in thousands) Amount Amortization Amount Customer relationships $ 100,102 $ ( 48,545) $ 51,557 Purchased software costs 42,569 ( 32,348) 10,221 Technology licenses 28,800 ( 24,890) 3,910 Trade names and trademarks 7,800 — 7,800 Other 868 ( 315) 553 Total $ 180,139 $ ( 106,098) $ 74,041 As of December 31, 2019 Gross Net Carrying Accumulated Carrying (in thousands) Amount Amortization Amount Customer relationships $ 100,123 $ ( 46,981) $ 53,142 Purchased software costs 41,604 ( 32,012) 9,592 Technology licenses 28,800 ( 24,100) 4,700 Trade names and trademarks 7,800 — 7,800 Other 868 ( 309) 559 Total $ 179,195 $ ( 103,402) $ 75,793 Customer relationships are being amortized on a straight-line basis over a period of 10 to 14 years. Capitalized purchased software costs are amortized straight-line over the estimated useful life of the related software, which ranges from 2 to 10 years. Technology licenses are being amortized over their estimated useful lives in proportion to the economic benefits consumed. The Company’s acquired trade names and trademarks have been determined to have an indefinite life. Amortization on the statements of cash flow for the three months ended March 31, 2020 and 2019 was as follows: Three Months Ended March 31, (in thousands) 2020 2019 Amortization of intangible assets $ 2,381 $ 2,367 Amortization of capitalized purchased software costs 395 371 Amortization of debt costs 115 115 $ 2,891 $ 2,853 The estimated future amortization expense of acquired intangible assets for each of the next five years is as follows (in thousands): Year ending December 31, Amount 2020 (remaining nine months) $ 7,906 2021 8,091 2022 7,949 2023 6,719 2024 5,555 |
Borrowing Facilities
Borrowing Facilities | 3 Months Ended |
Mar. 31, 2020 | |
Borrowing Facilities | |
Borrowing Facilities | Note 6—Borrowing Facilities Long-term debt outstanding as of March 31, 2020 and December 31, 2019 consists of the following: March 31, December 31, (in thousands) 2020 2019 Revolving credit facility, due 2023 $ 95,000 $ — Term loan, due 2023 142,500 144,375 Less unamortized debt issuance costs ( 1,502) ( 1,616) Long-term debt $ 235,998 $ 142,759 On July 20, 2018, the Company entered into a $ 650 million credit agreement (the Credit Agreement) by and among the Company, certain of its subsidiaries, the lenders party thereto and Bank of America, N.A., as Administrative Agent, Swingline Lender and a L/C Issuer. The Credit Agreement is comprised of a 5-year $ 500 million revolving credit facility (the Revolving Credit Facility) and a 5-year $ 150 million term loan facility (the Term Loan Facility), both with a maturity date of July 20, 2023. The Term Loan Facility proceeds were used to (i) refinance a portion of existing indebtedness and terminate all commitments under the Company’s prior $ 430 million credit agreement and (ii) pay the fees, costs and expenses associated with the foregoing and the negotiation, execution and delivery of the Credit Agreement. The Revolving Credit Facility is available for general corporate purposes. The Credit Agreement includes an accordion feature pursuant to which the Company is permitted to add one or more incremental term loan and/or increase commitments under the Revolving Credit Facility in an aggregate amount not exceeding $ 275 million, subject to the satisfaction of certain conditions. The Term Loan Facility is payable in quarterly principal installments of $ 1.9 million with the balance payable on July 20, 2023. Interest on outstanding borrowings under the Credit Agreement (other than swingline loans) accrues, at the Company’s option, at (a) the London Interbank Offered Rate (LIBOR) plus 1.0% to 2.0% or (b) the base rate plus 0.0% to 1.0%. As of March 31, 2020, $ 142.5 million of the outstanding debt under the Credit Agreement is effectively at a fixed interest rate of 2.928% (plus the applicable margin) as a result of a $ 142.5 million notional interest rate swap contract discussed in Note 16. A commitment fee of 0.20% to 0.30% per annum (based on the debt to EBITDA ratio) on the unused portion of the revolving credit line is payable quarterly in arrears. The Credit Agreement is generally secured by a pledge of (a) all 65% of the capital stock of its directly owned foreign subsidiaries, (b) all or substantially all other personal property of Benchmark and its domestic subsidiaries (including, but not limited to, accounts receivable, contract assets, inventory, intellectual property and fixed assets of Benchmark and its domestic subsidiaries), in each case, subject to customary exceptions and limitations, and (c) all proceeds and products of the property and assets described in (a) and (b) above. The Credit Agreement contains certain financial covenants as to interest coverage and debt leverage, and certain customary affirmative and negative covenants, including restrictions on the Company’s ability to incur additional debt and liens, pay dividends, repurchase shares, sell assets and merge or consolidate with other persons. Amounts due under the Credit Agreement could be accelerated upon specified events of default, including a failure to pay amounts due, breach of a covenant, material inaccuracy of a representation, or occurrence of bankruptcy or insolvency, subject, in some cases, to cure periods. As of March 31, 2020, the Company had $ 142.5 million in borrowings outstanding under the Term Loan Facility and $ 95.0 million in borrowings and $ 3.7 million in letters of credit outstanding under the Revolving Credit Facility, respectively. The Company had $ 401.3 million available for future borrowings under the Revolving Credit Facility subject to compliance with financial covenants as to interest coverage and debt leverage, in addition to other debt covenant restrictions. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Leases | Note 7 – Leases The Company determines if a contract is or contains a lease at inception. The Company has entered into leases for certain facilities, vehicles and other equipment. The Company’s leases consist mainly of operating leases which expire at various dates through 2036. Variable lease payments are generally expensed as incurred and include certain index-based changes in rent, certain nonlease components, such as maintenance and other services provided by the lessor, and other charges included in the lease. The components of lease expense were as follows: Three Months Ended (in thousands) March 31, 2020 March 31, 2019 Finance lease cost: Amortization of right-to-use assets (included in depreciation expense) $ 178 $ 178 Interest on lease liabilities 118 146 Operating lease cost 4,141 4,448 Short-term lease cost 241 200 Variable lease cost 510 366 Total lease cost $ 5,188 $ 5,338 Three Months Ended March 31, 2020 March 31, 2019 Other information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used for finance lease $ 127 $ 157 Operating cash flows used for operating leases $ 3,988 $ 3,835 Financing cash flows used for finance lease $ 312 $ 273 Right-to-use assets obtained in exchange for new operating lease liabilities $ 4,183 $ 660 The lease assets and liabilities were as follows (in thousands): March 31, December 31, 2020 2019 Finance lease right-of-assets (included in other assets) $ 2,133 $ 2,311 Operating lease right-of-use assets $ 77,033 $ 76,859 Finance liability, current (included in current installments of long-term debt) $ 1,368 $ 1,325 Finance lease liability, noncurrent (included in long-term debt) $ 3,300 $ 3,654 Operating lease liabilities, current (included in accrued liabilities) $ 12,023 $ 11,043 Operating lease liabilities, noncurrent $ 67,009 $ 67,898 Weighted average remaining lease term – finance leases 3.3 years 3.5 years Weighted average remaining lease term – operating leases 9.9 years 10.2 years Weighted average discount rate – finance leases 10.1% 10.1% Weighted average discount rate – operating leases 4.7% 4.7% Future annual minimum lease payments and finance lease commitments as of March 31, 2020 were as follows (in thousands): Operating Finance Year ending December 31, Leases Leases 2020 (remaining nine months) $ 15,374 $ 1,342 2021 12,658 1,816 2022 10,655 1,853 2023 9,590 465 2024 8,556 — 2025 and thereafter 43,802 — Total minimum lease payments $ 100,635 $ 5,476 Less: imputed interest ( 21,603) ( 808) Present value of lease liabilities $ 79,032 $ 4,668 As of March 31, 2020 , the Company’s future operating leases that have not yet commenced are immaterial. |
Common Stock and Stock-Based Aw
Common Stock and Stock-Based Awards Plans | 3 Months Ended |
Mar. 31, 2020 | |
Common Stock and Stock-Based Awards Plans | |
Common Stock and Stock-Based Awards Plans | Note 8 – Common Stock and Stock-Based Awards Plans Dividends The Company began declaring and paying quarterly dividends during the first quarter of 2018. For the three months ended March 31, 2020, cash dividends paid totaled $ 5.5 million. On March 16, 2020, the Company declared a quarterly cash dividend of $ 0.16 per share of the Company’s common stock to shareholders of record as of March 31, 2020. The dividend in the aggregate amount of $ 5.8 million was paid on April 14, 2020. The Company’s future dividend policy is subject to the Company’s compliance with applicable law, and depending on, among other things, the Company’s results of operations, financial condition, level of indebtedness, capital requirements, contractual restrictions, restrictions in the Company’s debt agreements, and other factors that the Board of Directors may deem relevant, including the impact of the COVID-19 pandemic. Dividend payments are not mandatory or guaranteed; there can be no assurance that the Company will continue to pay a dividend in the future. Share Repurchase Authorization On February 19, 2020, the Board of Directors authorized a $ 150 million increase to its existing stock repurchase program. On October 26, 2018, the Board of Directors authorized the repurchase of $ 100 million of the Company’s common stock in addition to the $ 250 million previously approved on March 6, 2018. As of March 31, 2020, the Company had an aggregate $ 210.1 million remaining under its stock repurchase program. Stock-Based Compensation The Company’s 2019 Omnibus Incentive Compensation Plan (the 2019 Plan) authorizes the Company, upon approval of the Compensation Committee of the Board of Directors, to grant a variety of awards, including stock options, restricted shares and restricted stock units (both time-based and performance-based) and other forms of equity awards, or any combination thereof, to any director, officer, employee or consultant (including any prospective director, officer, employee or consultant) of the Company. Stock options (which have not been awarded since 2015) are granted to employees with an exercise price equal to the market price of the Company’s common stock on the date of grant, generally vest over a four 10 years. Time-based restricted stock units granted to employees generally vest over a four three have been in the form of restricted stock units, which vest in equal annual installments over a one As of March 31, 2020 , 2.8 million additional common shares were available for issuance under the Company’s 2019 Plan. All share-based payments to employees, including grants of employee stock options, are recognized in the financial statements based on their grant date fair values. The total compensation cost recognized for stock-based awards was $ 2.7 million and $ 2.8 million for the three months ended March 31, 2020 and 2019, respectively. The total income tax benefit recognized in the Condensed Consolidated Statements of Income for stock-based awards was $ 0.7 million for each of the three months ended March 31, 2020 and 2019. Awards of restricted stock units and performance-based restricted stock units are valued at the closing market price of the Company’s common stock on the date of grant. For performance-based restricted stock units, compensation expense is based on the probability that the performance goals will be achieved, which is monitored by management throughout the requisite service period. When it becomes probable, based on the Company’s expectation of performance during the measurement period, that more or less than the previous estimate of the awarded shares will vest, an adjustment to stock-based compensation expense is recognized as a change in accounting estimate. As of March 31, 2020, the unrecognized compensation cost and remaining weighted-average amortization period related to stock-based awards were as follows: Performance- Time-based based Restricted Restricted Stock Stock (in thousands, except remaining period data) Units Units (1) Unrecognized compensation cost $ 27,462 $ 7,009 Remaining weighted-average amortization period 3 years 2.2 years (1) The total cash received by the Company as a result of stock option exercises for the three months ended March 31, 2020 and 2019 was approximately $ 0.4 million and $ 0.3 million, respectively. The actual tax benefit realized as a result of stock option exercises and the vesting of other share-based awards during each of the three months ended March 31, 2020 and 2019 was $ million. For each of the three months ended March 31, 2020 and 2019, the total intrinsic value of stock options exercised was $ million. The Company awarded performance-based restricted stock units to employees during the three months ended March 31, 2020 and 2019. The number of performance-based restricted stock units that will ultimately be earned will not be determined until the end of the corresponding performance periods, and may vary from as low as zero to as high as 2.5 times the target number depending on the level of achievement of certain performance goals. The level of achievement of these goals is based upon the financial results of the Company for the last full calendar year within the performance period. The performance goals consist of certain levels of achievement using the following financial metrics: revenue, operating income margin, and return on invested capital. If the performance goals are not met based on the Company’s financial results, the applicable performance-based restricted stock units will not vest and will be forfeited. Shares subject to forfeited performance-based restricted stock units will be available for issuance under the Company’s 2019 Plan. The following table summarizes activities relating to the Company’s stock options: Weighted- Weighted- Average Aggregate Number of Average Remaining Intrinsic Options Exercise Contractual Value (in thousands) Price Term (Years) (in thousands) Outstanding as of December 31, 2019 270 $ 20.02 Exercised ( 19) 22.82 Outstanding and exercisable as of March 31, 2020 251 $ 19.80 3.16 $ 406 The aggregate intrinsic value in the table above is before income taxes and is calculated as the difference between the exercise price of the underlying options and the Company’s closing stock price as of the last business day of the period ended March 31, 2020 for options that had exercise prices that were below the closing price. The following table summarizes the activities related to the Company’s time-based restricted stock units: Weighted- Number of Average Units Grant Date (in thousands) Fair Value Non-vested awards outstanding as of December 31, 2019 893 $ 28.06 Granted 456 27.76 Vested ( 236) 27.98 Forfeited ( 16) 28.63 Non-vested awards outstanding as of March 31, 2020 1,097 $ 27.94 The following table summarizes the activities related to the Company’s performance-based restricted stock units: Weighted- Number of Average Units Grant Date (in thousands) Fair Value Non-vested awards outstanding as of December 31, 2019 384 $ 28.89 Granted (1) 165 28.02 Forfeited ( 181) 30.04 Non-vested awards outstanding as of March 31, 2020 368 $ 27.93 (1) |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Income Taxes [Abstract] | |
Income Taxes | Note 9 – Income Taxes Income tax expense consists of the following: Three Months Ended March 31, (in thousands) 2020 2019 Federal – current $ 617 $ 675 Foreign – current 986 1,558 State – current 155 688 Deferred ( 885) 685 $ 873 $ 3,606 Income tax expense differs from the amount computed by applying the U.S. federal statutory income tax rate to income before income taxes primarily due to the mix of taxable income by taxing jurisdiction, the impact of tax incentives and tax holidays in foreign locations, state income taxes (net of federal benefit) and the U.S. tax under the global intangible low-taxed income (GILTI) provisions. GILTI requires the Company to include in its U.S. income tax return foreign subsidiary earnings in excess of an allowable return on the foreign subsidiaries tangible fixed assets. The taxable earnings can be offset by a limited deemed paid foreign tax credit with no carrybacks or carryforwards available. The company accounts for the GILTI as a period cost and does not include it as a factor in the determination of deferred taxes. As of December 31, 2019, the Company had approximately $ 313.9 million in cumulative undistributed foreign earnings of its foreign subsidiaries. These earnings would not be subject to U.S. income tax, if distributed to the Company. During 2018, the Company changed its assertion on its foreign subsidiaries earnings that are permanently reinvested. A certain amount of earnings from specific foreign subsidiaries are permanently reinvested, and certain foreign earnings from other specific foreign subsidiaries are considered to be non-permanently reinvested and are available for immediate distribution to the Company. Income taxes have been accrued on the non-permanently reinvested foreign earnings including any applicable local withholding taxes. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was enacted in the United States in response to the COVID-19 pandemic. The CARES Act among other things, permits NOL carryovers and carrybacks to offset 100% of taxable income for taxable years beginning before 2021, and contains modifications on the limitation of business interest for tax years beginning in 2019 and 2020. The Company has evaluated the impact of these provisions and has determined these provisions did not have any impact on the three months ended March 31, 2020. In addition, the CARES Act allows for employee retention tax credits to be taken in future US payroll tax filings and allows for the deferral of certain future employer portion of social security tax with 50% to be paid at the end of calendar years 2021 and 2022, respectively. The Company is currently evaluating the benefits of these items for future periods. The Company has been granted certain tax incentives, including tax holidays, for its subsidiaries in Malaysia and Thailand that will expire at various dates, unless extended or otherwise renegotiated, through 2021 in Malaysia and 2028 in Thailand, and are subject to certain conditions with which the Company expects to comply. The net impact of these tax incentives was to lower income tax expense for the three months ended March 31, 2020 and 2019 by approximately $ 0.8 million (approximately $ 0.02 per diluted share) and $ 1.7 million (approximately $ 0.04 per diluted share), respectively, as follows: Three Months Ended March 31, (in thousands) 2020 2019 Malaysia 476 646 Thailand 318 1,030 $ 794 $ 1,676 As of March 31, 2020, the total amount of the reserve for uncertain tax benefits including interest and penalties was $ 0.6 million. The reserve is classified as a current or long-term liability in the condensed consolidated balance sheets based on the Company’s expectation of when the items will be settled. The Company records interest expense and penalties accrued in relation to uncertain income tax benefits as a component of current income tax expense. The Company and its subsidiaries in Brazil, China, Ireland, Malaysia, Mexico, the Netherlands, Romania, Singapore, Thailand and the United States remain open to examination by the various local taxing authorities, in total or in part, for fiscal years 2012 to 2019. Currently, the Company does not have any ongoing income tax examinations by any jurisdiction. During the course of such income tax examinations, disputes may occur as to matters of fact or law. Also, in most tax jurisdictions, the passage of time without examination will result in the expiration of applicable statutes of limitations thereby precluding examination of the tax period(s) for which such statute of limitation has expired. The Company believes that it has adequately provided for its tax liabilities. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | Note 10 – Revenue The Company’s revenues are generated primarily from the sale of manufactured products built to customer specifications. The Company also generates revenue from design, development and engineering services, in addition to the sale of other inventory. Revenue is measured based on consideration specified in a contract with a customer. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a manufactured product to a customer. The Company’s contracts with customers are generally short-term in nature. Customers are generally billed when the product is shipped or as services are performed. Under the majority of the Company’s manufacturing contracts with customers, the customer controls all of the work-in-progress as products are being built. Revenues under these contracts are recognized progressively based on the cost-to-cost method. For other manufacturing contracts, the customer does not take control of the product until it is completed. Under these contracts, the Company recognizes revenue upon transfer of control of product to the customer. Revenue from design, development and engineering services is recognized over time as the services are performed. The Company assumes no significant obligations after shipment as it typically warrants workmanship only. Therefore, the warranty provisions are generally not significant. If the Company records revenue, but does not issue an invoice, a contract asset is recognized. The contract asset is transferred to accounts receivable when the entitlement to payment becomes unconditional. Taxes assessed by governmental authorities that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer, are excluded from revenue. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as fulfillment costs and are included in cost of sales. Disaggregation of revenue In the following tables, revenue is disaggregated by market sector. The tables also include a reconciliation of the disaggregated revenue with the reportable operating segments. Reportable Operating Segments Three Months Ended March 31, 2020 (in thousands) Americas Asia Europe Total Market Sector: Industrials $ 33,945 48,225 20,656 $ 102,826 A&D 113,012 — 6,188 119,200 Medical 69,379 44,203 4,394 117,976 Semi-Cap 30,449 37,292 14,979 82,720 Computing 30,074 6,527 — 36,601 Telecommunication 26,649 28,659 333 55,641 External revenue 303,508 164,906 46,550 514,964 Elimination of intersegment sales 10,888 6,703 450 18,041 Segment revenue $ 314,396 $ 171,609 $ 47,000 $ 533,005 Reportable Operating Segments Three Months Ended March 31, 2019 (in thousands) Americas Asia Europe Total Market Sector: Industrials $ 42,767 $ 55,582 $ 18,024 $ 116,373 A&D 96,337 — 7,552 103,889 Medical 58,411 40,459 4,608 103,478 Semi-Cap 28,400 24,743 12,878 66,021 Computing 110,268 14,009 33 124,310 Telecommunication 42,773 45,256 720 88,749 External revenue 378,956 180,049 43,815 602,820 Elimination of intersegment sales 13,102 7,360 145 20,607 Segment revenue $ 392,058 $ 187,409 $ 43,960 $ 623,427 For the three months ended March 31, 2020 and 2019, 90% and 94%, respectively, of the Company’s revenue was recognized as products and services transferred over time. |
Accounts Receivable Sale Progra
Accounts Receivable Sale Program | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Accounts Receivable Sales Program | Note 11 – Accounts Receivable Sale Program As of March 31, 2020, in connection with three trade accounts receivable sale programs with unaffiliated financial institutions, the Company may elect to sell, at a discount, on an ongoing basis, up to a maximum of $ 120.0 million of specific accounts receivable at any one time. During the three months ended March 31, 2020 and 2019, the Company sold $ 76.4 million and $ 52.9 million, respectively, of accounts receivable under this program, and in exchange, the Company received cash proceeds of $ 76.3 million and $ 52.7 million, respectively, net of the discount. The loss on the sale resulting from the discount was recorded to other income (expense), net within the Condensed Consolidated Statements of Income. |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Contingencies [Abstract] | |
Contingencies | Note 12 – Contingencies The Company is involved in various legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Company’s consolidated financial position or results of operations. |
Restructuring Charges
Restructuring Charges | 3 Months Ended |
Mar. 31, 2020 | |
Restructuring Charges [Abstract] | |
Restructuring Charges | Note 13 – Restructuring Charges The Company has undertaken initiatives to restructure its business operations to improve utilization and realize cost savings. These initiatives have included changing the number and location of production facilities, largely to align capacity and infrastructure with current and anticipated customer demand. This alignment includes transferring programs from higher cost geographies to lower cost geographies. The process of restructuring entails moving production between facilities, reducing staff levels, realigning our business processes, reorganizing our management and other activities. The Company recognized restructuring charges during 2020 and 2019 primarily related to facility transitions in the Americas, capacity reduction and reductions in workforce in certain facilities across various regions. The following table summarizes the 2020 activity in the accrued restructuring balances related to the restructuring activities initiated prior to March 31, 2020: Balance as of Foreign Balance as of December 31, Restructuring Cash Non-Cash Exchange March 31, (in thousands) 2019 Charges Payment Activity Adjustments 2020 2020 Restructuring: Severance $ — $ 517 $ ( 517) — $ — $ — — 517 ( 517) — — — 2019 Restructuring: Severance 3,956 ( 1,183) ( 556) — — 2,217 Leased facilities and equipment — 1,319 ( 175) ( 1,122) — 22 Other exit costs — 1,084 ( 226) ( 538) — 320 3,956 1,220 ( 957) ( 1,660) — 2,559 Total $ 3,956 $ 1,737 $ ( 1,474) ( 1,660) $ — $ 2,559 In addition, during the three months ended March 31, 2020, we incurred $ 1.0 million in costs related to an asset impairment in Asia. |
Ransomware Incident
Ransomware Incident | 3 Months Ended |
Mar. 31, 2020 | |
Ransomware incident | |
Ransomware incident | Note 14—Ransomware Incident During the fourth quarter ended December 31, 2019, some of the Company’s systems were affected by a ransomware incident that encrypted information on its systems and disrupted customer and employee access to its applications and services. The Company immediately took steps to isolate the impact and implemented measures to prevent additional systems from being affected, including taking its network offline as a precaution. In connection with this incident, third party consultants and forensic experts were engaged to assist with the restoration and remediation of the Company’s systems and, with the assistance of law enforcement, to investigate the incident. The Company has found no evidence that customer or employee data was exfiltrated from its network. The Company restored connectivity and resumed operations quickly following the ransomware incident. However, fourth quarter 2019 operations were adversely affected by the inefficiencies caused by taking the network offline for a period of time. As a result, the Company’s fourth quarter 2019 revenue was also adversely affected as the Company was unable to fulfill a portion of customer demand during the quarter. We do have insurance coverage, including cyber insurance, and are working diligently with our insurance carriers on claims to recover costs incurred. We expect that the insurance recovery process will be ongoing throughout 2020. In 2019, ransomware incident related costs incurred totaled $ 7.7 million, net of estimated insurance recoveries of $ 5.0 million. These costs were primarily comprised of certain employee related expenses and various third party consulting services including forensic experts, legal counsel and other IT professional expenses. Further insurance recoveries will be recorded when considered probable. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 15 – Earnings Per Share Basic earnings per share is computed using the weighted-average number of shares outstanding. Diluted earnings per share is computed using the weighted-average number of shares outstanding adjusted for the incremental shares attributed to outstanding stock equivalents. Stock equivalents include common stock issuable upon the exercise of stock options and other equity instruments, and are computed using the treasury stock method. Under the treasury stock method, the exercise price of a share and the amount of compensation cost, if any, for future service that the Company has not yet recognized are assumed to be used to repurchase shares in the current period. The following table sets forth the calculation of basic and diluted earnings per share: Three Months Ended March 31, (in thousands, except per share data) 2020 2019 Net income $ 3,852 $ 13,773 Denominator for basic earnings per share - weighted-average number of common shares outstanding during the period 36,790 40,630 Incremental common shares attributable to exercise of dilutive options 77 76 Incremental common shares attributable to outstanding restricted stock units 204 147 Denominator for diluted earnings per share 37,071 40,853 Basic earnings per share $0.10 $0.34 Diluted earnings per share $0.10 $0.34 Restricted stock units totaling 9 thousand shares and 0.1 million shares for the three months ended March 31, 2020 and 2019, respectively, were not included in the computation of diluted earnings per share because their effect would have been anti-dilutive. |
Financial Instruments
Financial Instruments | 3 Months Ended |
Mar. 31, 2020 | |
Financial Instruments | |
Financial Instruments | Note 16 – Financial Instruments The Company’s financial instruments include cash equivalents, accounts receivable, other receivables, accounts payable, accrued liabilities and long-term debt. The Company believes that the carrying values of these instruments approximate fair value. The Company uses derivative instruments to manage the variability of foreign currency obligations and interest rates. The Company does not enter into derivatives for speculative purposes. As of March 31, 2020, all of the Company’s derivative instruments were recorded at fair value using Level 3 inputs. The forward currency exchange contract in place as of March 31, 2020 has not been designated as an accounting hedge and, therefore, changes in fair value are recorded within the Condensed Consolidated Statements of Income. The Company has an interest rate swap agreement, with a notional amount of $ 142.5 million and $ 144.4 million as of March 31, 2020 and December 31, 2019, respectively, to hedge a portion of its interest rate exposure on outstanding borrowings under the Credit Agreement. Under this interest rate swap agreement, the Company receives variable rate interest payments based on the one-month LIBOR rate and pays fixed rate interest payments. The fixed interest rate for the contract is 2.928%. The effect of this swap is to convert a portion of the floating rate interest expense to fixed interest rate expense. Based on the terms of the interest rate swap contract and the underlying borrowings outstanding under the Credit Agreement, the interest rate contract was determined to be highly effective, and thus qualifies and has been designated as a cash flow hedge. As such, changes in the fair value of the interest rate swap are recorded in other comprehensive income (loss) on the accompanying Condensed Consolidated Balance Sheets until earnings are affected by the variability of cash flows. The fair value of the interest rate swap was a $ 11.3 million liability as of March 31, 2020 and a $ 6.3 million liability as of December 31, 2019 recorded in other long-term liabilities. During the three months ended March 31, 2020, the Company recorded an unrealized loss of $ 5.0 million ($ 3.7 million net of tax) on the swap in other comprehensive income (loss). As of December 31, 2017, the Company had an interest rate swap agreement with a notional amount of $ 155.3 million with a fixed interest rate of 1.4935% which was terminated in October 2018 for $ 3.5 million. This gain is being amortized to offset interest expense over the original term of the swap agreement. During the three months ended March 31, 2020, the Company transferred unrealized gains of $ 0.5 million ($ 0.3 million net of tax) on the terminated swap to interest expense. See Note 17 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2020 | |
Accumulated Other Comprehensive Loss | |
Accumulated Other Comprehensive Loss | Note 17 – Accumulated Other Comprehensive Loss The changes in accumulated other comprehensive loss by component were as follows: Foreign currency Derivative translation instruments, (in thousands) adjustments net of tax Other Total Balances, December 31, 2019 $ ( 12,425) $ ( 3,600) $ ( 734) $ ( 16,759) Other comprehensive loss before reclassifications ( 1,257) ( 3,750) 115 ( 4,892) Amounts reclassified from accumulated other comprehensive loss — ( 344) — ( 344) Net current period other comprehensive loss ( 1,257) ( 4,094) 115 ( 5,236) Balances, March 31, 2020 $ ( 13,682) $ ( 7,694) $ ( 619) $ ( 21,995) See Note 16 for further explanation of the change in derivative instruments that is recorded to Accumulated Other Comprehensive Loss. Amounts reclassified from accumulated other comprehensive loss during 2020 primarily affected interest expense. |
Segment And Geographic Informat
Segment And Geographic Information | 3 Months Ended |
Mar. 31, 2020 | |
Segment And Geographic Information [Abstract] | |
Segment And Geographic Information | Note 18 – Segment and Geographic Information The Company currently has manufacturing facilities in the Americas, Asia and Europe to serve its customers. The Company is operated and managed geographically, and management evaluates performance and allocates the Company’s resources on a geographic basis. Intersegment sales are generally recorded at prices that approximate arm’s length transactions. Operating segments’ measure of profitability is based on income from operations, which includes net sales to third parties, related cost of sales and operating expenses directly attributable to the segment. The operating margin of each segment reflects the cost structure of the segments and are not comparable. The accounting policies for the reportable operating segments are the same as for the Company taken as a whole. The Company has three reportable operating segments: Americas, Asia and Europe. Information about operating segments is as follows: Three Months Ended March 31, (in thousands) 2020 2019 Net sales: Americas $ 314,396 $ 392,058 Asia 171,609 187,409 Europe 47,000 43,960 Elimination of intersegment sales ( 18,041) ( 20,607) $ 514,964 $ 602,820 Depreciation and amortization: Americas $ 5,585 $ 5,381 Asia 2,714 2,811 Europe 725 814 Corporate 3,168 3,166 $ 12,192 $ 12,172 Income from operations: Americas $ 12,425 $ 20,228 Asia 10,998 15,385 Europe 2,189 940 Corporate and intersegment eliminations ( 19,122) ( 20,466) 6,490 16,087 Interest expense (1,702) (1,609) Interest income 599 1,297 Other income (expense) (662) 1,604 Income before income taxes $ 4,725 $ 17,379 Capital expenditures: Americas $ 9,260 $ 4,753 Asia 2,525 2,838 Europe 846 388 Corporate 265 2,095 $ 12,896 $ 10,074 March 31, December 31, (in thousands) 2020 2019 Total assets: Americas $ 820,673 $ 792,180 Asia 534,810 533,508 Europe 133,359 139,977 Corporate and other 334,540 294,209 $ 1,823,382 $ 1,759,874 Geographic net sales information reflects the destination of the product shipped. Long-lived assets information is based upon the physical location of the asset. Three Months Ended March 31, (in thousands) 2020 2019 Geographic net sales: United States $ 336,367 $ 418,364 Singapore 54,621 42,717 Other Asia 38,319 43,907 Europe 66,523 73,345 Other foreign 19,134 24,487 $ 514,964 $ 602,820 March 31, December 31, 2020 2019 Long-lived assets: United States $ 242,210 $ 247,074 Asia 73,948 76,507 Europe 19,890 20,258 Other foreign 24,942 23,563 $ 360,990 $ 367,402 |
Supplemental Cash Flow And Non-
Supplemental Cash Flow And Non-Cash Information | 3 Months Ended |
Mar. 31, 2020 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow and Non-Cash Information | Note 19 – Supplemental Cash Flow and Non-Cash Information The following is additional information concerning supplemental disclosures of cash payments. Three Months Ended March 31, (in thousands) 2020 2019 Income taxes paid, net $ 2,035 $ 2,242 Interest paid 1,939 1,990 Non-cash investing activity: Additions to property, plant and equipment in accounts payable $ 7,173 $ 1,945 |
Contract Assets (Tables)
Contract Assets (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Contract Assets | |
Changes In Contract Assets | Significant changes in the contract asset balance during the period are as follows: Three Months Ended March 31, (in thousands) 2020 2019 Beginning balance as of December 31, $ 161,061 $ 140,082 Revenue recognized 464,727 564,889 Amounts collected or invoiced ( 465,826) ( 547,946) Ending balance as of March 31, $ 159,962 $ 157,025 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Inventories [Abstract] | |
Schedule Of Inventory Costs | Note 4 – Inventories Inventory costs are summarized as follows: March 31, December 31, (in thousands) 2020 2019 Raw materials $ 326,924 $ 304,069 Work in process 7,941 8,282 Finished goods 3,572 2,605 $ 338,437 $ 314,956 |
Goodwill And Other Intangible_2
Goodwill And Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill And Other Intangible Assets [Abstract] | |
Goodwill Rollforward | Goodwill allocated to the Company’s reportable segments was as follows: (in thousands) Americas Asia Total Goodwill as of December 31, 2019 and March 31, 2020 $ 154,014 $ 38,102 $ 192,116 |
Schedule Of Intangible Assets | Intangible assets as of March 31, 2020 and December 31, 2019 were as follows: As of March 31, 2020 Gross Net Carrying Accumulated Carrying (in thousands) Amount Amortization Amount Customer relationships $ 100,102 $ ( 48,545) $ 51,557 Purchased software costs 42,569 ( 32,348) 10,221 Technology licenses 28,800 ( 24,890) 3,910 Trade names and trademarks 7,800 — 7,800 Other 868 ( 315) 553 Total $ 180,139 $ ( 106,098) $ 74,041 As of December 31, 2019 Gross Net Carrying Accumulated Carrying (in thousands) Amount Amortization Amount Customer relationships $ 100,123 $ ( 46,981) $ 53,142 Purchased software costs 41,604 ( 32,012) 9,592 Technology licenses 28,800 ( 24,100) 4,700 Trade names and trademarks 7,800 — 7,800 Other 868 ( 309) 559 Total $ 179,195 $ ( 103,402) $ 75,793 |
Schedule Of Amortization Expense | Amortization on the statements of cash flow for the three months ended March 31, 2020 and 2019 was as follows: Three Months Ended March 31, (in thousands) 2020 2019 Amortization of intangible assets $ 2,381 $ 2,367 Amortization of capitalized purchased software costs 395 371 Amortization of debt costs 115 115 $ 2,891 $ 2,853 |
Schedule Of Estimated Future Amortization Expense | The estimated future amortization expense of acquired intangible assets for each of the next five years is as follows (in thousands): Year ending December 31, Amount 2020 (remaining nine months) $ 7,906 2021 8,091 2022 7,949 2023 6,719 2024 5,555 |
Borrowing Facilities (Tables)
Borrowing Facilities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Borrowing Facilities | |
Schedule Of Debt | Long-term debt outstanding as of March 31, 2020 and December 31, 2019 consists of the following: March 31, December 31, (in thousands) 2020 2019 Revolving credit facility, due 2023 $ 95,000 $ — Term loan, due 2023 142,500 144,375 Less unamortized debt issuance costs ( 1,502) ( 1,616) Long-term debt $ 235,998 $ 142,759 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Components of lease expense, and lease assets and liabilities | The components of lease expense were as follows: Three Months Ended (in thousands) March 31, 2020 March 31, 2019 Finance lease cost: Amortization of right-to-use assets (included in depreciation expense) $ 178 $ 178 Interest on lease liabilities 118 146 Operating lease cost 4,141 4,448 Short-term lease cost 241 200 Variable lease cost 510 366 Total lease cost $ 5,188 $ 5,338 Three Months Ended March 31, 2020 March 31, 2019 Other information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used for finance lease $ 127 $ 157 Operating cash flows used for operating leases $ 3,988 $ 3,835 Financing cash flows used for finance lease $ 312 $ 273 Right-to-use assets obtained in exchange for new operating lease liabilities $ 4,183 $ 660 The lease assets and liabilities were as follows (in thousands): March 31, December 31, 2020 2019 Finance lease right-of-assets (included in other assets) $ 2,133 $ 2,311 Operating lease right-of-use assets $ 77,033 $ 76,859 Finance liability, current (included in current installments of long-term debt) $ 1,368 $ 1,325 Finance lease liability, noncurrent (included in long-term debt) $ 3,300 $ 3,654 Operating lease liabilities, current (included in accrued liabilities) $ 12,023 $ 11,043 Operating lease liabilities, noncurrent $ 67,009 $ 67,898 Weighted average remaining lease term – finance leases 3.3 years 3.5 years Weighted average remaining lease term – operating leases 9.9 years 10.2 years Weighted average discount rate – finance leases 10.1% 10.1% Weighted average discount rate – operating leases 4.7% 4.7% |
Future annual minimum lease payments and finance lease commitments | Future annual minimum lease payments and finance lease commitments as of March 31, 2020 were as follows (in thousands): Operating Finance Year ending December 31, Leases Leases 2020 (remaining nine months) $ 15,374 $ 1,342 2021 12,658 1,816 2022 10,655 1,853 2023 9,590 465 2024 8,556 — 2025 and thereafter 43,802 — Total minimum lease payments $ 100,635 $ 5,476 Less: imputed interest ( 21,603) ( 808) Present value of lease liabilities $ 79,032 $ 4,668 |
Common Stock and Stock-Based _2
Common Stock and Stock-Based Awards Plans (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule Of Unrecognized Compensation Cost And Remaining Weighted-Average Amortization Stock-Based Awards | As of March 31, 2020, the unrecognized compensation cost and remaining weighted-average amortization period related to stock-based awards were as follows: Performance- Time-based based Restricted Restricted Stock Stock (in thousands, except remaining period data) Units Units (1) Unrecognized compensation cost $ 27,462 $ 7,009 Remaining weighted-average amortization period 3 years 2.2 years (1) |
Weighted-Average Assumptions Used To Value The Options Granted | The following table summarizes activities relating to the Company’s stock options: |
Summary Of Stock Options | Weighted- Weighted- Average Aggregate Number of Average Remaining Intrinsic Options Exercise Contractual Value (in thousands) Price Term (Years) (in thousands) Outstanding as of December 31, 2019 270 $ 20.02 Exercised ( 19) 22.82 Outstanding and exercisable as of March 31, 2020 251 $ 19.80 3.16 $ 406 |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary Of Stock-Based Awards | The following table summarizes the activities related to the Company’s time-based restricted stock units: Weighted- Number of Average Units Grant Date (in thousands) Fair Value Non-vested awards outstanding as of December 31, 2019 893 $ 28.06 Granted 456 27.76 Vested ( 236) 27.98 Forfeited ( 16) 28.63 Non-vested awards outstanding as of March 31, 2020 1,097 $ 27.94 |
Performance-Based Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary Of Stock-Based Awards | The following table summarizes the activities related to the Company’s performance-based restricted stock units: Weighted- Number of Average Units Grant Date (in thousands) Fair Value Non-vested awards outstanding as of December 31, 2019 384 $ 28.89 Granted (1) 165 28.02 Forfeited ( 181) 30.04 Non-vested awards outstanding as of March 31, 2020 368 $ 27.93 (1) |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Income Taxes [Abstract] | |
Schedule Of Income Tax Expense | Note 9 – Income Taxes Income tax expense consists of the following: Three Months Ended March 31, (in thousands) 2020 2019 Federal – current $ 617 $ 675 Foreign – current 986 1,558 State – current 155 688 Deferred ( 885) 685 $ 873 $ 3,606 |
Schedule Of Tax Incentives | The net impact of these tax incentives was to lower income tax expense for the three months ended March 31, 2020 and 2019 by approximately $ 0.8 million (approximately $ 0.02 per diluted share) and $ 1.7 million (approximately $ 0.04 per diluted share), respectively, as follows: Three Months Ended March 31, (in thousands) 2020 2019 Malaysia 476 646 Thailand 318 1,030 $ 794 $ 1,676 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Disaggregation of revenue | Disaggregation of revenue In the following tables, revenue is disaggregated by market sector. The tables also include a reconciliation of the disaggregated revenue with the reportable operating segments. Reportable Operating Segments Three Months Ended March 31, 2020 (in thousands) Americas Asia Europe Total Market Sector: Industrials $ 33,945 48,225 20,656 $ 102,826 A&D 113,012 — 6,188 119,200 Medical 69,379 44,203 4,394 117,976 Semi-Cap 30,449 37,292 14,979 82,720 Computing 30,074 6,527 — 36,601 Telecommunication 26,649 28,659 333 55,641 External revenue 303,508 164,906 46,550 514,964 Elimination of intersegment sales 10,888 6,703 450 18,041 Segment revenue $ 314,396 $ 171,609 $ 47,000 $ 533,005 Reportable Operating Segments Three Months Ended March 31, 2019 (in thousands) Americas Asia Europe Total Market Sector: Industrials $ 42,767 $ 55,582 $ 18,024 $ 116,373 A&D 96,337 — 7,552 103,889 Medical 58,411 40,459 4,608 103,478 Semi-Cap 28,400 24,743 12,878 66,021 Computing 110,268 14,009 33 124,310 Telecommunication 42,773 45,256 720 88,749 External revenue 378,956 180,049 43,815 602,820 Elimination of intersegment sales 13,102 7,360 145 20,607 Segment revenue $ 392,058 $ 187,409 $ 43,960 $ 623,427 |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Restructuring Charges [Abstract] | |
Schedule Of Accrued Restructuring | The following table summarizes the 2020 activity in the accrued restructuring balances related to the restructuring activities initiated prior to March 31, 2020: Balance as of Foreign Balance as of December 31, Restructuring Cash Non-Cash Exchange March 31, (in thousands) 2019 Charges Payment Activity Adjustments 2020 2020 Restructuring: Severance $ — $ 517 $ ( 517) — $ — $ — — 517 ( 517) — — — 2019 Restructuring: Severance 3,956 ( 1,183) ( 556) — — 2,217 Leased facilities and equipment — 1,319 ( 175) ( 1,122) — 22 Other exit costs — 1,084 ( 226) ( 538) — 320 3,956 1,220 ( 957) ( 1,660) — 2,559 Total $ 3,956 $ 1,737 $ ( 1,474) ( 1,660) $ — $ 2,559 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Calculation of Basic and Diluted Earnings per Share | The following table sets forth the calculation of basic and diluted earnings per share: Three Months Ended March 31, (in thousands, except per share data) 2020 2019 Net income $ 3,852 $ 13,773 Denominator for basic earnings per share - weighted-average number of common shares outstanding during the period 36,790 40,630 Incremental common shares attributable to exercise of dilutive options 77 76 Incremental common shares attributable to outstanding restricted stock units 204 147 Denominator for diluted earnings per share 37,071 40,853 Basic earnings per share $0.10 $0.34 Diluted earnings per share $0.10 $0.34 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Accumulated Other Comprehensive Loss | |
Schedule Of Accumulated Other Comprehensive Loss | The changes in accumulated other comprehensive loss by component were as follows: Foreign currency Derivative translation instruments, (in thousands) adjustments net of tax Other Total Balances, December 31, 2019 $ ( 12,425) $ ( 3,600) $ ( 734) $ ( 16,759) Other comprehensive loss before reclassifications ( 1,257) ( 3,750) 115 ( 4,892) Amounts reclassified from accumulated other comprehensive loss — ( 344) — ( 344) Net current period other comprehensive loss ( 1,257) ( 4,094) 115 ( 5,236) Balances, March 31, 2020 $ ( 13,682) $ ( 7,694) $ ( 619) $ ( 21,995) |
Segment And Geographic Inform_2
Segment And Geographic Information (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Segment And Geographic Information [Abstract] | |
Schedule Of Operating Segments | Information about operating segments is as follows: Three Months Ended March 31, (in thousands) 2020 2019 Net sales: Americas $ 314,396 $ 392,058 Asia 171,609 187,409 Europe 47,000 43,960 Elimination of intersegment sales ( 18,041) ( 20,607) $ 514,964 $ 602,820 Depreciation and amortization: Americas $ 5,585 $ 5,381 Asia 2,714 2,811 Europe 725 814 Corporate 3,168 3,166 $ 12,192 $ 12,172 Income from operations: Americas $ 12,425 $ 20,228 Asia 10,998 15,385 Europe 2,189 940 Corporate and intersegment eliminations ( 19,122) ( 20,466) 6,490 16,087 Interest expense (1,702) (1,609) Interest income 599 1,297 Other income (expense) (662) 1,604 Income before income taxes $ 4,725 $ 17,379 Capital expenditures: Americas $ 9,260 $ 4,753 Asia 2,525 2,838 Europe 846 388 Corporate 265 2,095 $ 12,896 $ 10,074 March 31, December 31, (in thousands) 2020 2019 Total assets: Americas $ 820,673 $ 792,180 Asia 534,810 533,508 Europe 133,359 139,977 Corporate and other 334,540 294,209 $ 1,823,382 $ 1,759,874 |
Schedule Of Geographic Net Sales And Long-Lived Assets | Geographic net sales information reflects the destination of the product shipped. Long-lived assets information is based upon the physical location of the asset. Three Months Ended March 31, (in thousands) 2020 2019 Geographic net sales: United States $ 336,367 $ 418,364 Singapore 54,621 42,717 Other Asia 38,319 43,907 Europe 66,523 73,345 Other foreign 19,134 24,487 $ 514,964 $ 602,820 March 31, December 31, 2020 2019 Long-lived assets: United States $ 242,210 $ 247,074 Asia 73,948 76,507 Europe 19,890 20,258 Other foreign 24,942 23,563 $ 360,990 $ 367,402 |
Supplemental Cash Flow and No_2
Supplemental Cash Flow and Non-Cash Information (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule Of Supplemental Cash Flow and Non-Cash Information | Note 19 – Supplemental Cash Flow and Non-Cash Information The following is additional information concerning supplemental disclosures of cash payments. Three Months Ended March 31, (in thousands) 2020 2019 Income taxes paid, net $ 2,035 $ 2,242 Interest paid 1,939 1,990 Non-cash investing activity: Additions to property, plant and equipment in accounts payable $ 7,173 $ 1,945 |
New Accounting Pronouncements (
New Accounting Pronouncements (Narrative) (Details) | Mar. 31, 2020 |
New Accounting Pronouncements | |
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true |
Change in Accounting Principle, Accounting Standards Update, Early Adoption [true false] | false |
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 1, 2020 |
Contract Assets (Narrative) (De
Contract Assets (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Contract Assets | ||
Contract assets | $ 159,962 | $ 161,061 |
Contract Assets (Schedule Of Ch
Contract Assets (Schedule Of Changes) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Change in Contract with Customer, Asset [Abstract] | ||
Beginning balance, December 31 | $ 161,061 | $ 140,082 |
Revenue recognized | 464,727 | 564,889 |
Amounts collected or invoiced | (465,826) | (547,946) |
Ending balance, March 31 | $ 159,962 | $ 157,025 |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventory Costs) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Inventories [Abstract] | ||
Raw materials | $ 326,924 | $ 304,069 |
Work in process | 7,941 | 8,282 |
Finished goods | 3,572 | 2,605 |
Inventories | $ 338,437 | $ 314,956 |
Goodwill And Other Intangible_3
Goodwill And Other Intangible Assets (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2020 | |
Minimum [Member] | Customer Relationships [Member] | |
Goodwill And Other Intangible Assets [Line Items] | |
Estimated useful life | 10 years |
Minimum [Member] | Purchased Software Costs [Member] | |
Goodwill And Other Intangible Assets [Line Items] | |
Estimated useful life | 2 years |
Maximum [Member] | Customer Relationships [Member] | |
Goodwill And Other Intangible Assets [Line Items] | |
Estimated useful life | 14 years |
Maximum [Member] | Purchased Software Costs [Member] | |
Goodwill And Other Intangible Assets [Line Items] | |
Estimated useful life | 10 years |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Schedule of Goodwill by Reportable Segments) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Goodwill [Line Items] | ||
Goodwill | $ 192,116 | $ 192,116 |
Americas [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 154,014 | 154,014 |
Asia [Member] | ||
Goodwill [Line Items] | ||
Goodwill | $ 38,102 | $ 38,102 |
Goodwill And Other Intangible_5
Goodwill And Other Intangible Assets (Schedule Of Other Intangible Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 180,139 | $ 179,195 |
Accumulated amortization | (106,098) | (103,402) |
Net carrying amount | 74,041 | 75,793 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 100,102 | 100,123 |
Accumulated amortization | (48,545) | (46,981) |
Net carrying amount | 51,557 | 53,142 |
Purchased Software Costs [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 42,569 | 41,604 |
Accumulated amortization | (32,348) | (32,012) |
Net carrying amount | 10,221 | 9,592 |
Technology Licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 28,800 | 28,800 |
Accumulated amortization | (24,890) | (24,100) |
Net carrying amount | 3,910 | 4,700 |
Trade Names and Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 7,800 | 7,800 |
Accumulated amortization | 0 | 0 |
Net carrying amount | 7,800 | 7,800 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 868 | 868 |
Accumulated amortization | (315) | (309) |
Net carrying amount | $ 553 | $ 559 |
Goodwill And Other Intangible_6
Goodwill And Other Intangible Assets (Schedule Of Amortization Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Goodwill And Other Intangible Assets [Abstract] | ||
Amortization of intangible assets | $ 2,381 | $ 2,367 |
Amortization of capitalized purchased software costs | 395 | 371 |
Amortization of debt costs | 115 | 115 |
Total amortization | $ 2,891 | $ 2,853 |
Goodwill And Other Intangible_7
Goodwill And Other Intangible Assets (Schedule Of Estimated Future Amortization Expense) (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Goodwill And Other Intangible Assets [Abstract] | |
2020 (remaining nine months) | $ 7,906 |
2021 | 8,091 |
2022 | 7,949 |
2023 | 6,719 |
2024 | $ 5,555 |
Borrowing Facilities - Long-ter
Borrowing Facilities - Long-term debt outstanding (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Line of Credit Facility [Line Items] | ||
Less unamortized debt issuance costs | $ (1,502) | $ (1,616) |
Long-term debt | 235,998 | 142,759 |
Revolving credit facility, due 2023 [Member] | ||
Line of Credit Facility [Line Items] | ||
Principal amount | 95,000 | 0 |
Term loan, due 2023 [Member] | ||
Line of Credit Facility [Line Items] | ||
Principal amount | $ 142,500 | $ 144,375 |
Borrowing Facilities (Narrative
Borrowing Facilities (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2019 | Jul. 20, 2018 | |
Credit Agreement [Member] | |||
Line of Credit Facility [Line Items] | |||
Credit Agreement capacity | $ 650,000 | ||
Description of variable interest rate basis | Interest on outstanding borrowings under the Credit Agreement (other than swingline loans) accrues, at the Company’s option, at (a) the London Interbank Offered Rate (LIBOR) plus 1.0% to 2.0% or (b) the base rate plus 0.0% to 1.0%. | ||
Credit Agreement covenant terms | The Credit Agreement contains certain financial covenants as to interest coverage and debt leverage, and certain customary affirmative and negative covenants, including restrictions on the Company’s ability to incur additional debt and liens, pay dividends, repurchase shares, sell assets and merge or consolidate with other persons. Amounts due under the Credit Agreement could be accelerated upon specified events of default, including a failure to pay amounts due, breach of a covenant, material inaccuracy of a representation, or occurrence of bankruptcy or insolvency, subject, in some cases, to cure periods. | ||
Credit agreement, secured by percentage of stock of the Company's domestic subsidiaries | 100.00% | ||
Credit agreement, secured by percentage of voting capital stock of each direct foreign subsidiary | 65.00% | ||
Credit Agreement [Member] | Bank Of America Credit Agreement [Member] | |||
Line of Credit Facility [Line Items] | |||
Credit Agreement description | On July 20, 2018, the Company entered into a $650 million credit agreement (the Credit Agreement) by and among the Company, certain of its subsidiaries, the lenders party thereto and Bank of America, N.A., as Administrative Agent, Swingline Lender and a L/C Issuer. The Credit Agreement is comprised of a 5-year $500 million revolving credit facility (the Revolving Credit Facility) and a 5-year $150 million term loan facility (the Term Loan Facility), both with a maturity date of July 20, 2023. The Term Loan Facility proceeds were used to (i) refinance a portion of existing indebtedness and terminate all commitments under the Company’s prior $430 million credit agreement and (ii) pay the fees, costs and expenses associated with the foregoing and the negotiation, execution and delivery of the Credit Agreement. The Revolving Credit Facility is available for general corporate purposes. The Credit Agreement includes an accordion feature pursuant to which the Company is permitted to add one or more incremental term loan and/or increase commitments under the Revolving Credit Facility in an aggregate amount not exceeding $275 million, subject to the satisfaction of certain conditions. | ||
Credit Agreement issuer | Bank of America, N.A., as Administrative Agent, Swingline Lender and a L/C Issuer | ||
Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Credit Agreement capacity | $ 500,000 | ||
Term period | 5 years | ||
Credit Agreement maturity date | Jul. 20, 2023 | ||
Possible increase to total commitments under Credit Agreement | $ 275,000 | ||
Principal amount | 95,000 | $ 0 | |
Letters of credit outstanding amount | 3,700 | ||
Revolving credit facility, available for future borrowings | $ 401,300 | $ 430,000 | |
Term Loan Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Term period | 5 years | ||
Credit Agreement maturity date | Jul. 20, 2023 | ||
Term Loan proceeds | $ 150,000 | ||
Term Loan frequency of periodic payments | quarterly | ||
Derivative Notional Amount | $ 142,500 | ||
Principal amount | $ 142,500 | $ 144,375 | |
Debt Instrument, Interest Rate, Stated Percentage | 2.928% | ||
Term Loan Facility [Member] | Interest Rate Swap [Member] | |||
Line of Credit Facility [Line Items] | |||
Derivative Notional Amount | $ 142,500 | ||
Term Loan Facility [Member] | Bank Of America Credit Agreement [Member] | |||
Line of Credit Facility [Line Items] | |||
Quarterly principal installments | $ 1,900 | ||
Minimum [Member] | Credit Agreement [Member] | |||
Line of Credit Facility [Line Items] | |||
U.S. Credit facility, commitment fee | 0.20% | ||
Maximum [Member] | Credit Agreement [Member] | |||
Line of Credit Facility [Line Items] | |||
U.S. Credit facility, commitment fee | 0.30% | ||
LIBOR Plus [Member] | Minimum [Member] | Credit Agreement [Member] | |||
Line of Credit Facility [Line Items] | |||
U.S. Credit facility, commitment fee | 1.00% | ||
LIBOR Plus [Member] | Maximum [Member] | Credit Agreement [Member] | |||
Line of Credit Facility [Line Items] | |||
U.S. Credit facility, commitment fee | 2.00% | ||
Alternate Base Rate Plus [Member] | Minimum [Member] | Credit Agreement [Member] | |||
Line of Credit Facility [Line Items] | |||
U.S. Credit facility, commitment fee | 0.00% | ||
Alternate Base Rate Plus [Member] | Maximum [Member] | Credit Agreement [Member] | |||
Line of Credit Facility [Line Items] | |||
U.S. Credit facility, commitment fee | 1.00% |
Leases - Components of lease ex
Leases - Components of lease expense, and lease assets and liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Lease Cost | |||
Amortization of right-to-use assets (included in depreciation expense) | $ 178 | $ 178 | |
Interest on lease liabilities | 118 | 146 | |
Operating lease cost | 4,141 | 4,448 | |
Short-term lease cost | 241 | 200 | |
Variable lease cost | 510 | 366 | |
Total lease cost | 5,188 | 5,338 | |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows from finance lease | 127 | 157 | |
Operating cash flows from operating leases | 3,988 | 3,835 | |
Financing cash flows from finance lease | 312 | 273 | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 4,183 | $ 660 | |
Assets and Liabilities, Lessee [Abstract] | |||
Finance lease right-of-assets (included in other assets) | $ 2,133 | $ 2,311 | |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets, net | ||
Operating lease right-of-use assets | $ 77,033 | 76,859 | |
Finance liability, current (included in current installments of long-term debt) | $ 1,368 | 1,325 | |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Long Term Debt And Capital Lease Obligations Current | ||
Finance lease liability, noncurrent (included in long-term debt) | $ 3,300 | 3,654 | |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Long Term Debt And Capital Lease Obligations | ||
Operating lease liability, current (included in other accrued liabilities) | $ 12,023 | 11,043 | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other Liabilities, Current | ||
Operating lease liability, noncurrent | $ 67,009 | $ 67,898 | |
Weighted average remaining lease term finance leases | 3 years 3 months 18 days | 3 years 6 months | |
Weighted average remaining lease term operating leases | 9 years 10 months 24 days | 10 years 2 months 12 days | |
Weighted average discount rate finance leases | 10.10% | 10.10% | |
Weighted average discount rate operating leases | 4.70% | 4.70% |
Leases - Future annual minimum
Leases - Future annual minimum lease payments and finance lease commitments (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Operating Leases | |
2020 (remaining nine months) | $ 15,374 |
2021 | 12,658 |
2022 | 10,655 |
2023 | 9,590 |
2024 | 8,556 |
2025 and thereafter | 43,802 |
Total minimum lease payments | 100,635 |
Finance Leases | |
2020 (remaining nine months) | 1,342 |
2021 | 1,816 |
2022 | 1,853 |
2023 | 465 |
2024 | 0 |
2025 and thereafter | 0 |
Total minimum lease payments | $ 5,476 |
Leases - Future annual minimu_2
Leases - Future annual minimum lease payments and finance lease commitments - Present value of lease liabilities (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Present value of lease liabilities - Operating Leases | |
Total minimum lease payments | $ 100,635 |
Less: imputed interest | (21,603) |
Present value of lease liabilities | 79,032 |
Present value of lease liabilities - Finance Leases | |
Total minimum lease payments | 5,476 |
Less: imputed interest | (808) |
Present value of lease liabilities | $ 4,668 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Lessee, Operating Lease, Description | The Company has entered into leases for certain facilities, vehicles and other equipment. The Company’s leases consist mainly of operating leases which expire at various dates through 2036. |
Lessee, Operating Lease, Variable Lease Payment, Terms and Conditions | Variable lease payments are generally expensed as incurred and include certain index-based changes in rent, certain nonlease components, such as maintenance and other services provided by the lessor, and other charges included in the lease. |
Common Stock and Stock-Based _3
Common Stock and Stock-Based Awards Plans - Dividends and Share Repurchase Authorization (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Apr. 14, 2020 | Mar. 31, 2020 | Feb. 19, 2020 | Oct. 26, 2018 | Mar. 06, 2018 |
Dividends Payable [Line Items] | |||||
Quarterly cash dividend declared | $ 0.16 | ||||
Dividend declared date | Mar. 16, 2020 | ||||
Dividend record date | Mar. 31, 2020 | ||||
Dividends paid | $ 5.5 | ||||
Dividend paid date | Apr. 14, 2020 | ||||
Equity Class Of Treasury Stock [Line Items] | |||||
Repurchase of common shares program authorized amount | $ 150 | $ 100 | $ 250 | ||
Repurchase of common shares remaining authorized amount | $ 210.1 | ||||
Subsequent Event [Member] | |||||
Dividends Payable [Line Items] | |||||
Dividends paid | $ 5.8 |
Common Stock and Stock-Based _4
Common Stock and Stock-Based Awards Plans (Schedule Of Unrecognized Compensation Cost And Remaining Weighted-Average Amortization Period) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $ 27,462 |
Remaining weighted-average amortization period | 3 years |
Performance-Based Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $ 7,009 |
Remaining weighted-average amortization period | 2 years 2 months 12 days |
Common Stock and Stock-Based _5
Common Stock and Stock-Based Awards Plans (Summary Of Stock Options) (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($)$ / sharesshares | |
Common Stock and Stock-Based Awards Plans | |
Number of Options, Outstanding, Beginning balance | shares | 270 |
Number of Options, Exercised | shares | (19) |
Number of Options, Outstanding, Ending balance | shares | 251 |
Weighted-Average Exercise Price, Outstanding, Beginning balance | $ / shares | $ 20.02 |
Weighted-Average Exercise Price, Exercised | $ / shares | 22.82 |
Weighted-Average Exercise Price, Outstanding, Ending balance | $ / shares | $ 19.80 |
Weighted-Average Remaining Contractual Term (Years), Outstanding | 3 years 1 month 28 days |
Aggregate Intrinsic Value, Outstanding as of March 31, 2020 | $ | $ 406 |
Common Stock and Stock-Based _6
Common Stock and Stock-Based Awards Plans - Stock-Based Compensation (Narrative) (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Additional shares available for issuance | 2.8 | |
Compensation cost recognized for stock-based awards | $ 2.7 | $ 2.8 |
Income tax benefit recognized in the income statement for stock-based awards | 0.7 | 0.7 |
Total cash received as a result of stock option exercises | 0.4 | 0.3 |
Tax benefit realized as a result of stock option exercises and the vesting of other share-based awards | 1.4 | 1.4 |
Total intrinsic value of stock options exercised | $ 0.1 | $ 0.1 |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Term of options | 10 years | |
Employee Awards [Member] | Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 4 years | |
Employee Awards [Member] | Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 4 years | |
Employee Awards [Member] | Performance-Based Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 3 years | |
Non-Employee Awards [Member] | Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 1 year |
Common Stock and Stock-Based _7
Common Stock and Stock-Based Awards Plans (Summary Of Stock-Based Awards) (Details) shares in Thousands | 3 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non-vested shares outstanding, shares or units, beginning balance | shares | 893 |
Granted, shares or units | shares | 456 |
Vested, shares or units | shares | (236) |
Forfeited, shares or units | shares | (16) |
Non-vested shares outstanding, shares or units, ending balance | shares | 1,097 |
Non-vested outstanding, weighted-average grant date fair value, beginning balance | $ / shares | $ 28.06 |
Granted, weighted-average grant date fair value | $ / shares | 27.76 |
Vested, weighted-average grant date fair value | $ / shares | 27.98 |
Forfeited, weighted-average grant date fair value | $ / shares | 28.63 |
Non-vested outstanding, weighted-average grant date fair value, ending balance | $ / shares | $ 27.94 |
Performance-Based Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non-vested shares outstanding, shares or units, beginning balance | shares | 384 |
Granted, shares or units | shares | 165 |
Forfeited, shares or units | shares | (181) |
Non-vested shares outstanding, shares or units, ending balance | shares | 368 |
Non-vested outstanding, weighted-average grant date fair value, beginning balance | $ / shares | $ 28.89 |
Granted, weighted-average grant date fair value | $ / shares | 28.02 |
Forfeited, weighted-average grant date fair value | $ / shares | 30.04 |
Non-vested outstanding, weighted-average grant date fair value, ending balance | $ / shares | $ 27.93 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Income Taxes [Line Items] | |||
Cumulative undistributed earnings of foreign subsidiaries | $ 313,900 | ||
Income tax incentives | $ 794 | $ 1,676 | |
Net impact of tax incentives, per diluted share | $ 0.02 | $ 0.04 | |
Unrecognized tax benefits including interest and penalties | $ 600 | ||
Malaysia [Member} | |||
Income Taxes [Line Items] | |||
Income tax holidays expiration date | 2021 | ||
Income tax incentives | $ 476 | $ 646 | |
Thailand [Member] | |||
Income Taxes [Line Items] | |||
Income tax holidays expiration date | 2028 | ||
Income tax incentives | $ 318 | $ 1,030 |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Taxes [Abstract] | ||
Federal - Current | $ 617 | $ 675 |
Foreign - Current | 986 | 1,558 |
State - Current | 155 | 688 |
Deferred | (885) | 685 |
Total income tax expense | $ 873 | $ 3,606 |
Income Taxes (Schedule Of Tax I
Income Taxes (Schedule Of Tax Incentives) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income tax incentives | $ 794 | $ 1,676 |
Malaysia [Member} | ||
Income tax incentives | 476 | 646 |
Thailand [Member] | ||
Income tax incentives | $ 318 | $ 1,030 |
Revenue (Disaggregation of reve
Revenue (Disaggregation of revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disaggregation Of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 533,005 | $ 623,427 |
Operating Segments [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 514,964 | 602,820 |
Operating Segments [Member] | Industrials Sector [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 102,826 | 116,373 |
Operating Segments [Member] | Aerospace And Defense Sector [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 119,200 | 103,889 |
Operating Segments [Member] | Medical Sector [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 117,976 | 103,478 |
Operating Segments [Member] | Semi-Cap Sector [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 82,720 | 66,021 |
Operating Segments [Member] | Computing Sector [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 36,601 | 124,310 |
Operating Segments [Member] | Telecommunications Sector [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 55,641 | 88,749 |
Elimination Of Intersegment Sales [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 18,041 | 20,607 |
Americas [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 314,396 | 392,058 |
Americas [Member] | Operating Segments [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 303,508 | 378,956 |
Americas [Member] | Operating Segments [Member] | Industrials Sector [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 33,945 | 42,767 |
Americas [Member] | Operating Segments [Member] | Aerospace And Defense Sector [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 113,012 | 96,337 |
Americas [Member] | Operating Segments [Member] | Medical Sector [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 69,379 | 58,411 |
Americas [Member] | Operating Segments [Member] | Semi-Cap Sector [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 30,449 | 28,400 |
Americas [Member] | Operating Segments [Member] | Computing Sector [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 30,074 | 110,268 |
Americas [Member] | Operating Segments [Member] | Telecommunications Sector [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 26,649 | 42,773 |
Americas [Member] | Elimination Of Intersegment Sales [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 10,888 | 13,102 |
Asia [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 171,609 | 187,409 |
Asia [Member] | Operating Segments [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 164,906 | 180,049 |
Asia [Member] | Operating Segments [Member] | Industrials Sector [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 48,225 | 55,582 |
Asia [Member] | Operating Segments [Member] | Aerospace And Defense Sector [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Asia [Member] | Operating Segments [Member] | Medical Sector [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 44,203 | 40,459 |
Asia [Member] | Operating Segments [Member] | Semi-Cap Sector [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 37,292 | 24,743 |
Asia [Member] | Operating Segments [Member] | Computing Sector [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 6,527 | 14,009 |
Asia [Member] | Operating Segments [Member] | Telecommunications Sector [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 28,659 | 45,256 |
Asia [Member] | Elimination Of Intersegment Sales [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 6,703 | 7,360 |
Europe [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 47,000 | 43,960 |
Europe [Member] | Operating Segments [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 46,550 | 43,815 |
Europe [Member] | Operating Segments [Member] | Industrials Sector [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 20,656 | 18,024 |
Europe [Member] | Operating Segments [Member] | Aerospace And Defense Sector [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 6,188 | 7,552 |
Europe [Member] | Operating Segments [Member] | Medical Sector [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 4,394 | 4,608 |
Europe [Member] | Operating Segments [Member] | Semi-Cap Sector [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 14,979 | 12,878 |
Europe [Member] | Operating Segments [Member] | Computing Sector [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 33 |
Europe [Member] | Operating Segments [Member] | Telecommunications Sector [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 333 | 720 |
Europe [Member] | Elimination Of Intersegment Sales [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 450 | $ 145 |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Transferred Over Time [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage Of Revenue | 90.00% | 94.00% |
Accounts Receivable Sale Prog_2
Accounts Receivable Sale Program (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Receivables [Abstract] | ||
Maximum Limit Accounts Receivable Sale Program | $ 120 | |
Trade Accounts Receivable Sold | 76.4 | $ 52.9 |
Amount Received From Trade Accounts Receivable Sold To Third Party | $ 76.3 | $ 52.7 |
Restructuring Charges (Narrativ
Restructuring Charges (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | ||
Asset impairments | $ 1,007 | $ 0 |
Asia [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Asset impairments | $ 1,000 |
Restructuring Charges (Schedule
Restructuring Charges (Schedule Of Accrued Restructuring Balances) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | $ 3,956 |
Restructuring charges | 1,737 |
Cash Payment | (1,474) |
Non-Cash Activity | (1,660) |
Foreign Exchange Adjustments | 0 |
Ending Balance | 2,559 |
2020 [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | 0 |
Restructuring charges | 517 |
Cash Payment | (517) |
Non-Cash Activity | 0 |
Foreign Exchange Adjustments | 0 |
Ending Balance | 0 |
2019 [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | 3,956 |
Restructuring charges | 1,220 |
Cash Payment | (957) |
Non-Cash Activity | (1,660) |
Foreign Exchange Adjustments | 0 |
Ending Balance | 2,559 |
Severance [Member] | 2020 [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | 0 |
Restructuring charges | 517 |
Cash Payment | (517) |
Non-Cash Activity | 0 |
Foreign Exchange Adjustments | 0 |
Ending Balance | 0 |
Severance [Member] | 2019 [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | 3,956 |
Restructuring charges | (1,183) |
Cash Payment | (556) |
Non-Cash Activity | 0 |
Foreign Exchange Adjustments | 0 |
Ending Balance | 2,217 |
Leased facilities and equipment [Member] | 2019 [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | 0 |
Restructuring charges | 1,319 |
Cash Payment | (175) |
Non-Cash Activity | (1,122) |
Foreign Exchange Adjustments | 0 |
Ending Balance | 22 |
Other Exit Costs [Member] | 2019 [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | 0 |
Restructuring charges | 1,084 |
Cash Payment | (226) |
Non-Cash Activity | (538) |
Foreign Exchange Adjustments | 0 |
Ending Balance | $ 320 |
Ransomware incident (Narrative)
Ransomware incident (Narrative) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Ransomware incident | |
Ransomware related incident costs, net | $ 7.7 |
Insurance recoveries | $ 5 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share Reconciliation [Line Items] | ||
Net income (loss) | $ 3,852 | $ 13,773 |
Denominator for basic earnings per share - weighted-average number of common shares outstanding during the period | 36,790 | 40,630 |
Denominator for diluted earnings per share | 37,071 | 40,853 |
Basic earnings per share | $ 0.10 | $ 0.34 |
Diluted earnings per share | $ 0.10 | $ 0.34 |
Anti-dilutive securities to purchase common shares | 9 | 100 |
Stock Options [Member] | ||
Earnings Per Share Reconciliation [Line Items] | ||
Incremental common shares attributable to stock-based awards | 77 | 76 |
Restricted Stock Units [Member] | ||
Earnings Per Share Reconciliation [Line Items] | ||
Incremental common shares attributable to stock-based awards | 204 | 147 |
Financial Instruments (Narrativ
Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | |
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | |||||
Unrealized loss on derivative, net of tax | $ (4,094) | $ (1,285) | |||
Amounts reclassified from accumulated other comprehensive loss, net of tax | 344 | ||||
Interest expense | 1,702 | $ 1,609 | |||
Accumulated Net Gain Loss From Designated Or Qualifying Cash Flow Hedges [Member] | |||||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | |||||
Amounts reclassified from accumulated other comprehensive loss, net of tax | 344 | ||||
Interest Rate Swap [Member] | |||||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | |||||
Interest rate swap notional amount | $ 142,500 | $ 144,400 | $ 155,300 | ||
Fixed interest rate | 2.928% | 2.928% | 1.4935% | ||
Fair value of interest rate swap | $ 11,300 | $ 6,300 | |||
Unrealized loss on interest rate swap | 5,000 | ||||
Unrealized loss on derivative, net of tax | 3,700 | ||||
Gain On Contract Termination | $ 3,500 | ||||
Amounts reclassified from accumulated other comprehensive loss | 500 | ||||
Amounts reclassified from accumulated other comprehensive loss, net of tax | $ 300 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Schedule Of Accumulated Other Comprehensive Loss By Component) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Accumulated other comprehensive income loss [Line Items] | ||
Accumulated other comprehensive loss, net of tax, beginning balance | $ (16,759) | |
Other comprehensive loss before reclassifications | (4,892) | |
Amounts reclassified from accumulated other comprehensive loss, net of tax | (344) | |
Other comprehensive income (loss): | (5,236) | $ (2,133) |
Accumulated other comprehensive loss, net of tax, ending balance | (21,995) | |
Foreign currency translaction adjustments [Member] | ||
Accumulated other comprehensive income loss [Line Items] | ||
Accumulated other comprehensive loss, net of tax, beginning balance | (12,425) | |
Other comprehensive loss before reclassifications | (1,257) | |
Amounts reclassified from accumulated other comprehensive loss, net of tax | 0 | |
Other comprehensive income (loss): | (1,257) | |
Accumulated other comprehensive loss, net of tax, ending balance | (13,682) | |
Derivative instruments, net of tax [Member] | ||
Accumulated other comprehensive income loss [Line Items] | ||
Accumulated other comprehensive loss, net of tax, beginning balance | (3,600) | |
Other comprehensive loss before reclassifications | (3,750) | |
Amounts reclassified from accumulated other comprehensive loss, net of tax | (344) | |
Other comprehensive income (loss): | (4,094) | |
Accumulated other comprehensive loss, net of tax, ending balance | (7,694) | |
Other, net of tax [Member] | ||
Accumulated other comprehensive income loss [Line Items] | ||
Accumulated other comprehensive loss, net of tax, beginning balance | (734) | |
Other comprehensive loss before reclassifications | 115 | |
Amounts reclassified from accumulated other comprehensive loss, net of tax | 0 | |
Other comprehensive income (loss): | 115 | |
Accumulated other comprehensive loss, net of tax, ending balance | $ (619) |
Segment And Geographic Inform_3
Segment And Geographic Information (Operating Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 514,964 | $ 602,820 | |
Depreciation and amortization | 12,192 | 12,172 | |
Income from operations | 6,490 | 16,087 | |
Interest expense | (1,702) | (1,609) | |
Interest income | 599 | 1,297 | |
Other income (expense), net | (662) | 1,604 | |
Income before income taxes | 4,725 | 17,379 | |
Capital expenditures | 12,896 | 10,074 | |
Total assets | 1,823,382 | $ 1,759,874 | |
Elimination Of Intersegment Sales [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | (18,041) | (20,607) | |
Corporate And Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Income from operations | (19,122) | (20,466) | |
Americas [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 314,396 | 392,058 | |
Depreciation and amortization | 5,585 | 5,381 | |
Income from operations | 12,425 | 20,228 | |
Capital expenditures | 9,260 | 4,753 | |
Total assets | 820,673 | 792,180 | |
Asia [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 171,609 | 187,409 | |
Depreciation and amortization | 2,714 | 2,811 | |
Income from operations | 10,998 | 15,385 | |
Capital expenditures | 2,525 | 2,838 | |
Total assets | 534,810 | 533,508 | |
Europe [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 47,000 | 43,960 | |
Depreciation and amortization | 725 | 814 | |
Income from operations | 2,189 | 940 | |
Capital expenditures | 846 | 388 | |
Total assets | 133,359 | 139,977 | |
Corporate And Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | 334,540 | $ 294,209 | |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 3,168 | 3,166 | |
Capital expenditures | $ 265 | $ 2,095 |
Segment And Geographic Inform_4
Segment And Geographic Information (Schedule Of Geographic Net Sales And Long-Lived Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Geographic net sales | $ 514,964 | $ 602,820 | |
Long-lived assets | 360,990 | $ 367,402 | |
United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Geographic net sales | 336,367 | 418,364 | |
Long-lived assets | 242,210 | 247,074 | |
Singapore [Member] | |||
Segment Reporting Information [Line Items] | |||
Geographic net sales | 54,621 | 42,717 | |
Other Asia [Member] | |||
Segment Reporting Information [Line Items] | |||
Geographic net sales | 38,319 | 43,907 | |
Asia [Member] | |||
Segment Reporting Information [Line Items] | |||
Long-lived assets | 73,948 | 76,507 | |
Europe [Member] | |||
Segment Reporting Information [Line Items] | |||
Geographic net sales | 66,523 | 73,345 | |
Long-lived assets | 19,890 | 20,258 | |
Other Foreign [Member] | |||
Segment Reporting Information [Line Items] | |||
Geographic net sales | 19,134 | $ 24,487 | |
Long-lived assets | $ 24,942 | $ 23,563 |
Supplemental Cash Flow and No_3
Supplemental Cash Flow and Non-Cash Information (Table Of Supplmental Cash Flow Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Supplemental Cash Flow Information [Abstract] | ||
Income taxes paid, net | $ 2,035 | $ 2,242 |
Interest paid | 1,939 | 1,990 |
Cash Flow Non-cash Investing And Financing Activities Disclosure [Abstract] | ||
Additions to property, plant and equipment in accounts payable | $ 7,173 | $ 1,945 |