Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 01, 2021 | |
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 | 2021 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Document Period End Date | Sep. 30, 2021 | |
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 $0.10 per share | |
Trading Symbol | BHE | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 35,224,307 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and cash equivalents | $ 288,567 | $ 390,808 |
Restricted cash | 2,630 | 5,182 |
Accounts receivable, net of allowance for doubtful accounts of $828 and $1,371, respectively | 311,384 | 309,331 |
Contract assets | 160,194 | 142,779 |
Inventories | 478,325 | 327,377 |
Prepaid expenses and other assets | 35,810 | 26,457 |
Income taxes receivable | 2,099 | 417 |
Total current assets | 1,279,009 | 1,202,351 |
Property, plant and equipment, net | 188,858 | 185,272 |
Operating lease right-of-use assets | 102,440 | 79,966 |
Goodwill | 192,116 | 192,116 |
Deferred income taxes | 4,248 | 4,924 |
Other assets, net | 73,695 | 79,606 |
Total assets | 1,840,366 | 1,744,235 |
Current liabilities: | ||
Current installments of long-term debt | 7,663 | 9,161 |
Accounts payable | 401,106 | 282,208 |
Advance payments from customers | 91,464 | 84,122 |
Income taxes payable | 4,376 | 5,572 |
Accrued liabilities | 95,560 | 100,073 |
Total current liabilities | 600,169 | 481,136 |
Long-term debt, less current installments | 123,510 | 131,051 |
Operating lease liabilities | 94,219 | 72,120 |
Other long-term liabilities | 58,130 | 65,552 |
Deferred income taxes | 2,002 | 4,788 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Preferred stock, $0.10 par value; 5,000 shares authorized, none issued | ||
Common stock, $0.10 par value; 145,000 shares authorized; issued and outstanding - 35,209 and 36,295, respectively | 3,521 | 3,629 |
Additional paid-in capital | 503,062 | 510,405 |
Retained earnings | 473,385 | 492,205 |
Accumulated other comprehensive loss | (17,632) | (16,651) |
Total shareholders’ equity | 962,336 | 989,588 |
Total liabilities and shareholders' equity | $ 1,840,366 | $ 1,744,235 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts, accounts receivable | $ 828 | $ 1,371 |
Preferred shares, par value | $ 0.10 | $ 0.10 |
Preferred shares, shares authorized | 5,000,000 | 5,000,000 |
Preferred shares, issued | 0 | 0 |
Common stock, par value | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 145,000,000 | 145,000,000 |
Common stock, issued | 35,209,000 | 36,295,000 |
Common stock, outstanding | 35,209,000 | 36,295,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||||
Sales | $ 571,882 | $ 525,951 | $ 1,622,265 | $ 1,531,881 |
Cost of sales | 518,177 | 479,597 | 1,478,420 | 1,407,494 |
Gross profit | 53,705 | 46,354 | 143,845 | 124,387 |
Selling, general and administrative expenses | 34,387 | 29,724 | 98,969 | 89,815 |
Amortization of intangible assets | 1,596 | 2,368 | 4,793 | 7,120 |
Restructuring charges and other costs | 6,428 | 7,161 | 9,600 | 15,480 |
Ransomware related incident costs (recovery), net | (500) | (1,558) | (3,944) | (1,305) |
Income from operations | 11,794 | 8,659 | 34,427 | 13,277 |
Interest expense | (1,987) | (2,136) | (6,215) | (6,189) |
Interest income | 122 | 154 | 451 | 1,040 |
Other income (expense) | 500 | 439 | 664 | (191) |
Income before income taxes | 10,429 | 7,116 | 29,327 | 7,937 |
Income tax expense | 2,364 | 1,201 | 5,976 | 1,577 |
Net income | $ 8,065 | $ 5,915 | $ 23,351 | $ 6,360 |
Earnings per share: | ||||
Basic | $ 0.23 | $ 0.16 | $ 0.65 | $ 0.17 |
Diluted | $ 0.23 | $ 0.16 | $ 0.64 | $ 0.17 |
Weighted-average number of shares outstanding: | ||||
Basic | 35,423 | 36,467 | 35,806 | 36,565 |
Diluted | 35,666 | 36,544 | 36,287 | 36,821 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 8,065 | $ 5,915 | $ 23,351 | $ 6,360 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | (1,438) | 2,045 | (3,146) | 1,654 |
Unrealized gain (loss) on derivatives, net of tax | 214 | 447 | 1,796 | (3,911) |
Other | 113 | 86 | 369 | 302 |
Other comprehensive income (loss) | (1,111) | 2,578 | (981) | (1,955) |
Comprehensive income | $ 6,954 | $ 8,493 | $ 22,370 | $ 4,405 |
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] |
Beginning Balances, value at Dec. 31, 2019 | $ 1,014,832 | $ 3,696 | $ 512,019 | $ 515,876 | $ (16,759) |
Balances, shares at Dec. 31, 2019 | 36,957 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation expense | 9,464 | 9,464 | |||
Shares repurchased and retired, value | (19,329) | $ (72) | (8,048) | (11,209) | |
Shares repurchased and retired, shares | (724) | ||||
Stock options exercised, value | 371 | $ 2 | 369 | ||
Stock options exercised, shares | 17 | ||||
Vesting of restricted stock units, value | $ 30 | (30) | |||
Vesting of restricted stock units, shares | 301 | ||||
Shares withheld for taxes, value | (1,913) | $ (8) | (1,905) | ||
Shares withheld for taxes, shares | (77) | ||||
Dividends declared | (17,503) | (17,503) | |||
Net income | 6,360 | 6,360 | |||
Other comprehensive income (loss) | (1,955) | (1,955) | |||
Ending Balances, value at Sep. 30, 2020 | 990,327 | $ 3,648 | 511,869 | 493,524 | (18,714) |
End Balances, shares at Sep. 30, 2020 | 36,474 | ||||
Beginning Balances, value at Jun. 30, 2020 | 984,360 | $ 3,647 | 508,555 | 493,450 | (21,292) |
Balances, shares at Jun. 30, 2020 | 36,461 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation expense | 3,420 | 3,420 | |||
Stock options exercised, value | 7 | 7 | |||
Vesting of restricted stock units, value | $ 2 | (2) | |||
Vesting of restricted stock units, shares | 18 | ||||
Shares withheld for taxes, value | (112) | $ (1) | (111) | ||
Shares withheld for taxes, shares | (5) | ||||
Dividends declared | (5,841) | (5,841) | |||
Net income | 5,915 | 5,915 | |||
Other comprehensive income (loss) | 2,578 | 2,578 | |||
Ending Balances, value at Sep. 30, 2020 | 990,327 | $ 3,648 | 511,869 | 493,524 | (18,714) |
End Balances, shares at Sep. 30, 2020 | 36,474 | ||||
Beginning Balances, value at Dec. 31, 2020 | $ 989,588 | $ 3,629 | 510,405 | 492,205 | (16,651) |
Balances, shares at Dec. 31, 2020 | 36,295 | 36,295 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation expense | $ 10,856 | 10,856 | |||
Shares repurchased and retired, value | (40,216) | $ (137) | (15,364) | (24,715) | |
Shares repurchased and retired, shares | (1,380) | ||||
Stock options exercised, value | $ 346 | $ 3 | 343 | ||
Stock options exercised, shares | 54 | 29 | |||
Vesting of restricted stock units, value | $ 37 | (37) | |||
Vesting of restricted stock units, shares | 373 | ||||
Shares withheld for taxes, value | $ (3,152) | $ (11) | (3,141) | ||
Shares withheld for taxes, shares | (108) | ||||
Dividends declared | (17,456) | (17,456) | |||
Net income | 23,351 | 23,351 | |||
Other comprehensive income (loss) | (981) | (981) | |||
Ending Balances, value at Sep. 30, 2021 | $ 962,336 | $ 3,521 | 503,062 | 473,385 | (17,632) |
End Balances, shares at Sep. 30, 2021 | 35,209 | 35,209 | |||
Beginning Balances, value at Jun. 30, 2021 | $ 967,278 | $ 3,558 | 503,386 | 476,855 | (16,521) |
Balances, shares at Jun. 30, 2021 | 35,566 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation expense | 3,993 | 3,993 | |||
Shares repurchased and retired, value | (9,897) | $ (38) | (4,137) | (5,722) | |
Shares repurchased and retired, shares | (372) | ||||
Vesting of restricted stock units, value | $ 2 | (2) | |||
Vesting of restricted stock units, shares | 22 | ||||
Shares withheld for taxes, value | (179) | $ (1) | (178) | ||
Shares withheld for taxes, shares | (7) | ||||
Dividends declared | (5,813) | 5,813 | |||
Net income | 8,065 | 8,065 | |||
Other comprehensive income (loss) | (1,111) | (1,111) | |||
Ending Balances, value at Sep. 30, 2021 | $ 962,336 | $ 3,521 | $ 503,062 | $ 473,385 | $ (17,632) |
End Balances, shares at Sep. 30, 2021 | 35,209 | 35,209 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 23,351 | $ 6,360 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation | 26,335 | 28,400 |
Amortization | 6,628 | 8,539 |
Provision for doubtful accounts | 40 | 2,160 |
Deferred income taxes | (2,110) | (4,079) |
Asset impairments | 4,358 | 6,950 |
(Gain) loss on the sale of property, plant and equipment | 164 | (114) |
Stock-based compensation expense | 10,856 | 9,464 |
Changes in operating assets and liabilities | ||
Accounts receivable | (2,342) | 16,410 |
Contract assets | (17,415) | (335) |
Inventories | (151,518) | (37,131) |
Prepaid expenses and other assets | (9,470) | 1,675 |
Accounts payable | 114,477 | (18,260) |
Advance payments from customers | 7,341 | 21,074 |
Accrued liabilities | (9,087) | (13,498) |
Operating leases | (196) | 942 |
Income taxes | (2,720) | (2,942) |
Net cash provided by (used in) operations | (1,308) | 25,615 |
Cash flows from investing activities: | ||
Additions to property, plant and equipment | (29,497) | (26,108) |
Proceeds from the sale of property, plant and equipment | 222 | 314 |
Additions to purchased software | (2,940) | (2,994) |
Cash received from business divestitures | 0 | 2,214 |
Other | 72 | 58 |
Net cash used in investing activities | (32,143) | (26,516) |
Cash flows from financing activities: | ||
Proceeds from stock options exercised | 346 | 371 |
Employee taxes paid for with shares withheld | (3,152) | (1,913) |
Dividends paid | (17,448) | (17,205) |
Borrowings under credit agreement | 30,000 | 110,000 |
Principal payments on credit agreement | (35,625) | (100,625) |
Principal payments on finance leases | (833) | (980) |
Share repurchases | (40,216) | (19,329) |
Net cash provided by financing activities | (66,928) | (29,681) |
Effect of exchange rate changes | (4,414) | 1,436 |
Net decrease in cash and cash equivalents and restricted cash | (104,793) | (29,146) |
Cash and cash equivalents and restricted cash at beginning of year | 395,990 | 363,956 |
Cash and cash equivalents and restricted cash at end of period | $ 291,197 | $ 334,810 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [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 condensed consolidated 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, 2020 (the 2020 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 condensed consolidated 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. |
New Accounting Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Pronouncements | Note 2 – New Accounting Pronouncements Not Yet Adopted In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848) . The pronouncement provides temporary optional expedients and exceptions for applying U.S. GAAP to transactions affected by reference rate (e.g., LIBOR) reform if certain criteria are met to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. This update is effective as of March 12, 2020 through December 31, 2022. We will evaluate transactions or contract modifications occurring as a result of reference rate reform and determine whether to apply the optional guidance on an ongoing basis. The update is currently not expected to have a material impact on our consolidated financial statements. The Company has determined that other recently issued accounting standards will either not have a material impact on its consolidated financial position, results of operations or cash flows, or will not apply to its operations. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 3 – Inventories Inventory costs are summarized as follows: September 30, December 31, (in thousands) 2021 2020 Raw materials $ 461,957 $ 312,856 Work in process 13,224 8,687 Finished goods 3,144 5,834 $ 478,325 $ 327,377 |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill And Other Intangible Assets | Note 4 – Goodwill and Other Intangible Assets Goodwill allocated to the Company’s reportable segments were as follows: (in thousands) Americas Asia Total Goodwill as of December 31, 2020 and September 30, 2021 $ 154,014 $ 38,102 $ 192,116 Other assets, net consist primarily of acquired identifiable intangible assets and capitalized purchased software costs. Acquired identifiable intangible assets and purchased software as of September 30, 2021 and December 31, 2020 were as follows: (in thousands) Gross Accumulated Net Customer relationships $ 100,161 $ ( 58,119 ) $ 42,042 Purchased software costs 50,203 ( 34,684 ) 15,519 Technology licenses 26,800 ( 26,800 ) — Trade names and trademarks 7,800 — 7,800 Other 868 ( 350 ) 518 Intangible assets, September 30, 2021 $ 185,831 $ ( 119,953 ) $ 65,878 (in thousands) Gross Accumulated Net Customer relationships $ 100,228 $ ( 53,429 ) $ 46,799 Purchased software costs 46,183 ( 33,307 ) 12,876 Technology licenses 28,800 ( 26,833 ) 1,967 Trade names and trademarks 7,800 — 7,800 Other 868 ( 333 ) 535 Intangible assets, December 31, 2020 $ 183,879 $ ( 113,902 ) $ 69,977 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 14 years . Technology licenses are being amortized over their estimated useful lives in proportion to the economic benefits consumed. The Company’s acquired trade names and trademarks have been determined to have an indefinite life. Amortization on the statements of cash flow for the nine months ended September 30, 2021 and 2020 were as follows: Nine Months Ended (in thousands) 2021 2020 Amortization of intangible assets $ 4,793 $ 7,120 Amortization of capitalized purchased software costs 1,490 1,074 Amortization of debt costs 345 345 $ 6,628 $ 8,539 The estimated future amortization expense of acquired intangible assets for each of the next five years is as follows (in thousands): Year ending December 31, Amount 2021 (remaining three months) $ 1,592 2022 6,367 2023 5,979 2024 4,817 2025 4,817 |
Borrowing Facilities
Borrowing Facilities | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Borrowing Facilities | Note 5 – Borrowing Facilities Long-term debt outstanding as of September 30, 2021 and December 31, 2020 consists of the following: September 30, December 31, (in thousands) 2021 2020 Revolving credit facility, due 2023 $ — $ — Term loan, due 2023 131,250 136,874 Less unamortized debt issuance costs ( 810 ) ( 1,155 ) Long-term debt $ 130,440 $ 135,719 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 an L/C Issuer. The Credit Agreement is comprised of a five-year $ 500 million revolving credit facility (the Revolving Credit Facility) and a five-year $ 150 million term loan facility (the Term Loan Facility), both with a maturity date of July 20, 2023 . The 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 commencing June 30, 2019, with the balance payable on July 20, 2023. Interest on outstanding borrowings under the Credit Agreement (other than swingline loans) accrues, at the Company’s option, at (a) the London Interbank Offered Rate (LIBOR) plus 1.0 % to 2.0 % or (b) the base rate plus 0.0 % to 1.0 %. As of September 30, 2021, $ 131.3 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 $ 131.3 million notional interest rate swap contract discussed in Note 15. 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 the capital stock of the Company’s domestic subsidiaries and 65 % of the capital stock of its directly owned foreign subsidiaries, (b) all or substantially all other personal property of Benchmark and its domestic subsidiaries (including, 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 related to interest coverage and debt leverage, and certain customary affirmative and negative covenants, including restrictions on the Company’s ability to incur additional debt and liens, pay dividends, repurchase shares, sell assets and merge or consolidate with other persons. Amounts due under the Credit Agreement could be accelerated upon specified events of default, including a failure to pay amounts due, breach of a covenant, material inaccuracy of a representation, or occurrence of bankruptcy or insolvency, subject, in some cases, to cure periods. As of September 30, 2021, the Company had $ 131.3 million in borrowings outstanding under the Term Loan Facility and $ 3.9 million in letters of credit outstanding under the Revolving Credit Facility. The Company had $ 496.1 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 | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Leases | Note 6 – 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 non-lease components, such as maintenance and other services provided by the lessor, and other charges included in the lease. The components of lease expense were as follows: Three Months Ended Nine Months Ended (in thousands) 2021 2020 2021 2020 Finance lease cost: Amortization of right-of-use assets (included in depreciation expense) $ 24 $ 177 $ 420 $ 532 Interest on lease liabilities 9 102 184 329 Operating lease cost 4,270 3,936 11,866 12,074 Short-term lease cost 90 105 281 483 Variable lease cost 410 406 1,324 1,322 Total lease cost $ 4,803 $ 4,726 $ 14,075 $ 14,740 Nine Months Ended (in thousands) September 30, September 30, Other information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used for finance lease $ 203 $ 354 Operating cash flows used for operating leases $ 12,870 $ 11,798 Financing cash flows used for finance lease $ 833 $ 980 Right-of-use assets obtained in exchange for new operating lease liabilities $ 32,398 $ 16,470 The lease assets and liabilities as of September 30, 2021 and December 31, 2020 were as follows (in thousands): September 30, December 31, 2021 2020 Finance lease right-of-use assets (included in other assets ) $ 784 $ 2,448 Operating lease right-of-use assets $ 102,440 $ 79,966 Finance lease liability, current (included in current installments of long-term debt ) $ 163 $ 1,661 Finance lease liability, noncurrent (included in long-term debt ) $ 570 $ 2,832 Operating lease liabilities, current (included in accrued liabilities ) $ 13,377 $ 11,516 Operating lease liabilities, noncurrent $ 94,219 $ 72,120 Weighted average remaining lease term – finance leases 4.2 years 3.0 years Weighted average remaining lease term – operating leases 10.1 years 10.0 years Weighted average discount rate – finance leases 4.8 % 9.0 % Weighted average discount rate – operating leases 4.1 % 4.4 % Future annual minimum lease payments and finance lease commitments as of September 30, 2021 were as follows (in thousands): Year ending December 31, Operating Finance 2021 (remaining three months) $ 3,809 $ 48 2022 16,297 194 2023 15,032 194 2024 13,566 194 2025 12,619 178 2026 and thereafter 70,876 — Total minimum lease payments $ 132,199 $ 807 Less: imputed interest ( 24,603 ) ( 74 ) Present value of lease liabilities $ 107,596 $ 733 As of September 30, 2021, 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 | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Common Stock and Stock-Based Awards Plans | Note 7 – 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 and nine months ended September 30, 2021, cash dividends paid totaled $ 5.9 million and $ 17.4 million, respectively. For the three and nine months ended September 30, 2020, cash dividends paid totaled $ 5.8 million and $ 17.2 million, respectively. On March 15, 2021, 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, 2021. On both June 15, 2021 and September 15, 2021, the Company declared a quarterly cash dividend of $ 0.165 per share of the Company’s common stock to shareholders of record as of June 30, 2021 and September 30, 2021, respectively. The dividends for the first, second and third quarters of 2021 were paid on April 15, 2021, July 14, 2021 and October 14, 20201, respectively. On March 16, 2020, June 15, 2020 and September 11, 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, June 30, 2020 and September 30, 2020, respectively. The dividends for the first, second and third quarters of 2020 were paid on April 14, 2020, July 14, 2020 and October 14, 2020, respectively. The Company’s future dividend policy is subject to the Company’s compliance with applicable law, and depends 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 and October 26, 2018, the Board of Directors authorized the repurchase of $ 150 million and $ 100 million, respectively, of the Compa ny’s common stock in addition to the $ 250 million previously approved on March 6, 2018. During the three and nine months ended September 30, 2021, the Company repurchased a total of 0.4 million and 1.4 million common shares, respectively, for an aggregate of $ 9.9 million and $ 40.2 million, respectively, at an average price of $ 26.53 per share and $ 29.11 per share, respectively. As of September 30, 2021, the Company had an aggregate $ 164.0 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-year period from the date of grant and have a term of 10 years . Time-based restricted stock units granted to employees generally vest over a four-year period from the date of grant, subject to the continued employment of the employee by the Company. Performance-based restricted stock units generally vest over a three-year performance cycle, which includes the year of the grant, and are based upon the Company’s achievement of specified performance metrics. Awards under the 2019 Plan to non-employee directors have been in the form of restricted stock units, which generally vest one year from the grant date. As of September 30, 2021 , 2.2 mi llion 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 condensed consolidated financial statements based on their grant date fair values. The total compensation cost recognized for stock-based awards was $ 4.0 million and $ 10.9 million for the three and nine months ended September 30, 2021, respectively, and $ 3.4 million and $ 9.5 million for the three and nine months ended September 30, 2020, respectively. The future tax benefit of these stock-based awards as of the grant date was $ 0.9 million and $ 2.5 million for the three and nine months ended September 30, 2021, respectively, and $ 0.8 million and $ 2.3 million for the three and nine months ended September 30, 2020, respectively. Awards of restricted stock units and performance-based restricted stock units are valued at the closing market price of the Company’s common stock on the date of grant. For performance-based restricted stock units, compensation expense is based on the probability that the performance goals will be achieved, which is monitored by management throughout the requisite service period. When it becomes probable, based on the Company’s expectation of performance during the measurement period, that more or less than the previous estimate of the awarded shares will vest, an adjustment to stock-based compensation expense is recognized as a change in accounting estimate. As of September 30, 2021, the unrecognized compensation cost and remaining weighted-average amortization period related to stock-based awards were as follows: (in thousands) Restricted Performance- (1) Unrecognized compensation cost $ 23,436 $ 7,362 Remaining weighted-average amortization period 2.6 years 1.9 years (1) Based on the probable achievement of the performance goals identified in each award. The total cash received by the Company as a result of stock option exercises for the nine months ended September 30, 2021 and 2020 was approximate ly $ 0.3 million and $ 0.4 million, respectively. The actual tax benefit realized as a result of stock option exercises and the vesting of other share-based awards during the nine months ended September 30, 2021 and 2020 was $ 2.6 million and $ 1.8 million, respectively. For the nine months ended September 30, 2021 and 2020, the total intrinsic value of stock options exercised was $ 0.5 million and $ 0.1 million, respectively. The Company awarded performance-based restricted stock units to employees during the nine months ended September 30, 2021 and 2020. 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 re-issuance under the Company’s 2019 Plan. The following table summarizes activities relating to the Company’s stock options: (in thousands, except per share data) Number of Weighted- Weighted- Aggregate Outstanding as of December 31, 2020 188 $ 19.98 Exercised ( 54 ) 19.77 Forfeited or expired ( 2 ) 20.16 Outstanding and exercisable as of September 30, 2021 132 $ 20.06 1.74 $ 877 The aggregate intrinsic value in the table above is before income taxes and is calculated as the difference between the exercise price of the underlying options and the Company’s closing stock price as of the last business day of the period ended September 30, 2021 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: (in thousands, except per share data) Number of Weighted- Non-vested awards outstanding as of December 31, 2020 1,026 $ 27.35 Granted 499 28.54 Vested ( 373 ) 26.76 Forfeited ( 84 ) 28.45 Non-vested awards outstanding as of September 30, 2021 1,068 $ 28.03 The following table summarizes the activities related to the Company’s performance-based restricted stock units: Weighted- Average Number of Grant Date (in thousands, except per share data) Units Fair Value Non-vested units outstanding as of December 31, 2020 368 $ 27.93 Granted (1) 234 28.60 Forfeited ( 60 ) 29.38 Non-vested units outstanding as of September 30, 2021 542 $ 28.06 (1) Represents target number of units that can vest based on the achievement of the performance goals. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 8 – Income Taxes Income tax expense consists of the following: Nine Months Ended (in thousands) 2021 2020 Federal - current $ ( 426 ) $ 1,288 Foreign - current 8,734 3,865 State - current 528 503 Deferred ( 2,860 ) ( 4,079 ) $ 5,976 $ 1,577 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, 2020, the Company had approximately $ 333.6 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. During the second quarter of 2021, the Company recorded an income tax benefit of $ 7.3 million for foreign withholding taxes paid in prior years and has offset this benefit with a corresponding reserve for uncertain tax benefits of the same amount. 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 year ended December 31, 2020 or the nine months ended September 30, 2021. In addition, the CARES Act allowed for employee retention tax credits to be taken in U.S. payroll tax filings, and allowed for the deferral of the employer portion of social security taxes during the calendar year 2020 with 50% to be paid at the end of calendar years 2021 and 2022, respectively. The Company has deferred the payment of the employer portion of social security taxes for the year ended December 31, 2020 with 50% of payments to be paid at the end of 2021 and 2022, respectively. The Company has also determined it was entitled to employee retention credits and filed for the credits in the second quarter of 2020 pursuant to the guidance provided by the Internal Revenue Service. The Company has determined that it is not eligible for employee retention tax credits for the nine months ended September 30, 2021, and the deferral of the employer portion of social security taxes is not available for 2021. The Company has been granted certain tax incentives, including tax holidays, for its subsidiaries in Malaysia and Thailand that will expire or expired at various dates, unless extended or otherwise renegotiated, through March 31, 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 foreign income tax expense for both the nine months ended September 30, 2021 and 2020 by approximately $ 3.4 million (approximately $ 0.09 per diluted share), as follows: Nine Months Ended (in thousands) 2021 2020 Malaysia $ 1,259 $ 2,164 Thailand 2,121 1,209 $ 3,380 $ 3,373 As of April 1, 2021 , the tax holiday for Malaysia has expired. We have applied for a new tax holiday for our operations in Malaysia. There is no guarantee that we will be granted the tax holiday in Malaysia. As of September 30, 2021, the total amount of the reserve for uncertain tax benefits including interest and penalties was $ 8.0 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 2020. During 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 | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Note 9 – 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 the consideration specified in a contract with a customer. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a manufactured product to a customer. The Company’s contracts with customers are generally short-term in nature. The Company applies the optional exemption related to short-term performance obligations and does not disclose information about remaining performance obligations that have original expected durations of one year or less. 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 the product to the customer. Revenue from design, development and engineering services is recognized over time as the services are performed. The Company assumes no significant obligations after shipment as it typically warrants workmanship only. Therefore, the warranty provisions are generally not significant. If the Company records revenue, but does not issue an invoice, a contract asset is recognized. The contract asset is transferred to accounts receivable when the entitlement to payment becomes unconditional. Taxes assessed by governmental authorities that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer, are excluded from revenue. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as fulfillment costs and are included in cost of sales. Disaggregation of revenue In the following tables, revenue is disaggregated by market sector. The tables also include a reconciliation of the disaggregated revenue with the reportable operating segments. Reportable Operating Segments Three Months Ended September 30, 2021 (in thousands) Americas Asia Europe Total Market Sector: Industrials $ 19,907 $ 69,436 $ 18,849 $ 108,192 A&D 95,940 827 4,071 100,838 Medical 64,357 43,480 9,956 117,793 Semi-Cap 53,732 63,733 16,111 133,576 Computing 46,804 9,742 11 56,557 Telecommunications 28,456 26,019 451 54,926 External revenue 309,196 213,237 49,449 571,882 Elimination of intersegment sales 9,920 11,194 535 21,649 Segment revenue $ 319,116 $ 224,431 $ 49,984 $ 593,531 Nine Months Ended September 30, 2021 (in thousands) Americas Asia Europe Total Market Sector: Industrials $ 61,261 $ 185,961 $ 56,328 $ 303,550 A&D 270,854 900 15,145 286,899 Medical 159,701 134,650 40,537 334,888 Semi-Cap 158,090 179,275 48,525 385,890 Computing 114,908 24,922 11 139,841 Telecommunications 90,421 79,960 816 171,197 External revenue 855,235 605,668 161,362 1,622,265 Elimination of intersegment sales 32,989 29,606 1,122 63,717 Segment revenue $ 888,224 $ 635,274 $ 162,484 $ 1,685,982 Reportable Operating Segments Three Months Ended September 30, 2020 (in thousands) Americas Asia Europe Total Market Sector: Industrials $ 24,303 $ 47,281 $ 14,600 $ 86,184 A&D 100,941 — 3,958 104,899 Medical 65,389 61,322 7,431 134,142 Semi-Cap 47,021 38,546 13,154 98,721 Computing 35,788 8,551 — 44,339 Telecommunications 22,023 35,507 136 57,666 External revenue 295,465 191,207 39,279 525,951 Elimination of intersegment sales 10,171 6,300 264 16,735 Segment revenue $ 305,636 $ 197,507 $ 39,543 $ 542,686 Nine Months Ended September 30, 2020 (in thousands) Americas Asia Europe Total Market Sector: Industrials $ 82,546 $ 144,885 $ 48,709 $ 276,140 A&D 294,892 — 17,731 312,623 Medical 207,202 161,415 18,252 386,869 Semi-Cap 114,791 112,989 40,512 268,292 Computing 101,349 23,444 — 124,793 Telecommunications 69,692 92,955 517 163,164 External revenue 870,472 535,688 125,721 1,531,881 Elimination of intersegment sales 38,360 21,807 1,046 61,213 Segment revenue $ 908,832 $ 557,495 $ 126,767 $ 1,593,094 During both the nine months ended September 30, 2021 and 2020, 90 % of the Company’s revenue was recognized as products and services that were transferred over time. The timing of revenue recognition, billings and cash collections result in billed accounts receivable, contract assets and advance payments from customers. As of September 30, 2021 and December 31, 2020, the Company had $ 160.2 million and $ 142.8 million, respectively, in contract assets from contracts with customers. The contract assets primarily relate to the Company’s right to consideration for work completed but not billed at the reporting date. The contract assets are transferred to accounts receivable when the rights become unconditional. Significant changes in the contract asset balance during the period are as follows: Nine Months Ended (in thousands) 2021 2020 Beginning balance as of December 31 $ 142,779 $ 161,061 Revenue recognized 1,463,872 1,382,582 Amounts collected or invoiced ( 1,446,457 ) ( 1,382,247 ) Ending balance as of September 30 $ 160,194 $ 161,396 As of September 30, 2021 and December 31, 2020, the Company had $ 91.5 million and $ 84.1 million, respectively, in advance payments from customers. Of those amounts, $ 63.0 million and $ 54.9 million, respectively, were customer deposits and prepayments of inventory and $ 28.5 million and $ 29.2 million, respectively, were related to the contractual timing of payments. The advance payments are not considered a significant financing component because they are used to meet working capital demands of a contract, offset inventory risks and protect the Company from the failure of other parties to fulfill obligations under a contract. |
Accounts Receivable Sale Progra
Accounts Receivable Sale Program | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Accounts Receivable Sales Program | Note 10 – Accounts Receivable Sale Program As of September 30, 2021, in connection with trade accounts receivable sale programs with unaffiliated financial institutions, the Company may elect to sell, at a discount, on an ongoing basis, up to a maximum of $ 120.0 million of specific accounts receivable at any one time. During the three months ended September 30, 2021 and 2020, the Company sold $ 109.1 million and $ 71.5 million, respectively, of accounts receivable under this program, and in exchange, the Company received cash proceeds of $ 108.8 million and $ 71.4 million, respectively, net of the discount. During the nine months ended September 30, 2021 and 2020, the Company sold $ 275.4 million and $ 225.8 million, respectively, of accounts receivable under this program, and in exchange, the Company received cash proceeds of $ 274.8 million and $ 225.4 million, respectively, net of the discount. The loss on the sale resulting from the discount was recorded to other expense within the condensed consolidated statements of income. |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Note 11 – Contingencies The Company is involved in various legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Company’s consolidated financial position or results of operations. |
Restructuring Charges
Restructuring Charges | 9 Months Ended |
Sep. 30, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | Note 12 – 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 2021 and 2020 primarily related to the closure of facilities in the Americas, capacity reduction and reductions in workforce in certain facilities across various regions. The following table summarizes the 2021 activity in accrued restructuring, which is included in accrued liabilities in the condensed consolidated balance sheets, related to various restructuring activities initiated prior to September 30, 2021: Balance as of Balance as of December 31, Restructuring Cash Non-Cash September 30, (in thousands) 2020 Charges Payment Activity 2021 Restructuring: Severance $ 3,996 $ 994 $ ( 4,350 ) $ ( 184 ) $ 456 Lease facility costs 50 1,994 ( 1,868 ) ( 160 ) 16 Other exit costs 408 2,254 ( 2,074 ) ( 351 ) 237 Total $ 4,454 $ 5,242 $ ( 8,292 ) $ ( 695 ) $ 709 In addition, during the nine months ended September 30, 2021, we incurred $ 4.4 million in costs related to asset impairments in the Americas. During the nine months ended September 30, 2020, we incurred $ 5.7 million and $ 1.0 million in costs related to asset impairments in the Americas and Asia, respectively. |
Ransomware Incident
Ransomware Incident | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Text Block Supplement [Abstract] | |
Ransomware Incident | Note 13 – 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. We do have insurance coverage, including cyber insurance, and worked diligently with our insurance carriers on claims to recover costs incurred. In 2019, ransomware incident related costs incurred totaled $ 12.7 million or $ 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. During the year ended December 31, 2020, the Company collected $ 6.6 million of insurance recoveries, which included $ 5.0 million of estimated insurance recoveries recorded in 2019 and an additional $ 1.6 million recorded in 2020. During the nine months ended September 30, 2021, the Company collected an additional $ 3.9 million of insurance recoveries. As of September 30, 2021, the Company has collected insurance recoveries totaling $ 10.5 million. No further insurance recoveries are expected. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 14 – 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. In periods when losses are reported, the weighted-average number of shares outstanding excludes stock equivalents because their inclusion would have an anti-dilutive effect. The following table sets forth the calculation of basic and diluted earnings per share: Three Months Ended Nine Months Ended (in thousands, except per share data) 2021 2020 2021 2020 Net income $ 8,065 $ 5,915 $ 23,351 $ 6,360 Denominator for basic earnings per share – weighted-average 35,423 36,467 35,806 36,565 Incremental common shares attributable to exercise of dilutive 32 22 43 36 Incremental common shares attributable to outstanding restricted 211 55 438 220 Denominator for diluted earnings per share 35,666 36,544 36,287 36,821 Basic earnings per share $ 0.23 $ 0.16 $ 0.65 $ 0.17 Diluted earnings per share $ 0.23 $ 0.16 $ 0.64 $ 0.17 Restricted stock units totaling 5 thousand and 4 thousand shares for the three and nine months ended September 30, 2021, respectively, were not included in the computation of diluted earnings per share because their effect would have been anti-dilutive. Restricted stock units totaling 1.0 million and 0.5 million shares for the three and nine months ended September 30, 2020, and outstanding stock options totaling 0.1 million shares for the three months ended September 30, 2020, were not included in the computation of diluted earnings per share because their effect would have been anti-dilutive. |
Financial Instruments
Financial Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments | Note 15 – 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 because of their short-term nature. 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. On July 30, 2021, the Company entered into forward currency exchange contracts designated as cash flow hedges of forecasted foreign currency expenses with a notional amount of $ 10.5 million as of September 30, 2021. Changes in the fair value of the derivatives are recorded in accumulated other comprehensive loss in the condensed consolidated balance sheets until earnings are affected by the variability of the cash flows. During the nine months ended September 30, 2021, the Company recorded an unrealized loss of $ 0.4 million on the forward currency exchange contracts in other comprehensive income (See Note 16). The Company also has forward currency exchange contracts in place as of September 30, 2021 that have not been designated as accounting hedges and, therefore, changes in fair value are recorded within the condensed consolidated statements of income. The fair value of the Company's forward currency exchange contracts are determined using standard valuation models with assumptions about forward rates being based on those observed in the underlying market. As of September 30, 2021, the fair value estimates for the Company's forward currency exchange contracts were based on Level 2 inputs of the fair value hierarchy. The Company enters into forward currency exchange contracts for its operations in Mexico and Europe. The Company has an interest rate swap agreement, with a notional amount of $ 131.3 million and $ 136.9 million as of September 30, 2021 and December 31, 2020, respectively, to hedge a portion of its interest rate exposure on outstanding borrowings under the Credit Agreement. Under this interest rate swap agreement, the Company receives variable rate interest payments based on the one-month LIBOR rate and pays fixed rate interest payments. The fixed interest rate for the contract is 2.928 %. The effect of this swap is to convert a portion of the floating rate interest expense to fixed interest rate expense. Based on the terms of the interest rate swap contract and the underlying borrowings outstanding under the Credit Agreement, the interest rate contract was determined to be highly effective, and thus qualifies and has been designated as a cash flow hedge. As such, changes in the fair value of the interest rate swap are recorded in other comprehensive income on the accompanying condensed consolidated balance sheets until earnings are affected by the variability of cash flows. As of September 30, 2021 and 2020, the fair value estimates for the Company's interest rate swap agreement were based on Level 3 inputs of the fair value hierarchy. During the nine months ended September 30, 2021, the Company recorded an unrealized gain of $ 3.0 million ($ 2.2 million net of tax) on the swap in other comprehensive income. See Note 16. 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 and the gain was amortized to offset interest expense over the remaining term of the interest rate swap agreement which ended November 2020. The following table presents the fair value of the Company's derivative instruments: Fair Values of Derivative Instruments Liability Derivatives September 30, December 31, (in thousands) 2021 2020 Derivatives designated as hedging instruments Forward currency exchange contracts $ 441 $ — Interest rate swap $ 6,023 $ 9,011 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | Note 16 – Accumulated Other Comprehensive Loss The changes in accumulated other comprehensive loss by component were as follows: Three months ended September 30, 2021 2020 Foreign Foreign currency Derivative currency Derivative translation instruments, translation instruments, (in thousands) adjustments net of tax Other Total adjustments net of tax Other Total Beginning balance $ ( 10,083 ) $ ( 5,160 ) $ ( 1,278 ) $ ( 16,521 ) $ ( 12,816 ) $ ( 7,958 ) $ ( 518 ) $ ( 21,292 ) Other comprehensive gain ( 1,438 ) 154 113 ( 1,171 ) 2,045 757 86 2,888 Amounts reclassified from accumulated other — 60 — 60 — ( 310 ) — ( 310 ) Net current period other comprehensive gain (loss) ( 1,438 ) 214 113 ( 1,111 ) 2,045 447 86 2,578 Ending balance $ ( 11,521 ) $ ( 4,946 ) $ ( 1,165 ) $ ( 17,632 ) $ ( 10,771 ) $ ( 7,511 ) $ ( 432 ) $ ( 18,714 ) Nine months ended September 30, 2021 2020 Foreign Foreign currency Derivative currency Derivative translation instruments, translation instruments, (in thousands) adjustments net of tax Other Total adjustments net of tax Other Total Beginning balance $ ( 8,375 ) $ ( 6,742 ) $ ( 1,534 ) $ ( 16,651 ) $ ( 12,425 ) $ ( 3,600 ) $ ( 734 ) $ ( 16,759 ) Other comprehensive gain (loss) before reclassifications ( 3,146 ) 1,736 369 ( 1,041 ) 1,654 ( 2,929 ) 302 ( 973 ) Amounts reclassified from accumulated other — 60 — 60 — ( 982 ) ( 982 ) Net current period other comprehensive gain (loss) ( 3,146 ) 1,796 369 ( 981 ) 1,654 ( 3,911 ) 302 ( 1,955 ) Ending balance $ ( 11,521 ) $ ( 4,946 ) $ ( 1,165 ) $ ( 17,632 ) $ ( 10,771 ) $ ( 7,511 ) $ ( 432 ) $ ( 18,714 ) Unrealized gains and losses relating to derivative instruments, reclassified from accumulated other comprehensive loss for the three and nine months ended September 30, 2021, were recognized as a component of cost of sales in the condensed consolidated statements of income, which relate to the Company's foreign currency contracts accounted for as cash flow hedges. See Note 15 for further explanation of the change in derivative instruments that is recorded to accumulated other comprehensive loss. |
Segment And Geographic Informat
Segment And Geographic Information | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment And Geographic Information | Note 17 – Segment and Geographic Information The Company currently has manufacturing facilities in the Americas, Asia and Europe to serve its customers. The Company is operated and managed geographically, and management evaluates performance and allocates the Company’s resources on a geographic basis. Intersegment sales are generally recorded at prices that approximate arm’s length transactions. Operating segments’ measure of profitability is based on income from operations. The accounting policies for the reportable operating segments are the same as for the Company taken as a whole. The Company has three reportable operating segments: Americas, Asia, and Europe. Information about operating segments is as follows: Three Months Ended Nine Months Ended (in thousands) 2021 2020 2021 2020 Net sales: Americas $ 319,116 $ 305,636 $ 888,224 $ 908,832 Asia 224,431 197,507 635,274 557,495 Europe 49,984 39,543 162,484 126,767 Elimination of intersegment sales ( 21,649 ) ( 16,735 ) ( 63,717 ) ( 61,213 ) $ 571,882 $ 525,951 $ 1,622,265 $ 1,531,881 Depreciation and amortization: Americas $ 4,914 $ 5,844 $ 15,461 $ 17,191 Asia 2,708 2,801 8,051 8,247 Europe 736 706 2,140 2,131 Corporate 2,611 3,057 7,311 9,370 $ 10,969 $ 12,408 $ 32,963 $ 36,939 Income from operations: Americas $ 11,053 $ 10,062 $ 31,282 $ 21,700 Asia 21,391 17,865 64,210 45,887 Europe 978 1,395 7,918 4,270 Corporate and intersegment eliminations ( 21,628 ) ( 20,663 ) ( 68,983 ) ( 58,580 ) 11,794 8,659 34,427 13,277 Interest expense ( 1,987 ) ( 2,136 ) ( 6,215 ) ( 6,189 ) Interest income 122 154 451 1,040 Other income (expense) 500 439 664 ( 191 ) Income before income taxes $ 10,429 $ 7,116 $ 29,327 $ 7,937 Capital expenditures: Americas $ 11,787 $ 2,134 $ 23,629 $ 17,992 Asia 274 1,330 2,608 4,646 Europe 691 252 3,410 1,294 Corporate 1,066 2,096 2,790 5,170 $ 13,818 $ 5,812 $ 32,437 $ 29,102 September 30, December 31, (in thousands) 2021 2020 Total assets: Americas $ 844,484 $ 777,658 Asia 616,535 532,793 Europe 174,876 146,277 Corporate 204,471 287,507 $ 1,840,366 $ 1,744,235 Geographic net sales information provided below reflects the destination of the product shipped. Long-lived assets information is based on the physical location of the asset and includes property, plant and equipment, net, operating lease right-of-use assets, and other long-term assets, net. Three Months Ended Nine Months Ended (in thousands) 2021 2020 2021 2020 Geographic net sales: United States $ 342,674 $ 346,849 $ 961,322 $ 1,001,725 Singapore 84,902 51,267 226,657 $ 161,805 Other Asia 55,124 48,337 140,227 126,863 Europe 64,775 55,372 207,066 177,651 Other 24,407 24,126 86,993 63,837 $ 571,882 $ 525,951 $ 1,622,265 $ 1,531,881 September 30, December 31, (in thousands) 2021 2020 Long-lived assets: United States $ 247,995 $ 235,193 Asia 64,581 69,669 Europe 30,288 18,002 Other 22,129 21,980 $ 364,993 $ 344,844 |
Supplemental Cash Flow And Non-
Supplemental Cash Flow And Non-Cash Information | 9 Months Ended |
Sep. 30, 2021 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow and Non-Cash Information | Note 18 –Supplemental Cash Flow and Non-Cash Information The following is additional information concerning supplemental disclosures of cash payments. Three Months Ended Nine Months Ended (in thousands) 2021 2020 2021 2020 Income taxes paid, net $ 8,396 $ 11,629 $ 17,769 $ 14,596 Interest paid $ 2,254 $ 2,364 $ 6,336 $ 6,791 Non-cash investing activity: Additions to property, plant and equipment in accounts payable $ 7,980 $ 6,531 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule Of Inventory Costs | Inventory costs are summarized as follows: September 30, December 31, (in thousands) 2021 2020 Raw materials $ 461,957 $ 312,856 Work in process 13,224 8,687 Finished goods 3,144 5,834 $ 478,325 $ 327,377 |
Goodwill And Other Intangible_2
Goodwill And Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill Rollforward | Goodwill allocated to the Company’s reportable segments were as follows: (in thousands) Americas Asia Total Goodwill as of December 31, 2020 and September 30, 2021 $ 154,014 $ 38,102 $ 192,116 |
Schedule Of Intangible Assets | Acquired identifiable intangible assets and purchased software as of September 30, 2021 and December 31, 2020 were as follows: (in thousands) Gross Accumulated Net Customer relationships $ 100,161 $ ( 58,119 ) $ 42,042 Purchased software costs 50,203 ( 34,684 ) 15,519 Technology licenses 26,800 ( 26,800 ) — Trade names and trademarks 7,800 — 7,800 Other 868 ( 350 ) 518 Intangible assets, September 30, 2021 $ 185,831 $ ( 119,953 ) $ 65,878 (in thousands) Gross Accumulated Net Customer relationships $ 100,228 $ ( 53,429 ) $ 46,799 Purchased software costs 46,183 ( 33,307 ) 12,876 Technology licenses 28,800 ( 26,833 ) 1,967 Trade names and trademarks 7,800 — 7,800 Other 868 ( 333 ) 535 Intangible assets, December 31, 2020 $ 183,879 $ ( 113,902 ) $ 69,977 |
Schedule Of Amortization Expense | Amortization on the statements of cash flow for the nine months ended September 30, 2021 and 2020 were as follows: Nine Months Ended (in thousands) 2021 2020 Amortization of intangible assets $ 4,793 $ 7,120 Amortization of capitalized purchased software costs 1,490 1,074 Amortization of debt costs 345 345 $ 6,628 $ 8,539 |
Schedule Of Estimated Future Amortization Expense | The estimated future amortization expense of acquired intangible assets for each of the next five years is as follows (in thousands): Year ending December 31, Amount 2021 (remaining three months) $ 1,592 2022 6,367 2023 5,979 2024 4,817 2025 4,817 |
Borrowing Facilities (Tables)
Borrowing Facilities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule Of Debt | Long-term debt outstanding as of September 30, 2021 and December 31, 2020 consists of the following: September 30, December 31, (in thousands) 2021 2020 Revolving credit facility, due 2023 $ — $ — Term loan, due 2023 131,250 136,874 Less unamortized debt issuance costs ( 810 ) ( 1,155 ) Long-term debt $ 130,440 $ 135,719 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Components of lease expense, and lease assets and liabilities | The components of lease expense were as follows: Three Months Ended Nine Months Ended (in thousands) 2021 2020 2021 2020 Finance lease cost: Amortization of right-of-use assets (included in depreciation expense) $ 24 $ 177 $ 420 $ 532 Interest on lease liabilities 9 102 184 329 Operating lease cost 4,270 3,936 11,866 12,074 Short-term lease cost 90 105 281 483 Variable lease cost 410 406 1,324 1,322 Total lease cost $ 4,803 $ 4,726 $ 14,075 $ 14,740 Nine Months Ended (in thousands) September 30, September 30, Other information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used for finance lease $ 203 $ 354 Operating cash flows used for operating leases $ 12,870 $ 11,798 Financing cash flows used for finance lease $ 833 $ 980 Right-of-use assets obtained in exchange for new operating lease liabilities $ 32,398 $ 16,470 The lease assets and liabilities as of September 30, 2021 and December 31, 2020 were as follows (in thousands): September 30, December 31, 2021 2020 Finance lease right-of-use assets (included in other assets ) $ 784 $ 2,448 Operating lease right-of-use assets $ 102,440 $ 79,966 Finance lease liability, current (included in current installments of long-term debt ) $ 163 $ 1,661 Finance lease liability, noncurrent (included in long-term debt ) $ 570 $ 2,832 Operating lease liabilities, current (included in accrued liabilities ) $ 13,377 $ 11,516 Operating lease liabilities, noncurrent $ 94,219 $ 72,120 Weighted average remaining lease term – finance leases 4.2 years 3.0 years Weighted average remaining lease term – operating leases 10.1 years 10.0 years Weighted average discount rate – finance leases 4.8 % 9.0 % Weighted average discount rate – operating leases 4.1 % 4.4 % |
Future annual minimum lease payments and finance lease commitments | Future annual minimum lease payments and finance lease commitments as of September 30, 2021 were as follows (in thousands): Year ending December 31, Operating Finance 2021 (remaining three months) $ 3,809 $ 48 2022 16,297 194 2023 15,032 194 2024 13,566 194 2025 12,619 178 2026 and thereafter 70,876 — Total minimum lease payments $ 132,199 $ 807 Less: imputed interest ( 24,603 ) ( 74 ) Present value of lease liabilities $ 107,596 $ 733 |
Common Stock and Stock-Based _2
Common Stock and Stock-Based Awards Plans (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule Of Unrecognized Compensation Cost And Remaining Weighted-Average Amortization Stock-Based Awards | As of September 30, 2021, the unrecognized compensation cost and remaining weighted-average amortization period related to stock-based awards were as follows: (in thousands) Restricted Performance- (1) Unrecognized compensation cost $ 23,436 $ 7,362 Remaining weighted-average amortization period 2.6 years 1.9 years (1) Based on the probable achievement of the performance goals identified in each award. |
Summary Of Stock Options | The following table summarizes activities relating to the Company’s stock options: (in thousands, except per share data) Number of Weighted- Weighted- Aggregate Outstanding as of December 31, 2020 188 $ 19.98 Exercised ( 54 ) 19.77 Forfeited or expired ( 2 ) 20.16 Outstanding and exercisable as of September 30, 2021 132 $ 20.06 1.74 $ 877 |
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: (in thousands, except per share data) Number of Weighted- Non-vested awards outstanding as of December 31, 2020 1,026 $ 27.35 Granted 499 28.54 Vested ( 373 ) 26.76 Forfeited ( 84 ) 28.45 Non-vested awards outstanding as of September 30, 2021 1,068 $ 28.03 |
Performance-Based Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary Of Stock-Based Awards | The following table summarizes the activities related to the Company’s performance-based restricted stock units: Weighted- Average Number of Grant Date (in thousands, except per share data) Units Fair Value Non-vested units outstanding as of December 31, 2020 368 $ 27.93 Granted (1) 234 28.60 Forfeited ( 60 ) 29.38 Non-vested units outstanding as of September 30, 2021 542 $ 28.06 (1) Represents target number of units that can vest based on the achievement of the performance goals. |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule Of Income Tax Expense | Income tax expense consists of the following: Nine Months Ended (in thousands) 2021 2020 Federal - current $ ( 426 ) $ 1,288 Foreign - current 8,734 3,865 State - current 528 503 Deferred ( 2,860 ) ( 4,079 ) $ 5,976 $ 1,577 |
Schedule Of Tax Incentives | The net impact of these tax incentives was to lower foreign income tax expense for both the nine months ended September 30, 2021 and 2020 by approximately $ 3.4 million (approximately $ 0.09 per diluted share), as follows: Nine Months Ended (in thousands) 2021 2020 Malaysia $ 1,259 $ 2,164 Thailand 2,121 1,209 $ 3,380 $ 3,373 |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of revenue | In the following tables, revenue is disaggregated by market sector. The tables also include a reconciliation of the disaggregated revenue with the reportable operating segments. Reportable Operating Segments Three Months Ended September 30, 2021 (in thousands) Americas Asia Europe Total Market Sector: Industrials $ 19,907 $ 69,436 $ 18,849 $ 108,192 A&D 95,940 827 4,071 100,838 Medical 64,357 43,480 9,956 117,793 Semi-Cap 53,732 63,733 16,111 133,576 Computing 46,804 9,742 11 56,557 Telecommunications 28,456 26,019 451 54,926 External revenue 309,196 213,237 49,449 571,882 Elimination of intersegment sales 9,920 11,194 535 21,649 Segment revenue $ 319,116 $ 224,431 $ 49,984 $ 593,531 Nine Months Ended September 30, 2021 (in thousands) Americas Asia Europe Total Market Sector: Industrials $ 61,261 $ 185,961 $ 56,328 $ 303,550 A&D 270,854 900 15,145 286,899 Medical 159,701 134,650 40,537 334,888 Semi-Cap 158,090 179,275 48,525 385,890 Computing 114,908 24,922 11 139,841 Telecommunications 90,421 79,960 816 171,197 External revenue 855,235 605,668 161,362 1,622,265 Elimination of intersegment sales 32,989 29,606 1,122 63,717 Segment revenue $ 888,224 $ 635,274 $ 162,484 $ 1,685,982 Reportable Operating Segments Three Months Ended September 30, 2020 (in thousands) Americas Asia Europe Total Market Sector: Industrials $ 24,303 $ 47,281 $ 14,600 $ 86,184 A&D 100,941 — 3,958 104,899 Medical 65,389 61,322 7,431 134,142 Semi-Cap 47,021 38,546 13,154 98,721 Computing 35,788 8,551 — 44,339 Telecommunications 22,023 35,507 136 57,666 External revenue 295,465 191,207 39,279 525,951 Elimination of intersegment sales 10,171 6,300 264 16,735 Segment revenue $ 305,636 $ 197,507 $ 39,543 $ 542,686 Nine Months Ended September 30, 2020 (in thousands) Americas Asia Europe Total Market Sector: Industrials $ 82,546 $ 144,885 $ 48,709 $ 276,140 A&D 294,892 — 17,731 312,623 Medical 207,202 161,415 18,252 386,869 Semi-Cap 114,791 112,989 40,512 268,292 Computing 101,349 23,444 — 124,793 Telecommunications 69,692 92,955 517 163,164 External revenue 870,472 535,688 125,721 1,531,881 Elimination of intersegment sales 38,360 21,807 1,046 61,213 Segment revenue $ 908,832 $ 557,495 $ 126,767 $ 1,593,094 |
Significant Changes in Contract Assets | Significant changes in the contract asset balance during the period are as follows: Nine Months Ended (in thousands) 2021 2020 Beginning balance as of December 31 $ 142,779 $ 161,061 Revenue recognized 1,463,872 1,382,582 Amounts collected or invoiced ( 1,446,457 ) ( 1,382,247 ) Ending balance as of September 30 $ 160,194 $ 161,396 |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Restructuring and Related Activities [Abstract] | |
Schedule Of Accrued Restructuring | The following table summarizes the 2021 activity in accrued restructuring, which is included in accrued liabilities in the condensed consolidated balance sheets, related to various restructuring activities initiated prior to September 30, 2021: Balance as of Balance as of December 31, Restructuring Cash Non-Cash September 30, (in thousands) 2020 Charges Payment Activity 2021 Restructuring: Severance $ 3,996 $ 994 $ ( 4,350 ) $ ( 184 ) $ 456 Lease facility costs 50 1,994 ( 1,868 ) ( 160 ) 16 Other exit costs 408 2,254 ( 2,074 ) ( 351 ) 237 Total $ 4,454 $ 5,242 $ ( 8,292 ) $ ( 695 ) $ 709 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Calculation of Basic and Diluted Earnings per Share | The following table sets forth the calculation of basic and diluted earnings per share: Three Months Ended Nine Months Ended (in thousands, except per share data) 2021 2020 2021 2020 Net income $ 8,065 $ 5,915 $ 23,351 $ 6,360 Denominator for basic earnings per share – weighted-average 35,423 36,467 35,806 36,565 Incremental common shares attributable to exercise of dilutive 32 22 43 36 Incremental common shares attributable to outstanding restricted 211 55 438 220 Denominator for diluted earnings per share 35,666 36,544 36,287 36,821 Basic earnings per share $ 0.23 $ 0.16 $ 0.65 $ 0.17 Diluted earnings per share $ 0.23 $ 0.16 $ 0.64 $ 0.17 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Fair Values of Derivative Instruments | The following table presents the fair value of the Company's derivative instruments: Fair Values of Derivative Instruments Liability Derivatives September 30, December 31, (in thousands) 2021 2020 Derivatives designated as hedging instruments Forward currency exchange contracts $ 441 $ — Interest rate swap $ 6,023 $ 9,011 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule Of Accumulated Other Comprehensive Loss | The changes in accumulated other comprehensive loss by component were as follows: Three months ended September 30, 2021 2020 Foreign Foreign currency Derivative currency Derivative translation instruments, translation instruments, (in thousands) adjustments net of tax Other Total adjustments net of tax Other Total Beginning balance $ ( 10,083 ) $ ( 5,160 ) $ ( 1,278 ) $ ( 16,521 ) $ ( 12,816 ) $ ( 7,958 ) $ ( 518 ) $ ( 21,292 ) Other comprehensive gain ( 1,438 ) 154 113 ( 1,171 ) 2,045 757 86 2,888 Amounts reclassified from accumulated other — 60 — 60 — ( 310 ) — ( 310 ) Net current period other comprehensive gain (loss) ( 1,438 ) 214 113 ( 1,111 ) 2,045 447 86 2,578 Ending balance $ ( 11,521 ) $ ( 4,946 ) $ ( 1,165 ) $ ( 17,632 ) $ ( 10,771 ) $ ( 7,511 ) $ ( 432 ) $ ( 18,714 ) Nine months ended September 30, 2021 2020 Foreign Foreign currency Derivative currency Derivative translation instruments, translation instruments, (in thousands) adjustments net of tax Other Total adjustments net of tax Other Total Beginning balance $ ( 8,375 ) $ ( 6,742 ) $ ( 1,534 ) $ ( 16,651 ) $ ( 12,425 ) $ ( 3,600 ) $ ( 734 ) $ ( 16,759 ) Other comprehensive gain (loss) before reclassifications ( 3,146 ) 1,736 369 ( 1,041 ) 1,654 ( 2,929 ) 302 ( 973 ) Amounts reclassified from accumulated other — 60 — 60 — ( 982 ) ( 982 ) Net current period other comprehensive gain (loss) ( 3,146 ) 1,796 369 ( 981 ) 1,654 ( 3,911 ) 302 ( 1,955 ) Ending balance $ ( 11,521 ) $ ( 4,946 ) $ ( 1,165 ) $ ( 17,632 ) $ ( 10,771 ) $ ( 7,511 ) $ ( 432 ) $ ( 18,714 ) |
Segment And Geographic Inform_2
Segment And Geographic Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule Of Operating Segments | Information about operating segments is as follows: Three Months Ended Nine Months Ended (in thousands) 2021 2020 2021 2020 Net sales: Americas $ 319,116 $ 305,636 $ 888,224 $ 908,832 Asia 224,431 197,507 635,274 557,495 Europe 49,984 39,543 162,484 126,767 Elimination of intersegment sales ( 21,649 ) ( 16,735 ) ( 63,717 ) ( 61,213 ) $ 571,882 $ 525,951 $ 1,622,265 $ 1,531,881 Depreciation and amortization: Americas $ 4,914 $ 5,844 $ 15,461 $ 17,191 Asia 2,708 2,801 8,051 8,247 Europe 736 706 2,140 2,131 Corporate 2,611 3,057 7,311 9,370 $ 10,969 $ 12,408 $ 32,963 $ 36,939 Income from operations: Americas $ 11,053 $ 10,062 $ 31,282 $ 21,700 Asia 21,391 17,865 64,210 45,887 Europe 978 1,395 7,918 4,270 Corporate and intersegment eliminations ( 21,628 ) ( 20,663 ) ( 68,983 ) ( 58,580 ) 11,794 8,659 34,427 13,277 Interest expense ( 1,987 ) ( 2,136 ) ( 6,215 ) ( 6,189 ) Interest income 122 154 451 1,040 Other income (expense) 500 439 664 ( 191 ) Income before income taxes $ 10,429 $ 7,116 $ 29,327 $ 7,937 Capital expenditures: Americas $ 11,787 $ 2,134 $ 23,629 $ 17,992 Asia 274 1,330 2,608 4,646 Europe 691 252 3,410 1,294 Corporate 1,066 2,096 2,790 5,170 $ 13,818 $ 5,812 $ 32,437 $ 29,102 September 30, December 31, (in thousands) 2021 2020 Total assets: Americas $ 844,484 $ 777,658 Asia 616,535 532,793 Europe 174,876 146,277 Corporate 204,471 287,507 $ 1,840,366 $ 1,744,235 |
Schedule Of Geographic Net Sales And Long-Lived Assets | Geographic net sales information provided below reflects the destination of the product shipped. Long-lived assets information is based on the physical location of the asset and includes property, plant and equipment, net, operating lease right-of-use assets, and other long-term assets, net. Three Months Ended Nine Months Ended (in thousands) 2021 2020 2021 2020 Geographic net sales: United States $ 342,674 $ 346,849 $ 961,322 $ 1,001,725 Singapore 84,902 51,267 226,657 $ 161,805 Other Asia 55,124 48,337 140,227 126,863 Europe 64,775 55,372 207,066 177,651 Other 24,407 24,126 86,993 63,837 $ 571,882 $ 525,951 $ 1,622,265 $ 1,531,881 September 30, December 31, (in thousands) 2021 2020 Long-lived assets: United States $ 247,995 $ 235,193 Asia 64,581 69,669 Europe 30,288 18,002 Other 22,129 21,980 $ 364,993 $ 344,844 |
Supplemental Cash Flow and No_2
Supplemental Cash Flow and Non-Cash Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule Of Supplemental Cash Flow and Non-Cash Information | The following is additional information concerning supplemental disclosures of cash payments. Three Months Ended Nine Months Ended (in thousands) 2021 2020 2021 2020 Income taxes paid, net $ 8,396 $ 11,629 $ 17,769 $ 14,596 Interest paid $ 2,254 $ 2,364 $ 6,336 $ 6,791 Non-cash investing activity: Additions to property, plant and equipment in accounts payable $ 7,980 $ 6,531 |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventory Costs) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 461,957 | $ 312,856 |
Work in process | 13,224 | 8,687 |
Finished goods | 3,144 | 5,834 |
Inventories | $ 478,325 | $ 327,377 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Schedule of Goodwill by Reportable Segments) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
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_4
Goodwill And Other Intangible Assets (Schedule Of Other Intangible Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 185,831 | $ 183,879 |
Accumulated amortization | (119,953) | (113,902) |
Net carrying amount | 65,878 | 69,977 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 100,161 | 100,228 |
Accumulated amortization | (58,119) | (53,429) |
Net carrying amount | 42,042 | 46,799 |
Purchased Software Costs [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 50,203 | 46,183 |
Accumulated amortization | (34,684) | (33,307) |
Net carrying amount | 15,519 | 12,876 |
Technology Licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 26,800 | 28,800 |
Accumulated amortization | (26,800) | (26,833) |
Net carrying amount | 0 | 1,967 |
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 | (350) | (333) |
Net carrying amount | $ 518 | $ 535 |
Goodwill And Other Intangible_5
Goodwill And Other Intangible Assets (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2021 | |
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 | 14 years |
Goodwill And Other Intangible_6
Goodwill And Other Intangible Assets (Schedule Of Amortization Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization of intangible assets | $ 1,596 | $ 2,368 | $ 4,793 | $ 7,120 |
Amortization of capitalized purchased software costs | 1,490 | 1,074 | ||
Amortization of debt costs | 345 | 345 | ||
Total amortization | $ 6,628 | $ 8,539 |
Goodwill And Other Intangible_7
Goodwill And Other Intangible Assets (Schedule Of Estimated Future Amortization Expense) (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2021 (remaining three months) | $ 1,592 |
2022 | 6,367 |
2023 | 5,979 |
2024 | 4,817 |
2025 | $ 4,817 |
Borrowing Facilities - Long-ter
Borrowing Facilities - Long-term debt outstanding (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Line Of Credit Facility [Line Items] | ||
Less unamortized debt issuance costs | $ (810) | $ (1,155) |
Long-term debt | 130,440 | 135,719 |
Term loan, due 2023 [Member] | ||
Line Of Credit Facility [Line Items] | ||
Principal amount | $ 131,250 | $ 136,874 |
Borrowing Facilities (Narrative
Borrowing Facilities (Narrative) (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2020 | Jul. 20, 2018 | |
Line Of Credit Facility [Line Items] | |||
Credit agreement, secured by percentage of voting capital stock of each direct foreign subsidiary | 65.00% | ||
Credit Agreement [Member] | |||
Line Of Credit Facility [Line Items] | |||
Credit Agreement capacity | $ 650,000,000 | ||
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 related 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 [Member] | Minimum [Member] | |||
Line Of Credit Facility [Line Items] | |||
U.S. Credit facility, commitment fee | 0.20% | ||
Credit Agreement [Member] | Minimum [Member] | LIBOR Plus [Member] | |||
Line Of Credit Facility [Line Items] | |||
U.S. Credit facility, commitment fee | 1.00% | ||
Credit Agreement [Member] | Minimum [Member] | Alternate Base Rate Plus [Member] | |||
Line Of Credit Facility [Line Items] | |||
U.S. Credit facility, commitment fee | 0.00% | ||
Credit Agreement [Member] | Maximum [Member] | |||
Line Of Credit Facility [Line Items] | |||
U.S. Credit facility, commitment fee | 0.30% | ||
Credit Agreement [Member] | Maximum [Member] | LIBOR Plus [Member] | |||
Line Of Credit Facility [Line Items] | |||
U.S. Credit facility, commitment fee | 2.00% | ||
Credit Agreement [Member] | Maximum [Member] | Alternate Base Rate Plus [Member] | |||
Line Of Credit Facility [Line Items] | |||
U.S. Credit facility, commitment fee | 1.00% | ||
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 an L/C Issuer. The Credit Agreement is comprised of a five-year $500 million revolving credit facility (the Revolving Credit Facility) and a five-year $150 million term loan facility (the Term Loan Facility), both with a maturity date of July 20, 2023. The 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. | ||
Revolving Credit Facility [Member] | |||
Line Of Credit Facility [Line Items] | |||
Credit Agreement capacity | 500,000,000 | ||
Term period | 5 years | ||
Credit Agreement maturity date | Jul. 20, 2023 | ||
Possible increase to total commitments under Credit Agreement | $ 275,000,000 | ||
Revolving credit facility, available for future borrowings | 496,100,000 | ||
Letters of credit outstanding amount | $ 3,900,000 | ||
Term Loan Facility [Member] | |||
Line Of Credit Facility [Line Items] | |||
Term period | 5 years | ||
Credit Agreement maturity date | Jul. 20, 2023 | ||
Term Loan proceeds | $ 150,000,000 | ||
Term Loan frequency of periodic payments | quarterly | ||
Derivative Notional Amount | $ 131,300,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.928% | ||
Principal amount | $ 131,250,000 | $ 136,874,000 | |
Term Loan Facility [Member] | Interest Rate Swap [Member] | |||
Line Of Credit Facility [Line Items] | |||
Derivative Notional Amount | 131,300,000 | ||
Term Loan Facility [Member] | Bank Of America Credit Agreement [Member] | |||
Line Of Credit Facility [Line Items] | |||
Quarterly principal installments | $ 1,900,000 |
Leases - Components of lease ex
Leases - Components of lease expense, and lease assets and liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Lease Cost: | |||||
Amortization of right-of-use assets (included in depreciation expense) | $ 24 | $ 177 | $ 420 | $ 532 | |
Interest on lease liabilities | 9 | 102 | 184 | 329 | |
Operating lease cost | 4,270 | 3,936 | 11,866 | 12,074 | |
Short-term lease cost | 90 | 105 | 281 | 483 | |
Variable lease cost | 410 | 406 | 1,324 | 1,322 | |
Total lease cost | 4,803 | $ 4,726 | 14,075 | 14,740 | |
Cash paid for amounts included in the measurement of lease liabilities: | |||||
Operating cash flows used for finance lease | 203 | 354 | |||
Operating cash flows used for operating leases | 12,870 | 11,798 | |||
Financing cash flows used for finance lease | 833 | 980 | |||
Right-of-use assets obtained in exchange for new operating lease liabilities | 32,398 | $ 16,470 | |||
Assets and Liabilities, Lessee [Abstract] | |||||
Finance lease right-of-use assets (included in other assets) | $ 784 | $ 784 | $ 2,448 | ||
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssetsMember | us-gaap:OtherAssetsMember | us-gaap:OtherAssetsMember | ||
Operating lease right-of-use assets | $ 102,440 | $ 102,440 | $ 79,966 | ||
Finance lease liability, current (included in current installments of long-term debt) | $ 163 | $ 163 | $ 1,661 | ||
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Long Term Debt And Capital Lease Obligations Current [Member] | Long Term Debt And Capital Lease Obligations Current [Member] | Long Term Debt And Capital Lease Obligations Current [Member] | ||
Finance lease liability, noncurrent (included in long-term debt) | $ 570 | $ 570 | $ 2,832 | ||
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Long Term Debt And Capital Lease Obligations [Member] | Long Term Debt And Capital Lease Obligations [Member] | Long Term Debt And Capital Lease Obligations [Member] | ||
Operating lease liabilities, current (included in accrued liabilities) | $ 13,377 | $ 13,377 | $ 11,516 | ||
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:AccruedLiabilitiesMember | us-gaap:AccruedLiabilitiesMember | us-gaap:AccruedLiabilitiesMember | ||
Operating lease liabilities, noncurrent | $ 94,219 | $ 94,219 | $ 72,120 | ||
Weighted average remaining lease term – finance leases | 4 years 2 months 12 days | 4 years 2 months 12 days | 3 years | ||
Weighted average remaining lease term – operating leases | 10 years 1 month 6 days | 10 years 1 month 6 days | 10 years | ||
Weighted average discount rate – finance leases | 4.80% | 4.80% | 9.00% | ||
Weighted average discount rate – operating leases | 4.10% | 4.10% | 4.40% |
Leases - Future annual minimum
Leases - Future annual minimum lease payments and finance lease commitments (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Operating Leases | |
2021 (remaining six months) | $ 3,809 |
2022 | 16,297 |
2023 | 15,032 |
2024 | 13,566 |
2025 | 12,619 |
2026 and thereafter | 70,876 |
Total minimum lease payments | 132,199 |
Finance Leases | |
2021 (remaining six months) | 48 |
2022 | 194 |
2023 | 194 |
2024 | 194 |
2025 | 178 |
2026 and thereafter | 0 |
Total minimum lease payments | $ 807 |
Leases - Future annual minimu_2
Leases - Future annual minimum lease payments and finance lease commitments - Present value of lease liabilities (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Present value of lease liabilities - Operating Leases | |
Total minimum lease payments | $ 132,199 |
Less: imputed interest | (24,603) |
Present value of lease liabilities | 107,596 |
Present value of lease liabilities - Finance Leases | |
Total minimum lease payments | 807 |
Less: imputed interest | (74) |
Present value of lease liabilities | $ 733 |
Common Stock and Stock-Based _3
Common Stock and Stock-Based Awards Plans - Dividends and Share Repurchase Authorization (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions | Sep. 15, 2021 | Jun. 15, 2021 | Mar. 15, 2021 | Sep. 11, 2020 | Jun. 15, 2020 | Mar. 16, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Feb. 20, 2019 | Oct. 26, 2018 | Mar. 06, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Dividends paid | $ 5,900,000 | $ 5,800,000 | $ 17,400,000 | $ 17,200,000 | |||||||||
Quarterly cash dividend declared | $ 0.165 | $ 0.165 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | |||||||
Repurchase of common shares program authorized amount | $ 150,000,000 | $ 100,000,000 | $ 250,000,000 | ||||||||||
Repurchase of common shares remaining authorized amount | $ 164,000,000 | $ 164,000,000 | |||||||||||
Accelerated Stock Repurchase Agreement [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Repurchase of common Shares | 0.4 | 1.4 | |||||||||||
Repurchase of common shares, value | $ 9,900,000 | $ 40,200,000 | |||||||||||
Repurchase of common shares, average cost per share | $ 26.53 | $ 29.11 |
Common Stock and Stock-Based _4
Common Stock and Stock-Based Awards Plans - Stock-Based Compensation (Narrative) (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Additional shares available for issuance | 2.2 | 2.2 | ||
Compensation cost recognized for stock-based awards | $ 4 | $ 3.4 | $ 10.9 | $ 9.5 |
Income tax benefit recognized in the income statement for stock-based awards | $ 0.9 | $ 0.8 | 2.5 | 2.3 |
Total cash received as a result of stock option exercises | 0.3 | 0.4 | ||
Tax benefit realized as a result of stock option exercises and the vesting of other share-based awards | 2.6 | 1.8 | ||
Total intrinsic value of stock options exercised | $ 0.5 | $ 0.1 | ||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Term of options | 10 years | |||
Performance-Based Restricted Stock Units [Member] | Employee Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 4 years |
Common Stock and Stock-Based _5
Common Stock and Stock-Based Awards Plans (Schedule Of Unrecognized Compensation Cost And Remaining Weighted-Average Amortization Period) (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021USD ($) | ||
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation cost | $ 23,436 | |
Remaining weighted-average amortization period | 2 years 7 months 6 days | |
Performance-Based Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation cost | $ 7,362 | [1] |
Remaining weighted-average amortization period | 1 year 10 months 24 days | [1] |
[1] | Based on the probable achievement of the performance goals identified in each award. |
Common Stock and Stock-Based _6
Common Stock and Stock-Based Awards Plans (Summary Of Stock Options) (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($)$ / sharesshares | |
Equity [Abstract] | |
Number of Options, Outstanding, Beginning balance | shares | 188 |
Number of Options, Exercised | shares | (54) |
Number of Options, Forfeited or expired | shares | (2) |
Number of Options, Outstanding, Ending balance | shares | 132 |
Weighted-Average Exercise Price, Outstanding, Beginning balance | $ / shares | $ 19.98 |
Weighted-Average Exercise Price, Exercised | $ / shares | 19.77 |
Weighted-Average Exercise Price, Forfeited or expired | $ / shares | 20.16 |
Weighted-Average Exercise Price, Outstanding, Ending balance | $ / shares | $ 20.06 |
Weighted-Average Remaining Contractual Term (Years), Outstanding | 1 year 8 months 26 days |
Aggregate Intrinsic Value, Outstanding | $ | $ 877 |
Common Stock and Stock-Based _7
Common Stock and Stock-Based Awards Plans (Summary Of Stock-Based Awards) (Details) shares in Thousands | 9 Months Ended | |
Sep. 30, 2021$ / 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 | 1,026 | |
Granted, shares or units | shares | 499 | |
Vested, shares or units | shares | (373) | |
Forfeited, shares or units | shares | (84) | |
Non-vested shares outstanding, shares or units, ending balance | shares | 1,068 | |
Non-vested outstanding, weighted-average grant date fair value, beginning balance | $ / shares | $ 27.35 | |
Granted, weighted-average grant date fair value | $ / shares | 28.54 | |
Vested, weighted-average grant date fair value | $ / shares | 26.76 | |
Forfeited, weighted-average grant date fair value | $ / shares | 28.45 | |
Non-vested outstanding, weighted-average grant date fair value, ending balance | $ / shares | $ 28.03 | |
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 | 368 | |
Granted, shares or units | shares | 234 | [1] |
Forfeited, shares or units | shares | (60) | |
Non-vested shares outstanding, shares or units, ending balance | shares | 542 | |
Non-vested outstanding, weighted-average grant date fair value, beginning balance | $ / shares | $ 27.93 | |
Granted, weighted-average grant date fair value | $ / shares | 28.60 | [1] |
Forfeited, weighted-average grant date fair value | $ / shares | 29.38 | |
Non-vested outstanding, weighted-average grant date fair value, ending balance | $ / shares | $ 28.06 | |
[1] | Represents target number of units that can vest based on the achievement of the performance goals. |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Federal - current | $ (426) | $ 1,288 | ||
Foreign - current | 8,734 | 3,865 | ||
State - current | 528 | 503 | ||
Deferred | (2,860) | (4,079) | ||
Total income tax expense | $ 2,364 | $ 1,201 | $ 5,976 | $ 1,577 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Income Taxes [Line Items] | ||||
Cumulative undistributed earnings of foreign subsidiaries | $ 333.6 | |||
Income tax incentives | $ 3.4 | $ 3.4 | ||
Net impact of tax incentives, per diluted share | $ 0.09 | $ 0.09 | ||
Unrecognized tax benefits including interest and penalties | $ 8 | |||
Income tax benefit related to foreign withholding | $ 7.3 | |||
Malaysia [Member] | ||||
Income Taxes [Line Items] | ||||
Income tax holidays expiration date | April 1, 2021 | |||
Malaysia [Member] | Earliest Tax Year [Member] | ||||
Income Taxes [Line Items] | ||||
Income tax holidays expiration date | 2021 | |||
Thailand [Member] | Earliest Tax Year [Member] | ||||
Income Taxes [Line Items] | ||||
Income tax holidays expiration date | 2028 |
Income Taxes (Schedule Of Tax I
Income Taxes (Schedule Of Tax Incentives) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Income Taxes [Line Items] | ||
Income tax incentives | $ 3,380 | $ 3,373 |
Malaysia [Member] | ||
Income Taxes [Line Items] | ||
Income tax incentives | 1,259 | 2,164 |
Thailand [Member] | ||
Income Taxes [Line Items] | ||
Income tax incentives | $ 2,121 | $ 1,209 |
Revenue (Disaggregation of reve
Revenue (Disaggregation of revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 593,531 | $ 542,686 | $ 1,685,982 | $ 1,593,094 |
Operating Segments [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 571,882 | 525,951 | 1,622,265 | 1,531,881 |
Operating Segments [Member] | Industrials Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 108,192 | 86,184 | 303,550 | 276,140 |
Operating Segments [Member] | Aerospace And Defense Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 100,838 | 104,899 | 286,899 | 312,623 |
Operating Segments [Member] | Medical Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 117,793 | 134,142 | 334,888 | 386,869 |
Operating Segments [Member] | Semi-Cap Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 133,576 | 98,721 | 385,890 | 268,292 |
Operating Segments [Member] | Computing Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 56,557 | 44,339 | 139,841 | 124,793 |
Operating Segments [Member] | Telecommunications Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 54,926 | 57,666 | 171,197 | 163,164 |
Elimination Of Intersegment Sales [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 21,649 | 16,735 | 63,717 | 61,213 |
Americas [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 319,116 | 305,636 | 888,224 | 908,832 |
Americas [Member] | Operating Segments [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 309,196 | 295,465 | 855,235 | 870,472 |
Americas [Member] | Operating Segments [Member] | Industrials Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 19,907 | 24,303 | 61,261 | 82,546 |
Americas [Member] | Operating Segments [Member] | Aerospace And Defense Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 95,940 | 100,941 | 270,854 | 294,892 |
Americas [Member] | Operating Segments [Member] | Medical Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 64,357 | 65,389 | 159,701 | 207,202 |
Americas [Member] | Operating Segments [Member] | Semi-Cap Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 53,732 | 47,021 | 158,090 | 114,791 |
Americas [Member] | Operating Segments [Member] | Computing Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 46,804 | 35,788 | 114,908 | 101,349 |
Americas [Member] | Operating Segments [Member] | Telecommunications Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 28,456 | 22,023 | 90,421 | 69,692 |
Americas [Member] | Elimination Of Intersegment Sales [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 9,920 | 10,171 | 32,989 | 38,360 |
Asia [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 224,431 | 197,507 | 635,274 | 557,495 |
Asia [Member] | Operating Segments [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 213,237 | 191,207 | 605,668 | 535,688 |
Asia [Member] | Operating Segments [Member] | Industrials Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 69,436 | 47,281 | 185,961 | 144,885 |
Asia [Member] | Operating Segments [Member] | Aerospace And Defense Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 827 | 0 | 900 | 0 |
Asia [Member] | Operating Segments [Member] | Medical Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 43,480 | 61,322 | 134,650 | 161,415 |
Asia [Member] | Operating Segments [Member] | Semi-Cap Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 63,733 | 38,546 | 179,275 | 112,989 |
Asia [Member] | Operating Segments [Member] | Computing Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 9,742 | 8,551 | 24,922 | 23,444 |
Asia [Member] | Operating Segments [Member] | Telecommunications Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 26,019 | 35,507 | 79,960 | 92,955 |
Asia [Member] | Elimination Of Intersegment Sales [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 11,194 | 6,300 | 29,606 | 21,807 |
Europe [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 49,984 | 39,543 | 162,484 | 126,767 |
Europe [Member] | Operating Segments [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 49,449 | 39,279 | 161,362 | 125,721 |
Europe [Member] | Operating Segments [Member] | Industrials Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 18,849 | 14,600 | 56,328 | 48,709 |
Europe [Member] | Operating Segments [Member] | Aerospace And Defense Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 4,071 | 3,958 | 15,145 | 17,731 |
Europe [Member] | Operating Segments [Member] | Medical Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 9,956 | 7,431 | 40,537 | 18,252 |
Europe [Member] | Operating Segments [Member] | Semi-Cap Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 16,111 | 13,154 | 48,525 | 40,512 |
Europe [Member] | Operating Segments [Member] | Computing Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 11 | 0 | 11 | 0 |
Europe [Member] | Operating Segments [Member] | Telecommunications Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 451 | 136 | 816 | 517 |
Europe [Member] | Elimination Of Intersegment Sales [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 535 | $ 264 | $ 1,122 | $ 1,046 |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Disaggregation Of Revenue [Line Items] | |||
Contract assets | $ 160,194 | $ 142,779 | |
Advance payments from customers | 91,464 | 84,122 | |
Customer Deposits and Prepayments of Inventory [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Advance payments from customers | 63,000 | 54,900 | |
Contractual Timing of Payments [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Advance payments from customers | $ 28,500 | $ 29,200 | |
Transferred Over Time [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Percentage Of Revenue | 90.00% | 90.00% |
Revenue (Schedule of Significan
Revenue (Schedule of Significant Changes in Contract Assets) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Change in Contract with Customer, Asset [Abstract] | ||
Beginning balance as of December 31 | $ 142,779 | $ 161,061 |
Revenue recognized | 1,463,872 | 1,382,582 |
Amounts collected or invoiced | (1,446,457) | (1,382,247) |
Ending balance as of September 30 | $ 160,194 | $ 161,396 |
Accounts Receivable Sale Prog_2
Accounts Receivable Sale Program (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Receivables [Abstract] | ||||
Maximum Limit Accounts Receivable Sale Program | $ 120,000,000 | |||
Trade Accounts Receivable Sold | $ 109,100,000 | $ 71,500,000 | 275,400,000 | $ 225,800,000 |
Amount Received From Trade Accounts Receivable Sold To Third Party | $ 108,800,000 | $ 71,400,000 | $ 274,800,000 | $ 225,400,000 |
Restructuring Charges (Schedule
Restructuring Charges (Schedule Of Accrued Restructuring) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Restructuring Cost And Reserve [Line Items] | |
Beginning Balance | $ 4,454 |
Restructuring charges | 5,242 |
Cash Payment | (8,292) |
Non-Cash Activity | (695) |
Ending Balance | 709 |
Severance [Member] | |
Restructuring Cost And Reserve [Line Items] | |
Beginning Balance | 3,996 |
Restructuring charges | 994 |
Cash Payment | (4,350) |
Non-Cash Activity | (184) |
Ending Balance | 456 |
Lease Facility Costs [Member] | |
Restructuring Cost And Reserve [Line Items] | |
Beginning Balance | 50 |
Restructuring charges | 1,994 |
Cash Payment | (1,868) |
Non-Cash Activity | (160) |
Ending Balance | 16 |
Other Exit Costs [Member] | |
Restructuring Cost And Reserve [Line Items] | |
Beginning Balance | 408 |
Restructuring charges | 2,254 |
Cash Payment | (2,074) |
Non-Cash Activity | (351) |
Ending Balance | $ 237 |
Restructuring Charges (Addition
Restructuring Charges (Additional Information) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Costs Related to Asset Impairments | $ 4,358 | $ 6,950 |
Americas [Member] | ||
Costs Related to Asset Impairments | $ 4,400 | 5,700 |
Asia [Member] | ||
Costs Related to Asset Impairments | $ 1,000 |
Ransomware incident (Narrative)
Ransomware incident (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Text Block Supplement [Abstract] | ||||||
Ransomware related incident costs, gross | $ 12,700 | |||||
Ransomware related incident costs, net | $ (500) | $ (1,558) | $ (3,944) | $ (1,305) | 7,700 | |
Insurance recoveries | $ 5,000 | |||||
Collection of recorded insurance receivable | $ 6,600 | |||||
Insurance recoveries collected at point in time | $ 10,500 | 10,500 | ||||
Additional collection of recorded insurance receivable | $ 3,900 | $ 1,600 |
Earnings Per Share (Schedule Of
Earnings Per Share (Schedule Of Calculation Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share Reconciliation [Line Items] | ||||
Net income | $ 8,065 | $ 5,915 | $ 23,351 | $ 6,360 |
Denominator for basic earnings per share – weighted-average number of common shares outstanding during the period | 35,423 | 36,467 | 35,806 | 36,565 |
Denominator for diluted earnings per share | 35,666 | 36,544 | 36,287 | 36,821 |
Basic earnings per share | $ 0.23 | $ 0.16 | $ 0.65 | $ 0.17 |
Diluted earnings per share | $ 0.23 | $ 0.16 | $ 0.64 | $ 0.17 |
Stock Options [Member] | ||||
Earnings Per Share Reconciliation [Line Items] | ||||
Incremental common shares attributable to exercise of dilutive options | 32 | 22 | 43 | 36 |
Restricted Stock Units [Member] | ||||
Earnings Per Share Reconciliation [Line Items] | ||||
Incremental common shares attributable to exercise of dilutive options | 211 | 55 | 438 | 220 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Restricted Stock Units [Member] | ||||
Earnings Per Share Reconciliation [Line Items] | ||||
Anti-dilutive securities to purchase common shares | 5 | 1,000 | 4 | 500 |
Stock Options [Member] | ||||
Earnings Per Share Reconciliation [Line Items] | ||||
Anti-dilutive securities to purchase common shares | 100 |
Financial Instruments (Narrativ
Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Oct. 31, 2018 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2017 | |
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | |||||||
Unrealized gain (loss) on derivatives, net of tax | $ 214 | $ 447 | $ 1,796 | $ (3,911) | |||
Interest rate swap expiration | 2018-10 | ||||||
Interest Rate Swap [Member] | |||||||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | |||||||
Derivative Notional Amount | $ 131,300 | $ 131,300 | $ 136,900 | $ 155,300 | |||
Fixed interest rate | 2.928% | 2.928% | 1.4935% | ||||
Unrealized gain (loss) on interest rate swap | $ 3,000 | ||||||
Unrealized gain (loss) on derivatives, net of tax | 2,200 | ||||||
Gain on contract termination | $ 3,500 | ||||||
Forward Currency Exchange [Member] | |||||||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | |||||||
Derivative Notional Amount | $ 10,500 | 10,500 | |||||
Unrealized gain (loss) on interest rate swap | $ (400) |
Financial Instruments - Summary
Financial Instruments - Summary of Fair Values of Derivative Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Other Current Liabilities [Member] | Forward currency exchange contracts [Member] | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Fair value of forward currency exchange contracts | $ 441 | $ 0 |
Other Long-Term Liabilities [Member] | Interest Rate Swap [Member] | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Fair value of interest rate swap | $ 6,023 | $ 9,011 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Schedule Of Accumulated Other Comprehensive Loss By Component) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Accumulated other comprehensive loss, net of tax, beginning balance | $ (16,521) | $ (21,292) | $ (16,651) | $ (16,759) |
Other comprehensive gain (loss) before reclassifications | (1,171) | 2,888 | (1,041) | (973) |
Amounts reclassified from accumulated other comprehensive loss | 60 | (310) | 60 | (982) |
Net current period other comprehensive gain (loss) | (1,111) | 2,578 | (981) | (1,955) |
Accumulated other comprehensive loss, net of tax, ending balance | (17,632) | (18,714) | (17,632) | (18,714) |
Foreign currency translation adjustments [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Accumulated other comprehensive loss, net of tax, beginning balance | (10,083) | (12,816) | (8,375) | (12,425) |
Other comprehensive gain (loss) before reclassifications | (1,438) | 2,045 | (3,146) | 1,654 |
Amounts reclassified from accumulated other comprehensive loss | ||||
Net current period other comprehensive gain (loss) | (1,438) | 2,045 | (3,146) | 1,654 |
Accumulated other comprehensive loss, net of tax, ending balance | (11,521) | (10,771) | (11,521) | (10,771) |
Derivative instruments, net of tax [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Accumulated other comprehensive loss, net of tax, beginning balance | (5,160) | (7,958) | (6,742) | (3,600) |
Other comprehensive gain (loss) before reclassifications | 154 | 757 | 1,736 | (2,929) |
Amounts reclassified from accumulated other comprehensive loss | 60 | (310) | 60 | (982) |
Net current period other comprehensive gain (loss) | 214 | 447 | 1,796 | (3,911) |
Accumulated other comprehensive loss, net of tax, ending balance | (4,946) | (7,511) | (4,946) | (7,511) |
Other [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Accumulated other comprehensive loss, net of tax, beginning balance | (1,278) | (518) | (1,534) | (734) |
Other comprehensive gain (loss) before reclassifications | 113 | 86 | 369 | 302 |
Amounts reclassified from accumulated other comprehensive loss | ||||
Net current period other comprehensive gain (loss) | 113 | 86 | 369 | 302 |
Accumulated other comprehensive loss, net of tax, ending balance | $ (1,165) | $ (432) | $ (1,165) | $ (432) |
Segment And Geographic Inform_3
Segment And Geographic Information (Operating Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||||
Sales | $ 571,882 | $ 525,951 | $ 1,622,265 | $ 1,531,881 | |
Depreciation and amortization | 10,969 | 12,408 | 32,963 | 36,939 | |
Income from operations | 11,794 | 8,659 | 34,427 | 13,277 | |
Interest expense | (1,987) | (2,136) | (6,215) | (6,189) | |
Interest income | 122 | 154 | 451 | 1,040 | |
Other income (expense) | 500 | 439 | 664 | (191) | |
Income before income taxes | 10,429 | 7,116 | 29,327 | 7,937 | |
Capital expenditures | 13,818 | 5,812 | 32,437 | 29,102 | |
Total assets | 1,840,366 | 1,840,366 | $ 1,744,235 | ||
Elimination Of Intersegment Sales [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | (21,649) | (16,735) | (63,717) | (61,213) | |
Corporate And Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Income from operations | (21,628) | (20,663) | (68,983) | (58,580) | |
Americas [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 319,116 | 305,636 | 888,224 | 908,832 | |
Depreciation and amortization | 4,914 | 5,844 | 15,461 | 17,191 | |
Income from operations | 11,053 | 10,062 | 31,282 | 21,700 | |
Capital expenditures | 11,787 | 2,134 | 23,629 | 17,992 | |
Total assets | 844,484 | 844,484 | 777,658 | ||
Asia [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 224,431 | 197,507 | 635,274 | 557,495 | |
Depreciation and amortization | 2,708 | 2,801 | 8,051 | 8,247 | |
Income from operations | 21,391 | 17,865 | 64,210 | 45,887 | |
Capital expenditures | 274 | 1,330 | 2,608 | 4,646 | |
Total assets | 616,535 | 616,535 | 532,793 | ||
Europe [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 49,984 | 39,543 | 162,484 | 126,767 | |
Depreciation and amortization | 736 | 706 | 2,140 | 2,131 | |
Income from operations | 978 | 1,395 | 7,918 | 4,270 | |
Capital expenditures | 691 | 252 | 3,410 | 1,294 | |
Total assets | 174,876 | 174,876 | 146,277 | ||
Corporate [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation and amortization | 2,611 | 3,057 | 7,311 | 9,370 | |
Capital expenditures | 1,066 | $ 2,096 | 2,790 | $ 5,170 | |
Total assets | $ 204,471 | $ 204,471 | $ 287,507 |
Segment And Geographic Inform_4
Segment And Geographic Information (Schedule Of Geographic Net Sales And Long-Lived Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||||
Geographic net sales | $ 571,882 | $ 525,951 | $ 1,622,265 | $ 1,531,881 | |
Long-lived assets | 364,993 | 364,993 | $ 344,844 | ||
United States [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Geographic net sales | 342,674 | 346,849 | 961,322 | 1,001,725 | |
Long-lived assets | 247,995 | 247,995 | 235,193 | ||
Asia [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Long-lived assets | 64,581 | 64,581 | 69,669 | ||
Singapore [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Geographic net sales | 84,902 | 51,267 | 226,657 | 161,805 | |
Other Asia [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Geographic net sales | 55,124 | 48,337 | 140,227 | 126,863 | |
Europe [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Geographic net sales | 64,775 | 55,372 | 207,066 | 177,651 | |
Long-lived assets | 30,288 | 30,288 | 18,002 | ||
Other Foreign [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Geographic net sales | 24,407 | $ 24,126 | 86,993 | $ 63,837 | |
Long-lived assets | $ 22,129 | $ 22,129 | $ 21,980 |
Supplemental Cash Flow and No_3
Supplemental Cash Flow and Non-Cash Information (Schedule Of Supplemental Cash Flow and Non-Cash Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Supplemental Cash Flow Information [Abstract] | ||||
Income taxes paid, net | $ 8,396 | $ 11,629 | $ 17,769 | $ 14,596 |
Interest paid | $ 2,254 | $ 2,364 | 6,336 | 6,791 |
Non-cash investing activity: | ||||
Additions to property, plant and equipment in accounts payable | $ 7,980 | $ 6,531 |