Cover
Cover - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 23, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Entity Central Index Key | 0000863436 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Document Period End Date | Dec. 31, 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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 35,198,317 | ||
Entity Public Float | $ 1 | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Documents Incorporated by Reference | Documents Incorporated by Reference: Portions of the registrant's Proxy Statement for the 2022 Annual Meeting of Shareholders, to be filed with the Securities and Exchange Commission not later than 120 days after the end of the registrant’s fiscal year ended December 31, 2021, are incorporated herein by reference (Part III, Items 10-14 of this Annual Report on Form 10-K). | ||
Auditor Firm ID | 185 | ||
Auditor Name | KPMG LLP | ||
Auditor Location | Phoenix, Arizona |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and cash equivalents | $ 271,749 | $ 390,808 |
Restricted cash | 0 | 5,182 |
Accounts receivable, net of allowance for doubtful accounts of $788 and $1,371, respectively | 355,883 | 309,331 |
Contract assets | 155,243 | 142,779 |
Inventories | 523,240 | 327,377 |
Prepaid expenses and other assets | 41,688 | 26,457 |
Income taxes receivable | 341 | 417 |
Total current assets | 1,348,144 | 1,202,351 |
Property, plant and equipment, net | 186,666 | 185,272 |
Operating lease right-of-use assets | 99,158 | 79,966 |
Goodwill | 192,116 | 192,116 |
Deferred income taxes | 5,972 | 4,924 |
Other assets, net | 71,824 | 79,606 |
Total assets | 1,903,880 | 1,744,235 |
Current liabilities: | ||
Current installments of long-term debt | 985 | 9,161 |
Accounts payable | 426,555 | 282,208 |
Advance payments from customers | 118,124 | 84,122 |
Income taxes payable | 6,164 | 5,572 |
Accrued liabilities | 102,554 | 100,073 |
Total current liabilities | 654,382 | 481,136 |
Long-term debt, less current installments | 129,289 | 131,051 |
Operating lease liabilities | 90,878 | 72,120 |
Other long-term liabilities | 55,445 | 65,552 |
Deferred income taxes | 84 | 4,788 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Preferred stock, $0.10 par value; 5,000 shares authorized, none issued | 0 | 0 |
Common stock, $0.10 par value; 145,000 shares authorized; issued and outstanding - 35,213 and 36,295, respectively | 3,521 | 3,629 |
Additional paid-in capital | 507,447 | 510,405 |
Retained earnings | 479,992 | 492,205 |
Accumulated other comprehensive loss | (17,158) | (16,651) |
Total shareholders’ equity | 973,802 | 989,588 |
Total liabilities and shareholders' equity | $ 1,903,880 | $ 1,744,235 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts, accounts receivable | $ 788 | $ 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 | 35,213,000 | 36,295,000 |
Common stock, outstanding | 35,213,000 | 36,295,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Sales | $ 2,255,319 | $ 2,053,131 | $ 2,268,095 |
Cost of sales | 2,049,418 | 1,878,083 | 2,082,567 |
Gross profit | 205,901 | 175,048 | 185,528 |
Selling, general and administrative expenses | 136,700 | 122,195 | 126,740 |
Amortization of intangible assets | 6,384 | 9,099 | 9,461 |
Restructuring charges and other costs | 13,699 | 19,970 | 13,101 |
Ransomware related incident costs (recovery), net | (3,944) | (1,350) | 7,681 |
Income from operations | 53,062 | 25,134 | 28,545 |
Interest expense | (8,472) | (8,364) | (6,664) |
Interest income | 540 | 1,196 | 3,829 |
Other income (expense) | 277 | (673) | 1,559 |
Income before income taxes | 45,407 | 17,293 | 27,269 |
Income tax expense | 9,637 | 3,238 | 3,844 |
Net income | $ 35,770 | $ 14,055 | $ 23,425 |
Earnings per share: | |||
Basic | $ 1 | $ 0.38 | $ 0.61 |
Diluted | $ 0.99 | $ 0.38 | $ 0.60 |
Weighted-average number of shares outstanding: | |||
Basic | 35,655 | 36,524 | 38,338 |
Diluted | 36,101 | 36,817 | 38,763 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 35,770 | $ 14,055 | $ 23,425 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | (4,354) | 4,050 | (585) |
Unrealized gain (loss) on derivatives, net of tax | 3,370 | (3,142) | (3,716) |
Other | 477 | (800) | (1,334) |
Other comprehensive income (loss) | (507) | 108 | (5,635) |
Comprehensive income | $ 35,263 | $ 14,163 | $ 17,790 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Additional Paid In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] |
Beginning Balances, value at Dec. 31, 2018 | $ 1,132,225 | $ 4,136 | $ 554,939 | $ 584,274 | $ (11,124) |
Balances, shares at Dec. 31, 2018 | 41,357 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation expense | 10,194 | 10,194 | |||
Shares repurchased and retired, value | (122,110) | $ (472) | (52,436) | (69,202) | |
Shares repurchased and retired, shares | (4,719) | ||||
Stock options exercised, value | $ 1,585 | $ 8 | 1,577 | ||
Stock options exercised, shares | 100 | 82 | |||
Vesting of restricted stock units, value | $ 31 | (31) | |||
Vesting of restricted stock units, shares | 311 | ||||
Shares withheld for taxes, value | $ (2,231) | $ (7) | (2,224) | ||
Shares withheld for taxes, shares | (74) | ||||
Dividends declared | (22,621) | (22,621) | |||
Net income | 23,425 | 23,425 | |||
Other comprehensive income (loss) | (5,635) | (5,635) | |||
Ending 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 | 10,398 | 10,398 | |||
Shares repurchased and retired, value | (25,220) | $ (97) | (10,704) | (14,419) | |
Shares repurchased and retired, shares | (964) | ||||
Stock options exercised, value | $ 958 | $ 5 | 953 | ||
Stock options exercised, shares | 76 | 55 | |||
Vesting of restricted stock units, value | $ 34 | (34) | |||
Vesting of restricted stock units, shares | 336 | ||||
Shares withheld for taxes, value | $ (2,236) | $ (9) | (2,227) | ||
Shares withheld for taxes, shares | (89) | ||||
Dividends declared | (23,307) | (23,307) | |||
Net income | 14,055 | 14,055 | |||
Other comprehensive income (loss) | 108 | 108 | |||
Ending 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 | $ 15,262 | 15,262 | |||
Shares repurchased and retired, value | (40,216) | $ (138) | (15,362) | (24,716) | |
Shares repurchased and retired, shares | (1,380) | ||||
Stock options exercised, value | $ 346 | $ 3 | 343 | ||
Stock options exercised, shares | 54 | 30 | |||
Vesting of restricted stock units, value | $ 38 | (38) | |||
Vesting of restricted stock units, shares | 377 | ||||
Shares withheld for taxes, value | $ (3,174) | $ (11) | (3,163) | ||
Shares withheld for taxes, shares | (109) | ||||
Dividends declared | (23,267) | (23,267) | |||
Net income | 35,770 | 35,770 | |||
Other comprehensive income (loss) | (507) | (507) | |||
Ending Balances, value at Dec. 31, 2021 | $ 973,802 | $ 3,521 | $ 507,447 | $ 479,992 | $ (17,158) |
Balances, shares at Dec. 31, 2021 | 35,213 | 35,213 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||
Net income | $ 35,770 | $ 14,055 | $ 23,425 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Depreciation | 35,003 | 37,739 | 37,112 |
Amortization | 9,149 | 11,053 | 11,315 |
Provision for doubtful accounts | 0 | 2,160 | 8,608 |
Deferred income taxes | (6,883) | (7,312) | (2,367) |
Asset impairments | 4,357 | 6,950 | 834 |
Insurance recoveries | 0 | 0 | (5,000) |
(Gain) loss on the sale of property, plant and equipment | 148 | (155) | 53 |
Stock-based compensation expense | 15,262 | 10,398 | 10,194 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (46,967) | 13,586 | 134,926 |
Contract assets | (12,464) | 18,282 | (20,979) |
Inventories | (197,867) | (10,799) | (5,238) |
Prepaid expenses and other assets | (12,201) | 4,080 | 2,494 |
Accounts payable | 139,952 | (15,553) | (121,860) |
Advance payments from customers | 34,002 | 46,611 | 9,254 |
Accrued liabilities | (508) | (9,826) | 19,623 |
Operating leases | (167) | 724 | 1,029 |
Income taxes | 792 | (1,555) | (10,287) |
Net cash provided by (used in) operations | (2,622) | 120,438 | 93,136 |
Cash flows from investing activities: | |||
Proceeds from sales of investments at par | 0 | 0 | 50 |
Additions to property, plant and equipment | (38,794) | (34,584) | (32,576) |
Proceeds from the sale of property, plant and equipment | 239 | 368 | 259 |
Additions to purchased software | (3,383) | (4,935) | (2,542) |
Cash received from business divestitures | 0 | 4,714 | 0 |
Other | 63 | 54 | (54) |
Net cash used in investing activities | (41,875) | (34,383) | (34,863) |
Cash flows from financing activities: | |||
Debt issuance costs | (1,150) | 0 | 0 |
Proceeds from stock options exercised | 346 | 958 | 1,585 |
Employee taxes paid for with shares withheld | (3,174) | (2,236) | (2,231) |
Dividends paid | (23,260) | (23,041) | (23,287) |
Borrowings under credit agreement | 150,000 | 110,000 | 0 |
Borrowings under finance leases | 0 | 864 | 0 |
Principal payments on credit agreement | (155,625) | (117,500) | (5,626) |
Principal payments on finance leases | (873) | (1,351) | (1,168) |
Share repurchases | (40,216) | (25,220) | (122,110) |
Net cash used in financing activities | (73,952) | (57,526) | (152,837) |
Effect of exchange rate changes | (5,792) | 3,505 | 418 |
Net (decrease) increase in cash and cash equivalents and restricted cash | (124,241) | 32,034 | (94,146) |
Cash and cash equivalents and restricted cash at beginning of year | 395,990 | 363,956 | 458,102 |
Cash and cash equivalents and restricted cash at end of period | $ 271,749 | $ 395,990 | $ 363,956 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1—Summary of Significant Accounting Policies (a) Business Benchmark Electronics, Inc. (the Company) is a Texas corporation that provides innovative product design services, engineering services, technology solutions and advanced manufacturing services (both electronic manufacturing services and precision technology 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. (b) Principles of Consolidation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) and include the financial statements of Benchmark Electronics, Inc. and its wholly owned and majority owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. (c) Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid debt instruments with an original maturity at the date of purchase of three months or less to be cash equivalents. Cash equivalents of $ 76.2 million and $ 131.7 million at December 31, 2021 and 2020, respectively, consisted primarily of money-market funds and time deposits with an initial term of less than three months. Restricted cash represents cash received from customers to settle invoices sold under accounts receivable purchase agreements that is contractually required to be set aside until the cash is remitted to the purchaser. (d) Allowance for Doubtful Accounts Accounts receivable are recorded net of allowances for amounts not expected to be collected. In estimating the allowance, management considers a specific customer’s financial condition, payment history, current conditions, and various information or disclosures by the customer or other publicly available information. Accounts receivable are charged against the allowance after all reasonable efforts to collect the full amount (including litigation, where appropriate) have been exhausted. During 2021, 2020 and 2019, the Company recorded $ 0.0 million, $ 2.2 million and $ 8.6 million in charges for a provision to accounts receivable, net of recoveries. The following table summarizes the activity in the Company’s allowance for doubtful accounts during 2021, 2020 and 2019: Balance at Balance at Beginning Charges to End of (in thousands) of Period Operations Deductions Period Year ended December 31, 2021: Allowance for doubtful accounts(1) $ 1,371 — ( 583 ) $ 788 Year ended December 31, 2020: Allowance for doubtful accounts(1) $ 10,085 2,160 ( 10,874 ) $ 1,371 Year ended December 31, 2019: Allowance for doubtful accounts(1) $ 1,733 10,323 ( 1,971 ) $ 10,085 (1) Deductions in the allowance for doubtful accounts represent write-offs, net of recoveries, of amounts determined to be uncollectible. (e) Inventories Inventories include material, labor and overhead and are stated at the lower of cost (principally first-in, first-out method) or net realizable value. (f) Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation is calculated on the straight-line method over the useful lives of the assets – 5 to 40 years for buildings and building improvements, 2 to 15 years for machinery and equipment, 2 to 12 years for furniture and fixtures and 2 to 8 years for vehicles. Leasehold improvements are amortized on the straight-line method over the shorter of the useful life of the improvement or the remainder of the lease term. (g) Leases Lease assets and liabilities are initially recognized based on the present value of lease payments over the lease term calculated using the Company’s incremental borrowing rate, unless the implicit rate is readily determinable. Our incremental borrowing rate represents the rate of interest that we would have to pay to borrow on a collateralized basis over a similar term in a similar economic environment. Lease assets also include any upfront lease payments made and exclude lease incentives. Lease terms include options to extend or terminate the lease when it is reasonably certain that those options will be exercised. Leases are classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the consolidated statements of income. Management elected the short-term lease recognition exemption for all of the Company’s leases that qualify, in addition to the practical expedient to not separate lease and non-lease components. See Note 6. (h) Goodwill and Other Intangible Assets Goodwill represents the excess of purchase price over fair value of net assets acquired. Goodwill and intangible assets acquired in a business combination and determined to have an indefinite useful life are not amortized, but instead assessed for impairment at least annually. Intangible assets, including those acquired in a business combination, with estimable useful lives are amortized over their respective estimated useful lives to their estimated residual values. (i) Impairment of Long-Lived Assets and Goodwill Long-lived assets, such as property, plant, and equipment, and purchased intangibles subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is evaluated by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the estimated fair value of the asset. Assets to be disposed of are reported at the lower of the carrying amount or estimated fair value less costs to sell, and are no longer depreciated. Goodwill is tested for impairment on an annual basis, during the fourth quarter, and whenever events and changes in circumstances suggest that the carrying amount may be impaired. Circumstances that may lead to the impairment of goodwill include unforeseen decreases in future performance or industry demand or the restructuring of our operations as a result of a change in our business strategy. A qualitative assessment is allowed to determine if goodwill is potentially impaired. Based on this qualitative assessment, if the Company determines that it is more likely than not that the reporting unit’s fair value is less than its carrying value, then it performs a quantitative assessment, otherwise no further analysis is required. In connection with its annual qualitative goodwill impairment assessments as of December 31, 2021, 2020 and 2019 , the Company concluded that goodwill was not impaired. (j) 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 shares issuable upon the exercise of stock options and other equity instruments and are computed using the treasury stock method. Under the treasury stock method, the exercise price of a share and the amount of compensation cost, if any, for future service that the Company has not yet recognized are assumed to be used to repurchase shares in the current period. The following table sets forth the calculation of basic and diluted earnings per share. Year Ended December 31, (in thousands, except per share data) 2021 2020 2019 Net income $ 35,770 $ 14,055 $ 23,425 Denominator for basic earnings per share – weighted-average 35,655 36,524 38,338 Incremental common shares attributable to exercise of dilutive 39 36 90 Incremental common shares attributable to outstanding restricted stock units 407 257 335 Denominator for diluted earnings per share 36,101 36,817 38,763 Basic earnings per share $ 1.00 $ 0.38 $ 0.61 Diluted earnings per share $ 0.99 $ 0.38 $ 0.60 Potentially dilutive securities totaling less than 0.1 million common shares in 2021, 2020 and 2019 , were not included in the computation of diluted earnings per share because their effect would have been anti-dilutive. (k) Revenue Recognition The Company recognizes revenue as the customer takes control of the manufactured products built to customer specifications. Under the majority of the Company’s manufacturing contracts with customers, the customer controls all of the work-in-progress as products are being built. Revenues under these contracts are recognized progressively based on the cost-to-cost method. For other manufacturing contracts, the customer does not take control of the product until it is completed. Under these contracts, the Company recognizes revenue upon transfer of control of product to the customer, which is generally when the goods are shipped. Revenue from design, development and engineering services is recognized over time as the services are performed. The Company’s performance obligations generally have an expected duration of one year or less. The Company applies the practical expedient 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 or any significant financing components in the contracts. The Company recognizes the incremental costs, if any, of obtaining contracts as an expense when incurred since the amortization period of the assets that the Company otherwise would have recognized is one year less. (l) Income Taxes Income taxes are accounted for under the asset and liability method. Deferred income taxes are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. The Company records a valuation allowance to reduce its deferred tax assets to the amounts that are more likely than not to be realized. The Company has considered the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in assessing the need for the valuation allowance. (m) Stock-Based Compensation All share-based payments to employees, including grants of employee stock options (which have not been awarded since 2015), are recognized in the consolidated financial statements based on their grant date fair values. The total compensation cost recognized for stock-based awards was $ 15.3 million, $ 10.4 million and $ 10.2 million for 2021, 2020 and 2019, respectively. The future tax benefit of these stock-based awards as of the grant date was $ 3.6 million, $ 2.4 million and $ 2.4 million for each of 2021, 2020 and 2019. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model. Awards of restricted stock units and performance-based restricted stock units are valued at the closing market price of the Company’s common stock on the date of grant. For performance-based restricted stock units, compensation expense is based on the probability that the performance goals will be achieved, which is monitored by management throughout the requisite service period. When it becomes probable, based on the Company’s expectation of performance during the measurement period, that more or less than the previous estimate of the awarded shares will vest, an adjustment to stock-based compensation expense is recognized as a change in accounting estimate. As of December 31, 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 $ 20,245 $ 289 Remaining weighted-average amortization period 2.4 years 1.6 years (1) Based on the probable achievement of the performance goals identified in each award. The total cash received as a result of stock option exercises in 2021, 2020 and 2019 was approximately $ 0.3 million, $ 1.0 million and $ 1.6 million, respectively. The actual tax benefit realized as a result of stock option exercises and the vesting of other share-based awards during 2021, 2020 and 2019 was $ 2.7 million, $ 2.1 million and $ 2.3 million, respectively. For 2021, 2020 and 2019, the total intrinsic value of stock options exercised was $ 0.5 million, $ 0.5 million and $ 0.7 million, respectively. The Company awarded performance-based restricted stock units to employees during 2021, 2020 and 2019 . The number of performance-based restricted stock units that will ultimately be earned will not be determined until the end of the corresponding performance periods, and may vary from as low as zero to as high as 2.5 times the target number depending on the level of achievement of certain performance goals. The level of achievement of these goals is based upon the financial results of the Company for the last full calendar year within the performance period. The performance goals consist of certain levels of achievement using the following financial metrics: revenue, operating income margin, and return on invested capital. If the performance goals are not met based on the Company’s financial results, the applicable performance-based restricted stock units will not vest and will be forfeited. Shares subject to forfeited performance-based restricted stock units will be available for issuance under the Company’s 2019 Omnibus Incentive Compensation Plan (the 2019 Plan). (n) Use of Estimates Management of the Company has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these financial statements in accordance with U.S. GAAP with consideration given to the potential impacts of COVID. However, actual results could differ materially from these estimates and be significantly affected by the duration and spread of the COVID pandemic and its severity; the emergence and severity of its variants, including the Delta and Omicron variants; the actions to contain the virus or treat its impact, including the availability and efficacy of vaccinations (particularly with respect to emerging strains of the virus) and the rate of inoculations; general economic factors, such as increased inflation; global supply chain constraints and shortages; labor supply issues; and how quickly and to what extent normal economic and operating conditions can resume, which may not return fully to pre- pandemic levels. On an ongoing basis, management evaluates these estimates, including those related to accounts receivable, inventories, income taxes, long-lived assets, leases, goodwill, stock-based compensation and contingencies and litigation. Actual results could differ from those estimates. (o) Fair Values of Financial Instruments Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A three-tier fair value hierarchy of inputs is employed to determine fair value measurements. • Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets and liabilities. • Level 2 inputs are observable prices that are not quoted on active exchanges, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. • Level 3 inputs are unobservable inputs employed for measuring the fair value of assets or liabilities. This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. The Company’s financial instruments include cash equivalents, accounts and other receivables, accounts payable, accrued liabilities and long-term debt and financing lease obligations. The Company believes that the carrying values of these instruments approximate their fair value. As of December 31, 2021, the fair value estimates for the Company's forward currency exchange contracts and the Company’s interest rate swap agreement were based on Level 2 inputs of the fair value hierarchy. See Note 10. (p) Foreign Currency For foreign subsidiaries using the local currency as their functional currency, assets and liabilities are translated at exchange rates in effect at the balance sheet date and income and expenses are translated at average exchange rates. The effects of these translation adjustments are reported in other comprehensive income. Exchange losses arising from transactions denominated in a currency other than the functional currency of the entity involved are included in other expense and totaled approximately $ 0.3 million, $ 1.8 million and $ 1.7 million in 2021, 2020 and 2019 , respectively. These amounts include the amount of gain (loss) recognized in income due to forward currency exchange contracts. (q) Derivative Instruments All derivative instruments are recorded on the balance sheet at fair value. The Company uses derivative instruments to manage the variability of foreign currency obligations and interest rates. The Company does not enter into derivative arrangements for speculative purposes. Generally, if a derivative instrument is designated as a cash flow hedge, the change in the fair value of the derivative is recorded in other comprehensive income to the extent the derivative is effective and recognized in the consolidated statements of income when the hedged item affects earnings. Changes in fair value of derivatives that are not designated as cash flow hedges are recorded in earnings. Cash receipts and cash payments related to derivative instruments are recorded in the same category as the cash flows from the items being hedged on the consolidated statements of cash flows. (r) New Accounting Pronouncements Not Yet Adopted In March 2020, the Financial Accounting Standards Board (FASB) issued 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 have no material impact on its consolidated financial position, results of operations or cash flows, or will not apply to its operations. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 2—Inventories Inventory costs are summarized as follows: December 31, (in thousands) 2021 2020 Raw materials $ 504,307 $ 312,856 Work in process 15,338 8,687 Finished goods 3,595 5,834 $ 523,240 $ 327,377 |
Property, Plant And Equipment
Property, Plant And Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Note 3—Property, Plant and Equipment Property, plant and equipment consists of the following: December 31, (in thousands) 2021 2020 Land $ 5,867 $ 5,689 Buildings and building improvements 76,139 85,672 Machinery and equipment 506,652 521,382 Furniture and fixtures 10,035 10,426 Vehicles 1,125 1,142 Leasehold improvements 42,288 39,716 Construction in progress 17,719 1,679 659,825 665,706 Less accumulated depreciation ( 473,159 ) ( 480,434 ) $ 186,666 $ 185,272 |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill And Other Intangible Assets | Note 4—Goodwill and Other Intangible Assets The changes each year in goodwill allocated to the Company’s reportable segments were as follows: (in thousands) Americas Asia Total Goodwill as of December 31, 2019, 2020 and 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 December 31, 2021 and 2020 were as follows: (in thousands) Gross Accumulated Net Customer relationships $ 100,136 $ ( 59,680 ) $ 40,456 Purchased software costs 49,788 ( 34,325 ) 15,463 Technology licenses 26,800 ( 26,800 ) — Trade names and trademarks 7,800 — 7,800 Other 868 ( 356 ) 512 Intangible assets, December 31, 2021 $ 185,392 $ ( 121,161 ) $ 64,231 (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. During 2021, 2020 and 2019, $ 3.4 m illion, $ 4.9 million and $ 2.5 million, respectively, of purchased software costs were capitalized. Amortization on the statements of cash flow for 2021, 2020 and 2019 was as follows: Year Ended December 31, (in thousands) 2021 2020 2019 Amortization of intangible assets $ 6,384 $ 9,099 $ 9,461 Amortization of capitalized purchased software costs 2,128 1,493 1,393 Amortization of debt costs 637 461 461 $ 9,149 $ 11,053 $ 11,315 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 2022 6,367 2023 5,979 2024 4,817 2025 4,817 2026 18,989 |
Borrowing Facilities
Borrowing Facilities | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Borrowing Facilities | Note 5—Borrowing Facilities Long-term debt outstanding as of December 31, 2021 and 2020 consists of the following: December 31, (in thousands) 2021 2020 Revolving credit facility $ — $ — Term loan 131,250 136,874 Less unamortized debt issuance costs ( 1,670 ) ( 1,155 ) Long-term debt $ 129,580 $ 135,719 On July 20, 2018, the Company entered into a $ 650 million credit agreement (the Prior Credit Agreement) by and among the Company, certain of its subsidiaries, the lenders party thereto and Bank of America, N.A., as Administrative Agent, Swingline Lender and a L/C Issuer. The Prior Credit Agreement was comprised of a five-year $ 500 million revolving credit facility and a five-year $ 151 million term loan facility, both which had a maturity date of July 20, 2023 . The term loan facility proceeds were used to (i) refinance a portion of existing indebtedness and terminate all commitments under the Company’s prior $ 430 million credit agreement and (ii) pay the fees, costs and expenses associated with the foregoing and the negotiation, execution and delivery of the Prior Credit Agreement. On December 21, 2021, the Company amended and restated the Prior Credit Agreement by entering into a $ 381 million amended and restated credit agreement (the Amended and Restated Credit Agreement). The Amended and Restated Credit Agreement is comprised of a five-year $ 250 million revolving credit facility (the Revolving Credit Facility) and a five-year $ 131.3 million term loan facility (the Term Loan Facility), both extending the original revolving credit facility and term loan facility maturity dates from July 20, 2023 to December 21, 2026 . The Amended and Restated Revolving Credit Facility is available for general corporate purposes. The Amended and Restated Credit Agreement includes an accordion feature pursuant to which the Company is permitted to add one or more incremental term loans and/or increase commitments under the Revolving Credit Facility in an aggregate amount not exceeding $ 100 million, subject to the satisfaction of certain conditions and exceptions. The Term Loan Credit Facility is subject to quarterly principal installments equal to 0.625 % of the initial aggregate term loan advances to be paid commencing December 31, 2022 until the maturity date. Interest on outstanding borrowings under the Amended and Restated Credit Agreement (other than swingline loans) accrues, at the Company’s option, at (a) the London Interbank Offered Rate (LIBOR) plus the Applicable Rate (as defined in the Amended and Restated Credit Agreement) of approximately 1.0 % to 2.0 % per annum, depending on various factors, or (b) for U.S. Dollar denominated loans, the base rate (which is the highest of (i) the federal funds rate plus 0.5 %, (ii) the Bank of America, N.A. prime rate and (iii) the one month LIBOR adjusted daily plus 1.0 %) plus the Applicable Rate of approximately 0.0 % to 1.0 % per annum, depending on various factors. As of December 31, 2021, a portion of the $ 131.3 million of the outstanding debt under the Amended and Restated Credit Agreement is effectively at a fixed interest rate of 2.928 % a s a result of a $ 129.4 million notional interest rate swap contract discussed in Note 10. 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 Facility is payable quarterly in arrears. The Amended and Restated 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 Amended and Restated 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 Amended and Restated 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 December 31, 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 $ 246.1 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. The aggregate maturities of long-term debt for each of the five years subsequent to December 31, 2021 are as follows: 2022, $ 0.8 million; 2023, $ 3.3 million; 2024, $ 4.1 million; 2025, $ 6.6 million; and 2026, $ 116.5 million. |
Leases
Leases | 12 Months Ended |
Dec. 31, 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: Year Ended (in thousands) 2021 2020 Finance lease cost: Amortization of right-of-use assets (included in depreciation expense) $ 444 $ 727 Interest on lease liabilities 192 428 Operating lease cost 16,155 15,930 Short-term lease cost 339 573 Variable lease cost 1,737 1,748 Total lease cost $ 18,867 $ 19,406 Other information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used for finance lease $ 212 $ 462 Operating cash flows used for operating leases $ 16,721 $ 15,627 Financing cash flows used for finance lease $ 873 $ 1,351 Right-of-use assets obtained in exchange for new operating lease liabilities $ 32,811 $ 17,607 The lease assets and liabilities as of December 31, 2021 were as follows (in thousands): December 31, 2021 2020 Finance lease right-of-use assets (included in other assets) $ 760 $ 2,448 Operating lease right-of-use assets $ 99,158 $ 79,966 Finance lease liability, current (included in current installments of long-term debt) $ 165 $ 1,661 Finance lease liability, noncurrent (included in long-term debt) $ 529 $ 2,832 Operating lease liabilities, current (included in accrued liabilities) $ 13,465 $ 11,516 Operating lease liabilities, noncurrent $ 90,878 $ 72,120 Weighted average remaining lease term – finance leases 3.9 years 3.0 years Weighted average remaining lease term – operating leases 10.0 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 December 31, 2021 were as follows (in thousands): Year ending December 31, Operating Finance 2022 16,516 194 2023 15,030 194 2024 13,554 194 2025 12,573 178 2026 10,324 — 2027 and thereafter 60,339 — Total minimum lease payments $ 128,336 $ 760 Less: imputed interest ( 23,993 ) ( 66 ) Present value of lease liabilities $ 104,343 $ 694 As of December 31, 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 | 12 Months Ended |
Dec. 31, 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. During 2021, 2020 and 2019, cash dividends paid totaled $ 23.3 million, $ 23.0 million and $ 23.3 million, respectively. In February 2020, the Board of Directors approved a quarterly dividend increase, raising the quarterly dividend from $ 0.15 to $ 0.16 per common share. In May 2021, the Board of Directors approved another quarterly dividend increase, raising the quarterly dividend from $ 0.16 to $ 0.165 per common sha re. On December 13, 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 December 30, 2021. The dividend of $ 5.8 million was paid on January 13, 2022. The Board of Directors currently intends to continue paying quarterly dividends. However, the Company’s future dividend policy is subject to the Company’s compliance with applicable law, and depending on, among other things, the Company’s results of operations, financial condition, level of indebtedness, capital requirements, contractual restrictions, restrictions in the Company’s debt agreements, and other factors that the Board of Directors may deem relevant, including the impact of the COVID 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 March 6, 2018, the Board of Directors approved an expanded stock repurchase authorization granting the Company authority to repurchase up to $ 250 million in common stock in addition to the $ 100 million previously approved on December 7, 2015. On October 26, 2018 and February 19, 2020, the Board of Directors authorized the repurchase of an additional $ 100 million and $ 150 million of the Company’s common stock, respectively. As of December 31, 2021, the Company had $ 164.0 million remaining under the stock repurchase authorization. Share purchases may be made in the open market, in privately negotiated transactions or block transactions, at the discretion of the Company’s management and as market conditions warrant. Purchases will be funded from available cash and may be commenced, suspended or discontinued at any time without prior notice. Shares repurchased under the program are retired. During 2021, the Company repurchased a total of 1.4 million common shares for an aggregate of $ 40.2 million at an average price of $ 29.11 per share. During 2020, the Company repurchased a total of 1.0 million common shares for an aggregate of $ 25.2 million at an average price of $ 26.16 per share. During 2019, the Company repurchased a total of 4.7 million common shares for an aggregate of $ 122.1 million at an average price of $ 25.86 per share. 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 vest in annually, starting on the grant date. As of December 31, 2021, 2.2 million additional common shares were available for issuance under the Company’s 2019 Plan. The following table summarizes activities related to the Company’s stock options: (in thousands, except per share data) Number of Weighted- Weighted- Aggregate Outstanding as of December 31, 2018 374 20.35 Exercised ( 100 ) 21.21 Forfeited or expired ( 4 ) 21.29 Outstanding as of December 31, 2019 270 20.02 Exercised ( 76 ) 19.87 Forfeited or expired ( 6 ) 23.08 Outstanding as of December 31, 2020 188 $ 19.98 Exercised ( 54 ) 19.77 Forfeited or expired ( 2 ) 20.16 Outstanding and exercisable as of December 31, 2021 132 $ 20.06 1.74 $ 926 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 2021 for options that had exercise prices that were below the closing price. As of December 31, 2021, 2020 and 2019, the number of options exercisable was 0.1 million, 0.2 million and 0.3 million, respectively, and the weighted-average exercise price of those options was $ 20.06 , $ 19.98 and $ 20.02 , respectively. Restricted stock units, time-based and performance-based, remain outstanding as detailed below. The following table summarizes the activities related to the Company’s time-based restricted stock units: (in thousands, except per share data) Number of Weighted- Non-vested awards outstanding as of December 31, 2018 595 $ 28.93 Granted 632 27.36 Vested ( 254 ) 28.09 Forfeited ( 80 ) 28.97 Non-vested awards outstanding as of December 31, 2019 893 28.06 Granted 533 26.52 Vested ( 336 ) 27.69 Forfeited ( 64 ) 28.54 Non-vested awards outstanding as of December 31, 2020 1,026 $ 27.35 Granted 503 28.52 Vested ( 377 ) 26.77 Forfeited ( 95 ) 28.47 Non-vested awards outstanding as of December 31, 2021 1,057 $ 28.02 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, 2018 319 $ 29.19 Granted(1) 198 27.45 Vested ( 57 ) 31.40 Forfeited ( 76 ) $ 21.23 Non-vested units outstanding as of December 31, 2019 384 28.89 Granted(1) 165 28.02 Forfeited ( 181 ) $ 30.04 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 December 31, 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 | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 8—Income Taxes Income tax expense (benefit) based on income before income taxes consisted of the following: Year Ended December 31, (in thousands) 2021 2020 2019 Current: U.S. Federal $ 6 $ 1,406 $ ( 1,697 ) State and local 1,702 24 ( 3,567 ) Foreign 14,812 9,120 11,474 16,520 10,550 6,210 Deferred: U.S. Federal ( 6,179 ) ( 3,784 ) 1,815 State and local ( 1,380 ) ( 1,021 ) 1,409 Foreign 676 ( 2,507 ) ( 5,590 ) ( 6,883 ) ( 7,312 ) ( 2,366 ) $ 9,637 $ 3,238 $ 3,844 Worldwide income (loss) before income taxes consisted of the following: Year Ended December 31, (in thousands) 2021 2020 2019 United States $ ( 34,930 ) $ ( 33,790 ) $ ( 13,756 ) Foreign 80,337 51,083 41,025 $ 45,407 $ 17,293 $ 27,269 Income tax expense differed from the amounts computed by applying the U.S. Federal statutory income tax rate to income before income taxes as a result of the following: Year Ended December 31, (in thousands) 2021 2020 2019 Tax at statutory rate $ 9,536 $ 3,632 $ 5,727 State taxes, net of federal tax effect ( 36 ) ( 788 ) ( 1,705 ) Effect of foreign operations and tax incentives ( 4,048 ) ( 6,372 ) ( 5,870 ) Change in valuation allowance ( 336 ) ( 3,029 ) ( 2,283 ) Stock-based compensation ( 69 ) 347 118 GILTI 2,104 1,667 955 Foreign tax refund benefit ( 7,285 ) — — Losses in foreign jurisdictions for which no benefit has been provided 2,608 5,798 4,379 Change in uncertain tax benefits reserve 8,858 ( 31 ) 200 Other ( 1,695 ) 2,014 2,323 Total income tax expense $ 9,637 $ 3,238 $ 3,844 The U.S. Tax Cuts and Jobs Act (U.S. Tax Reform), which was signed into law on December 22, 2017, significantly changed U.S. tax law by, among other things, lowering corporate income tax rates, implementing a territorial tax system, adding a global intangible taxation regime and imposing a transition (Transition Tax) tax on deemed repatriated cumulative earnings of foreign subsidiaries. The U.S. Tax Reform reduced the U.S. corporate income tax rate from a maximum of 35 % to a flat 21 % rate, effective January 1, 2018. The Company recorded the effects of the changes in the tax rate in the Company’s deferred tax assets and liabilities as of December 31, 2017. To minimize tax base erosion with a territorial tax system, the U.S. Tax Reform enacted a new global intangible low-taxed income (GILTI) provision that requires the Company to include in its U.S. income tax return foreign subsidiary earnings in excess of an allowable return on the foreign subsidiaries tangible assets. The taxable earnings can be offset by a limited deemed paid foreign tax credit with no carrybacks or carryforwards available. The Company is subject to the GILTI provisions. The Company elected to account for the GILTI as a period cost and include the effect in the period in which it is incurred and not include it as a factor in the determination of deferred taxes. The Company incurred a total Transition Tax liability of $ 80.5 million after reduction for net operating loss carryforwards, US tax credit carryforwards, and foreign tax credit carryforwards that were allowed to be utilized against the total tax liability as of December 31, 2017. The Company made an election to pay the net tax liability in installments. The Company has a total Transition Tax liability as of December 31, 2021 of $ 54.7 million. The Company intends to pay this liability over the remaining four year payment period as prescribed by the U.S. Tax Reform and regulatory guidance issued by the IRS. $ 48.3 million of the Transition Tax liability is included in other long term liabilities. Payments for years subsequent to December 31, 2021 are as follows: 2022, $ 6.4 million; 2023, $ 12.1 million; 2024, $ 16.1 million; and 2025, $ 20.1 million. During 2021 and 2020, the Company repatriated $ 35.0 mi llion and $ 25.0 million, respectively, of foreign earnings to the U.S. As of December 31, 2021, the Company has approximately $ 365.2 million in cumulative undistributed foreign earnings of its foreign subsidiaries. These earnings would not be subject to U.S. federal income tax, if distributed to the Company. The Company changed its assertion during 2018 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 is considered to be non-permanently reinvested and is available for immediate distribution to the Company. Income taxes have been accrued on the non-permanently reinvested foreign earning s including the 2017 Transition Tax, the U.S. tax on GILTI, and any applicable foreign or local withholding taxes. The Company estimates that it has approximately $ 4.6 million of unrecognized deferred tax liability related to any remaining undistributed permanently reinvested foreign earnings that have not already been subject to the 2017 Transition Tax, the U.S. tax o n GILTI, and any applicable foreign income tax or local withholding taxes on cash distributions. During 2021 , the Company recorded an additional tax benefit of $ 7.3 million with respect to a refund claim of foreign cash taxes of $ 16.5 million that was filed in 2021. $ 9.2 million of the total refund claim was recorded previously in 2018. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below: December 31, (in thousands) 2021 2020 Deferred tax assets: Carrying value of inventories $ 2,704 $ 3,470 Accrued liabilities and allowances deductible for tax purposes on a cash basis 10,592 13,086 Goodwill 1,320 1,704 Stock-based compensation 3,741 2,559 Operating right-of-use lease liabilities 24,851 20,003 Net operating loss carryforwards 17,417 19,120 Tax credit carryforwards 4,629 3,368 Interest rate swap liabilities 1,133 2,263 Other 5,961 5,025 72,348 70,598 Less: valuation allowance ( 18,702 ) ( 19,038 ) Net deferred tax assets 53,646 51,560 Deferred tax liabilities: Plant and equipment, due to differences in depreciation ( 4,887 ) ( 7,899 ) Operating right-of-use lease assets ( 24,590 ) ( 19,742 ) Intangible assets, due to differences in amortization ( 11,687 ) ( 14,078 ) Foreign withholding tax ( 4,902 ) ( 6,102 ) Other ( 1,692 ) ( 3,603 ) Gross deferred tax liability ( 47,758 ) ( 51,424 ) Net deferred tax liability $ 5,888 $ 136 The net deferred tax liability is classified as follows: Long-term asset $ 5,972 $ 4,924 Long-term liability ( 84 ) ( 4,788 ) Total $ 5,888 $ 136 All deferred taxes are classified as non-current on the balance sheet as of December 31, 2021 and 2020. All deferred tax assets and liabilities are offset and presented as a single net noncurrent amount by each tax jurisdiction. The net change in the total valuation allowance for 2021, 2020 and 2019 was a $ 0.3 million decrease, a $ 3.0 million increase and a $ 2.3 million increase, respectively. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods which the deferred tax assets are deductible, management believes it is more likely than not the Company will realize the benefits of these deductible differences, net of the existing valuation allowances as of December 31, 2021. As of December 31, 2021 , the Company had $ 0.6 million in U.S. Federal operating loss carryforwards which will expire from 2027 to 2036 ; state operating loss carryforwards of approximately $ 8.1 million which will expire from 2023 to 2041 ; foreign operating loss carryforwards of approximately $ 12.0 million with indefinite carryforward periods; and foreign operating loss carryforwards of approximately $ 49.0 million which will expire at varying dates through 2031 . The utilization of these net operating loss carryforwards is limited to the future operations of the Company in the tax jurisdictions in which such carryforwards arose. The Company has state tax credit carryforwards of $ 1.8 million which will expire at varying dates through 2026 . The Company also has U.S. research and development tax credit carryforwards of $ 2.9 million w hich will expire from 2038 through 2041 . The Company has been granted certain tax incentives, including tax holidays, for its subsidiaries in China, Malaysia, and Thailand that expire at various dates, unless extended or otherwise renegotiated and are subject to certain conditions with which the Company expects to comply. The expiration dates of these tax incentives are as follows: 2023 in China and 2028 in Thailand. The Malaysia tax incentive expired as of March 31, 2021, but the Company has applied for an extension of the Malaysia tax holiday in 2022 which will extend the tax holiday for another five years until 2026 . The net impact of these tax incentives was to lower income tax expense for 2021, 2020, and 2019 by approxima tely $ 7.7 million (approximately $ 0.21 per diluted share), $ 7.4 million (approximately $ 0.20 per diluted share) and $ 5.0 million (approximately $ 0.13 per diluted share), respectively, as follows: Year Ended December 31, (in thousands) 2021 2020 2019 China $ 443 $ — $ — Malaysia $ 1,946 $ 4,945 3,010 Thailand 5,360 2,496 2,025 $ 7,749 $ 7,441 $ 5,035 The Company must determine whether it is “more-likely-than-not” that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Once it is determined that a position meets the more-likely-than-not recognition threshold, the position is measured to determine the amount of benefit to recognize in the financial statements. As of December 31, 2021, the total amount of the reserve for uncertain tax benefits including interest and penalties was $ 9.5 million. A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest and penalties, is as follows: December 31, (in thousands) 2021 2020 2019 Balance as of January 1 $ 499 $ 513 $ 313 Additions related to current year tax positions 7,424 — 200 Additions related to prior year tax positions 1,575 — — Decreases related to prior year tax positions ( 138 ) — — Decreases related to lapse of statutes ( 239 ) ( 14 ) — Balance as of December 31 $ 9,121 $ 499 $ 513 During 2021, the Company released $ 138.0 thousand of uncertain tax benefits related to prior year tax positions and $ 239.0 thousand of uncertain tax benefits related to lapse of statutes. During 2021, the Company recorded additional uncertain tax benefits related to prior year and current tax positions of $ 1.6 million and $ 7.4 million, respectively. During 2020, the Company released $ 14.0 thousand of uncertain tax benefits related to prior year tax positions. During 2019, the Company recorded $0.2 million of uncertain tax benefits related to prior year tax positions. The reserve is classified as a current or long-term liability in the consolidated balance sheets based on the Company’s expectation of when the items will be settled. The Company records interest expense and penalties accrued in relation to uncertain income tax benefits as a component of current income tax expense. The amount of accrued potential interest on unrecognized tax benefits included in the reserve as of December 31, 2021 is $ 328.0 thousand. The reserve for potential penalties is $ 17.0 thousand. The amount of accrued potential interest or unrecognized tax benefits included in the reserve as of December 31, 2020 is $ 91.0 thousand. The reserve for potential penalties is $ 17.0 thousand. The Company did no t record any interest and penalties during 2020 or 2019. The Company and its subsidiaries in Brazil, China, Ireland, Malaysia, Mexico, 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 2021. During the course of such income tax examinations, disputes may occur as to matters of fact or law. Also, in most tax jurisdictions, the passage of time without examination will result in the expiration of applicable statutes of limitations thereby precluding examination of the tax period(s) for which such statute of limitation has expired. The Company believes that it has adequately provided for its tax liabilities. |
Major Customers
Major Customers | 12 Months Ended |
Dec. 31, 2021 | |
Major Customers [Abstract] | |
Major Customers | Note 9—Major Customers The Company’s customers operate in industries that are, to a varying extent, subject to rapid technological change, vigorous competition and short product life cycles. Developments adverse to the electronics industry, the Company’s customers or their products could impact the Company’s overall credit risk. The Company extends credit based on evaluation of its customers’ financial condition and generally does not require collateral or other security from its customers and would incur a loss equal to the carrying value of the accounts receivable if its customer failed to perform according to the terms of the credit arrangement. Sales to the ten largest customers represented 47 % , 41 % and 38 % of total sales for 2021, 2020 and 2019, respectively. Sales to our largest customers were as follows for the indicated periods: Year ended December 31, (in thousands) 2021 2020 2019 Applied Materials, Inc. and subsidiaries $ 353,673 $ 241,522 $ * * amount is less than 10% of total sales. During 2021 and 2020 , net sales attributable to our largest customer were reported in the Americas and Asia reportable segments. |
Financial Instruments and Conce
Financial Instruments and Concentration of Credit Risk | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments And Concentration Of Credit Risk [Abstract] | |
Financial Instruments and Concentration of Credit Risk | Note 10—Financial Instruments and Concentration of Credit Risk 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 December 31, 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 year ended December 31, 2021, the Com pany recorded an unrealized loss of $ 0.2 million ($ 0.1 million net of tax) on the forward currency exchange contracts in other comprehensive income and transferred unrealized losses $ 0.4 million to cost of sales (See Note 19). The Company also has forward currency exchange contracts in place as of December 31, 2021 that have not been designated as accounting hedges and, therefore, changes in fair value are recorded within the condensed consolidated statements of income. As of December 31, 2021, the fair value estimates for the Company's forward currency exchange contracts were based on Level 2 inputs of the fair value hierarchy, which includes obtaining directly or indirectly observable values from third parties active in the relevant markets. Inputs in the fair value of the foreign currency forward contracts include prevailing forward and spot prices for currencies. 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 $ 129.4 million and $ 136.9 million as of December 31, 2021 and 2020, respectively, to hedge a portion of its interest rate exposure on outstanding borrowings under the Amended and Restated 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 on the borrowing under the Amended and Restated Credit Agreement to fixed interest rate expense. Based on the terms of the interest rate swap contract and the underlying borrowings outstanding under the Amended and Restated 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 consolidated balance sheets until earnings are affected by the variability of cash flows. As of December 31, 2017, the Company had an interest rate swap agreement with a notional amount of $ 155.3 million with a fixed interest rate of 1.4935 %. During 2018, the Company terminated this agreement for $ 3.5 million and the gain was amortized to offset interest expense over the remaining term of the swap agreement which ended November 2020 . The fair value of the interest rate swap agreements was a $ 4.3 million liability as of December 31, 2021 and a $ 9.0 million liability as of December 31, 2020 recorded in accrued liabilities in the consolidated balance sheets. During the year ended December 31, 2021, the Company recorded unrealized gains of $ 4.7 million ($ 3.5 million net of tax) on the swaps in other comprehensive loss. During the year ended December 31, 2020 the Company recorded unrealized losses of $ 2.7 million ($ 2.0 million net of tax) on the swap in other comprehensive loss and transferred unrealized gains of $ 1.5 million ($ 1.1 million net of tax) on the terminated swap to interest expense. During the year ended December 31, 2019, the Company recorded unrealized losses of $ 3.3 million ($ 2.5 million net of tax) on the swap in other comprehensive loss and transferred unrealized gains of $ 1.7 million ($ 1.2 million net of tax) on the terminated swap to interest expense. See Note 19. As of December 31, 2021, the fair value estimate for the Company's interest rate swap agreement were based on Level 2 inputs of the fair value hierarchy, as we obtained the valuation from a third party active in relevant markets. The valuation of the swap is primarily measured through various pricing models or discounted cash flow analysis that incorporate observable market parameters, such as interest rate yield curves and volatility. The foll owing table presents the fair value of the Company's derivative instruments: Fair Values of Derivative Instrument Liability Derivatives December 31, (in thousands) 2021 2020 Derivatives designated as hedging instruments Forward currency exchange contracts $ 178 $ — Interest rate swap $ 4,332 $ 9,011 Financial instruments that subject the Company to credit risk consist of cash and cash equivalents and restricted cash and trade accounts receivable. The Company maintains cash and cash equivalents with recognized financial institutions. One of the most significant credit risks is the ultimate realization of accounts receivable. This risk is mitigated by (i) sales to well established companies, (ii) ongoing credit evaluation of customers, and (iii) frequent contact with customers, thus enabling management to monitor current changes in business operations and to respond accordingly. Management considers these concentrations of credit risks in establishing our allowance for doubtful accounts and believes these allowances are adequate. The Company ha d one customer whose gross accounts receivable exceeded 10 % of total gross accounts receivable as of December 31, 2021. That customer represented 15 % of our total gross accounts receivable. |
Concentrations of Business Risk
Concentrations of Business Risk | 12 Months Ended |
Dec. 31, 2021 | |
Risks and Uncertainties [Abstract] | |
Concentrations of Business Risk | Note 11—Concentrations of Business Risk Substantially all of the Company’s sales are derived from manufacturing services in which the Company purchases components specified by its customers. The Company uses numerous suppliers of electronic components and other materials for its operations. Some components used by the Company have been subject to industry-wide shortages, and suppliers have been forced to allocate available quantities among their customers. The Company’s inability to obtain any needed components during periods of allocation could cause delays in manufacturing and could adversely affect results of operations. |
Accounts Receivable Sale Progra
Accounts Receivable Sale Program | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Accounts Receivable Sales Program | Note 12—Accounts Receivable Sale Program As of December 31, 2021, in connection with a trade accounts receivable sale program 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 years ended December 31, 2021, 2020 and 2019, the Company sold $ 394.6 million, $ 305.8 million and $ 284.0 million, respectively, of accounts receivable under this program, and in exchange, the Company received cash proceeds of $ 394.0 million, $ 305.2 million and $ 283.2 million, respectively, net of the discount. The loss on the sale resulting from the discount was recorded to other expense within the consolidated statements of income. |
Segment And Geographic Informat
Segment And Geographic Information | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment And Geographic Information | Note 13—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: Year Ended December 31, (in thousands) 2021 2020 2019 Net sales: Americas $ 1,203,544 $ 1,209,032 $ 1,428,795 Asia 912,560 746,661 741,630 Europe 228,834 174,547 176,384 Elimination of intersegment sales ( 89,619 ) ( 77,109 ) ( 78,714 ) $ 2,255,319 $ 2,053,131 $ 2,268,095 Depreciation and amortization: Americas $ 20,589 $ 22,802 $ 21,784 Asia 10,660 11,018 11,108 Europe 2,878 2,842 3,035 Corporate 10,025 12,130 12,500 $ 44,152 $ 48,792 $ 48,427 Income from operations: Americas $ 45,807 $ 32,629 $ 55,749 Asia 90,725 63,880 47,862 Europe 11,054 6,077 6,983 Corporate and intersegment eliminations ( 94,524 ) ( 77,452 ) ( 82,049 ) 53,062 25,134 28,545 Interest expense ( 8,472 ) ( 8,364 ) ( 6,664 ) Interest income 540 1,196 3,829 Other income (expense) 277 ( 673 ) 1,559 Income before income taxes $ 45,407 $ 17,293 $ 27,269 Capital expenditures: Americas $ 28,673 $ 24,392 $ 15,822 Asia 4,253 7,836 9,493 Europe 6,072 1,838 3,702 Corporate 3,179 5,453 6,101 $ 42,177 $ 39,519 $ 35,118 Total assets: Americas $ 885,574 $ 777,658 $ 792,180 Asia 663,881 532,793 533,508 Europe 178,263 146,277 139,977 Corporate 176,162 287,507 294,209 $ 1,903,880 $ 1,744,235 $ 1,759,874 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. Year Ended (in thousands) 2021 2020 2019 Geographic net sales: United States $ 1,328,754 $ 1,322,728 $ 1,508,966 Singapore 326,688 $ 222,285 $ 199,934 Other Asia 202,792 168,500 191,095 Europe 285,017 240,672 266,216 Other 112,068 98,946 101,884 $ 2,255,319 $ 2,053,131 $ 2,268,095 Long-lived assets: United States $ 240,430 $ 235,193 $ 247,074 Asia 65,327 69,669 76,507 Europe 29,588 18,002 20,258 Other 22,303 21,980 23,563 $ 357,648 $ 344,844 $ 367,402 |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Note 14 – 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. 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, which is generally when goods are shipped. 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 Year Ended December 31, 2021 (in thousands) Americas Asia Europe Total Market Sector: Industrials $ 79,726 $ 262,546 $ 86,174 $ 428,446 A&D 360,030 1,692 20,009 381,731 Medical 220,635 189,614 51,585 461,834 Semi-Cap 215,596 266,065 67,640 549,301 Computing 163,423 35,842 140 199,405 Telecommunications 120,739 112,684 1,179 234,602 External revenue 1,160,149 868,443 226,727 2,255,319 Elimination of intersegment sales 43,395 44,117 2,107 89,619 Segment revenue $ 1,203,544 $ 912,560 $ 228,834 $ 2,344,938 Year Ended December 31, 2020 (in thousands) Americas Asia Europe Total Market Sector: Industrials $ 110,063 $ 196,209 $ 66,789 $ 373,061 A&D 401,599 — 21,972 423,571 Medical 255,246 211,567 31,657 498,470 Semi-Cap 158,380 159,016 51,578 368,974 Computing 140,109 31,228 — 171,337 Telecommunications 96,937 119,987 794 217,718 External revenue 1,162,334 718,007 172,790 2,053,131 Elimination of intersegment sales 46,698 28,654 1,757 77,109 Segment revenue $ 1,209,032 $ 746,661 $ 174,547 $ 2,130,240 Year Ended December 31, 2019 (in thousands) Americas Asia Europe Total Market Sector: Industrials $ 165,163 $ 214,575 $ 73,838 $ 453,576 A&D 400,326 — 31,597 431,923 Medical 263,688 167,296 17,218 448,202 Semi-Cap 102,908 123,764 51,093 277,765 Computing 308,077 53,051 85 361,213 Telecommunications 143,686 149,890 1,840 295,416 External revenue 1,383,848 708,576 175,671 2,268,095 Elimination of intersegment sales 44,947 33,054 713 78,714 Segment revenue $ 1,428,795 $ 741,630 $ 176,384 $ 2,346,809 During 2021, 2020 and 2019, 90.3 % , 90.2 % and 91.5 % , respectively, of the Company’s revenue was recognized as products and services 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 December 31, 2021 and 2020, the Company had $ 155.2 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. Year Ended (in thousands) 2021 2020 Beginning balance as of December 31 $ 142,779 $ 161,061 Revenue recognized 2,037,206 1,848,807 Amounts collected or invoiced ( 2,024,742 ) ( 1,867,089 ) Ending balance as of December 31 $ 155,243 $ 142,779 As of December 31, 2021 and 2020, the Company had $ 118.1 million and $ 84.1 million, respectively, in advance payments from customers. Of those amounts $ 79.9 million and $ 54.9 million, respectively, were related to both customer deposits and prepayments of inventory and $ 38.2 million and $ 29.2 million, res pectively, 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. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Note 15—Employee Benefit Plans The Company has defined contribution plans qualified under Section 401(k) of the Internal Revenue Code for the benefit of all its U.S. employees. The Company’s contributions to the plans are based on employee contributions and compensation. During 2021, 2020 and 2019, the Company made contributions to the plans of approximately $ 3.3 million, $ 3.1 million and $ 6.2 million, respectively. The Company also has defined contribution benefit plans for certain of its international employees primarily dictated by the custom of the regions in which it operates. During each of 2021, 2020 and 2019, the Company made contributions to the international plans of approximately $ 0.1 million. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Note 16—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 | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | Note 17—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, 2020 and 2019 primarily related to the closure of facilities in the Americas and capacity reductions in the workforce of certain facilities across various regions in Asia and Europe, respectively. 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 December 31, 2021 : Balance as of Foreign Balance as of December 31, Restructuring Cash Non-Cash Exchange December 31, (in thousands) 2020 Charges Payment Activity Adjustments 2021 Restructuring: Severance $ 3,996 $ 4,130 $ ( 4,685 ) $ ( 184 ) $ — $ 3,257 Lease facility costs 50 2,745 ( 2,618 ) ( 160 ) — 17 Other exit costs 408 2,470 ( 2,252 ) ( 389 ) — 237 Total $ 4,454 $ 9,345 $ ( 9,555 ) $ ( 733 ) $ — $ 3,511 In addition, during 2021 , we incurred $ 4.4 million in costs related to asset impairments in the Americas. The following table summarizes the 2020 activity in accrued restructuring, which is included in accrued liabilities in the condensed consolidated balance sheets, related to various restructuring activities initiated prior to December 31, 2020: Balance as of Foreign Balance as of December 31, Restructuring Cash Non-Cash Exchange December 31, (in thousands) 2019 Charges Payment Activity Adjustments 2020 Restructuring: Severance $ 3,956 $ 7,010 $ ( 6,666 ) $ ( 304 ) $ — $ 3,996 Lease facility costs — 3,716 ( 2,394 ) ( 1,272 ) — 50 Other exit costs — 2,174 ( 655 ) ( 1,111 ) — 408 Total $ 3,956 $ 12,900 $ ( 9,715 ) $ ( 2,687 ) $ — $ 4,454 In addition, during 2020 , the Company incurred $ 5.7 million and $ 1.0 million in costs related to asset impairments in the Americas and Asia, respectively. The following table summarizes the 2019 activity in accrued restructuring, which is included in accrued liabilities in the condensed consolidated balance sheets, related to various restructuring activities initiated prior to December 31, 2019: Balance as of Foreign Balance as of December 31, Restructuring Cash Non-Cash Exchange December 31, (in thousands) 2018 Charges Payment Activity Adjustments 2019 Restructuring: Severance $ 282 $ 6,449 $ ( 2,775 ) $ — $ — $ 3,956 Lease facility costs — — — — — — Other exit costs 1,053 2,058 ( 2,156 ) ( 944 ) ( 11 ) — Total $ 1,335 $ 8,507 $ ( 4,931 ) $ ( 944 ) $ ( 11 ) $ 3,956 |
Ransomware Incident
Ransomware Incident | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Text Block Supplement [Abstract] | |
Ransomware Incident | Note 18—Ransomware Incident During the fourth quarter ended December 31, 2019, some of the Company’s systems were affected by a ransomware incident that encrypted information on its systems and disrupted customer and employee access to its applications and services. The Company immediately took steps to isolate the impact and implemented measures to prevent additional systems from being affected, including taking its network offline as a precaution. In connection with this incident, third party consultants and forensic experts were engaged to assist with the restoration and remediation of the Company’s systems and, with the assistance of law enforcement, to investigate the incident. The Company has found no evidence that customer or employee data was exfiltrated from its network. The Company restored connectivity and resumed operations quickly following the ransomware incident. However, fourth quarter 2019 operations were adversely affected by the inefficiencies caused by taking the network offline for a period of time. As a result, the Company’s fourth quarter 2019 revenue was also adversely affected as the Company was unable to fulfill a portion of customer demand during the quarter. We have insurance coverage, including cyber insurance, and worked diligently with our insurance carriers on claims to recover costs incurred, as discussed further below. 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 year ended December 31, 2021, the Company collected an additional $ 3.9 million of insurance recoveries. As of December 31, 2021, the Company has collected insurance recoveries totaling $ 10.5 million. No further insurance recoveries are expected. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | Note 19—Accumulated Other Comprehensive Loss The changes in accumulated other comprehensive loss by component were as follows: Foreign currency Derivative translation instruments, (in thousands) adjustments net of tax Other Total Balances, December 31, 2018 $ ( 11,840 ) 116 600 $ ( 11,124 ) Other comprehensive gain (loss) before ( 585 ) ( 2,474 ) ( 1,334 ) ( 4,393 ) Amounts reclassified from accumulated — ( 1,242 ) — ( 1,242 ) Net current period other comprehensive gain (loss) ( 585 ) ( 3,716 ) ( 1,334 ) ( 5,635 ) Balances, December 31, 2019 ( 12,425 ) ( 3,600 ) ( 734 ) ( 16,759 ) Other comprehensive gain (loss) before 4,050 ( 2,024 ) ( 800 ) 1,226 Amounts reclassified from accumulated — ( 1,118 ) — ( 1,118 ) Net current period other comprehensive gain (loss) 4,050 ( 3,142 ) ( 800 ) 108 Balances, December 31, 2020 $ ( 8,375 ) $ ( 6,742 ) $ ( 1,534 ) $ ( 16,651 ) Other comprehensive gain (loss) before reclassifications ( 4,354 ) 3,018 477 ( 859 ) Amounts reclassified from accumulated other — 352 — 352 Net current period other comprehensive gain (loss) ( 4,354 ) 3,370 477 ( 507 ) Balances, December 31, 2021 $ ( 12,729 ) $ ( 3,372 ) $ ( 1,057 ) $ ( 17,158 ) See Note 10 for further explanation of the change in derivative instruments that is recorded to accumulated other comprehensive loss. |
Supplemental Cash Flow And Non-
Supplemental Cash Flow And Non-Cash Information | 12 Months Ended |
Dec. 31, 2021 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow and Non-Cash Information | Note 20—Supplemental Cash Flow and Non-Cash Information The following is additional information concerning supplemental disclosures of cash payments. Year Ended (in thousands) 2021 2020 2019 Income taxes paid, net $ 20,558 $ 18,071 $ 16,895 Interest paid $ 8,207 $ 9,048 $ 8,347 Non-cash investing activity: Additions to property, plant and equipment in accounts payable $ 8,614 $ 3,164 $ 9,119 |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Business | (a) Business Benchmark Electronics, Inc. (the Company) is a Texas corporation that provides innovative product design services, engineering services, technology solutions and advanced manufacturing services (both electronic manufacturing services and precision technology 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. |
Principles of Consolidation | (b) Principles of Consolidation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) and include the financial statements of Benchmark Electronics, Inc. and its wholly owned and majority owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. |
Cash and Cash Equivalents and Restricted Cash | (c) Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid debt instruments with an original maturity at the date of purchase of three months or less to be cash equivalents. Cash equivalents of $ 76.2 million and $ 131.7 million at December 31, 2021 and 2020, respectively, consisted primarily of money-market funds and time deposits with an initial term of less than three months. Restricted cash represents cash received from customers to settle invoices sold under accounts receivable purchase agreements that is contractually required to be set aside until the cash is remitted to the purchaser. |
Allowance For Doubtful Accounts | (d) Allowance for Doubtful Accounts Accounts receivable are recorded net of allowances for amounts not expected to be collected. In estimating the allowance, management considers a specific customer’s financial condition, payment history, current conditions, and various information or disclosures by the customer or other publicly available information. Accounts receivable are charged against the allowance after all reasonable efforts to collect the full amount (including litigation, where appropriate) have been exhausted. During 2021, 2020 and 2019, the Company recorded $ 0.0 million, $ 2.2 million and $ 8.6 million in charges for a provision to accounts receivable, net of recoveries. The following table summarizes the activity in the Company’s allowance for doubtful accounts during 2021, 2020 and 2019: Balance at Balance at Beginning Charges to End of (in thousands) of Period Operations Deductions Period Year ended December 31, 2021: Allowance for doubtful accounts(1) $ 1,371 — ( 583 ) $ 788 Year ended December 31, 2020: Allowance for doubtful accounts(1) $ 10,085 2,160 ( 10,874 ) $ 1,371 Year ended December 31, 2019: Allowance for doubtful accounts(1) $ 1,733 10,323 ( 1,971 ) $ 10,085 (1) Deductions in the allowance for doubtful accounts represent write-offs, net of recoveries, of amounts determined to be uncollectible. |
Inventories | (e) Inventories Inventories include material, labor and overhead and are stated at the lower of cost (principally first-in, first-out method) or net realizable value. |
Property, Plant And Equipment | (f) Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation is calculated on the straight-line method over the useful lives of the assets – 5 to 40 years for buildings and building improvements, 2 to 15 years for machinery and equipment, 2 to 12 years for furniture and fixtures and 2 to 8 years for vehicles. Leasehold improvements are amortized on the straight-line method over the shorter of the useful life of the improvement or the remainder of the lease term. |
Leases | (g) Leases Lease assets and liabilities are initially recognized based on the present value of lease payments over the lease term calculated using the Company’s incremental borrowing rate, unless the implicit rate is readily determinable. Our incremental borrowing rate represents the rate of interest that we would have to pay to borrow on a collateralized basis over a similar term in a similar economic environment. Lease assets also include any upfront lease payments made and exclude lease incentives. Lease terms include options to extend or terminate the lease when it is reasonably certain that those options will be exercised. Leases are classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the consolidated statements of income. Management elected the short-term lease recognition exemption for all of the Company’s leases that qualify, in addition to the practical expedient to not separate lease and non-lease components. See Note 6. |
Goodwill And Other Intangible Assets | (h) Goodwill and Other Intangible Assets Goodwill represents the excess of purchase price over fair value of net assets acquired. Goodwill and intangible assets acquired in a business combination and determined to have an indefinite useful life are not amortized, but instead assessed for impairment at least annually. Intangible assets, including those acquired in a business combination, with estimable useful lives are amortized over their respective estimated useful lives to their estimated residual values. |
Impairment Of Long-Lived Assets And Goodwill | (i) Impairment of Long-Lived Assets and Goodwill Long-lived assets, such as property, plant, and equipment, and purchased intangibles subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is evaluated by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the estimated fair value of the asset. Assets to be disposed of are reported at the lower of the carrying amount or estimated fair value less costs to sell, and are no longer depreciated. Goodwill is tested for impairment on an annual basis, during the fourth quarter, and whenever events and changes in circumstances suggest that the carrying amount may be impaired. Circumstances that may lead to the impairment of goodwill include unforeseen decreases in future performance or industry demand or the restructuring of our operations as a result of a change in our business strategy. A qualitative assessment is allowed to determine if goodwill is potentially impaired. Based on this qualitative assessment, if the Company determines that it is more likely than not that the reporting unit’s fair value is less than its carrying value, then it performs a quantitative assessment, otherwise no further analysis is required. In connection with its annual qualitative goodwill impairment assessments as of December 31, 2021, 2020 and 2019 , the Company concluded that goodwill was not impaired. |
Earnings Per Share | (j) 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 shares issuable upon the exercise of stock options and other equity instruments and are computed using the treasury stock method. Under the treasury stock method, the exercise price of a share and the amount of compensation cost, if any, for future service that the Company has not yet recognized are assumed to be used to repurchase shares in the current period. The following table sets forth the calculation of basic and diluted earnings per share. Year Ended December 31, (in thousands, except per share data) 2021 2020 2019 Net income $ 35,770 $ 14,055 $ 23,425 Denominator for basic earnings per share – weighted-average 35,655 36,524 38,338 Incremental common shares attributable to exercise of dilutive 39 36 90 Incremental common shares attributable to outstanding restricted stock units 407 257 335 Denominator for diluted earnings per share 36,101 36,817 38,763 Basic earnings per share $ 1.00 $ 0.38 $ 0.61 Diluted earnings per share $ 0.99 $ 0.38 $ 0.60 Potentially dilutive securities totaling less than 0.1 million common shares in 2021, 2020 and 2019 , were not included in the computation of diluted earnings per share because their effect would have been anti-dilutive. |
Revenue Recognition | (k) Revenue Recognition The Company recognizes revenue as the customer takes control of the manufactured products built to customer specifications. Under the majority of the Company’s manufacturing contracts with customers, the customer controls all of the work-in-progress as products are being built. Revenues under these contracts are recognized progressively based on the cost-to-cost method. For other manufacturing contracts, the customer does not take control of the product until it is completed. Under these contracts, the Company recognizes revenue upon transfer of control of product to the customer, which is generally when the goods are shipped. Revenue from design, development and engineering services is recognized over time as the services are performed. The Company’s performance obligations generally have an expected duration of one year or less. The Company applies the practical expedient 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 or any significant financing components in the contracts. The Company recognizes the incremental costs, if any, of obtaining contracts as an expense when incurred since the amortization period of the assets that the Company otherwise would have recognized is one year less. |
Income Taxes | (l) Income Taxes Income taxes are accounted for under the asset and liability method. Deferred income taxes are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. The Company records a valuation allowance to reduce its deferred tax assets to the amounts that are more likely than not to be realized. The Company has considered the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in assessing the need for the valuation allowance. |
Stock-Based Compensation | (m) Stock-Based Compensation All share-based payments to employees, including grants of employee stock options (which have not been awarded since 2015), are recognized in the consolidated financial statements based on their grant date fair values. The total compensation cost recognized for stock-based awards was $ 15.3 million, $ 10.4 million and $ 10.2 million for 2021, 2020 and 2019, respectively. The future tax benefit of these stock-based awards as of the grant date was $ 3.6 million, $ 2.4 million and $ 2.4 million for each of 2021, 2020 and 2019. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model. Awards of restricted stock units and performance-based restricted stock units are valued at the closing market price of the Company’s common stock on the date of grant. For performance-based restricted stock units, compensation expense is based on the probability that the performance goals will be achieved, which is monitored by management throughout the requisite service period. When it becomes probable, based on the Company’s expectation of performance during the measurement period, that more or less than the previous estimate of the awarded shares will vest, an adjustment to stock-based compensation expense is recognized as a change in accounting estimate. As of December 31, 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 $ 20,245 $ 289 Remaining weighted-average amortization period 2.4 years 1.6 years (1) Based on the probable achievement of the performance goals identified in each award. The total cash received as a result of stock option exercises in 2021, 2020 and 2019 was approximately $ 0.3 million, $ 1.0 million and $ 1.6 million, respectively. The actual tax benefit realized as a result of stock option exercises and the vesting of other share-based awards during 2021, 2020 and 2019 was $ 2.7 million, $ 2.1 million and $ 2.3 million, respectively. For 2021, 2020 and 2019, the total intrinsic value of stock options exercised was $ 0.5 million, $ 0.5 million and $ 0.7 million, respectively. The Company awarded performance-based restricted stock units to employees during 2021, 2020 and 2019 . The number of performance-based restricted stock units that will ultimately be earned will not be determined until the end of the corresponding performance periods, and may vary from as low as zero to as high as 2.5 times the target number depending on the level of achievement of certain performance goals. The level of achievement of these goals is based upon the financial results of the Company for the last full calendar year within the performance period. The performance goals consist of certain levels of achievement using the following financial metrics: revenue, operating income margin, and return on invested capital. If the performance goals are not met based on the Company’s financial results, the applicable performance-based restricted stock units will not vest and will be forfeited. Shares subject to forfeited performance-based restricted stock units will be available for issuance under the Company’s 2019 Omnibus Incentive Compensation Plan (the 2019 Plan). |
Use Of Estimates | (n) Use of Estimates Management of the Company has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these financial statements in accordance with U.S. GAAP with consideration given to the potential impacts of COVID. However, actual results could differ materially from these estimates and be significantly affected by the duration and spread of the COVID pandemic and its severity; the emergence and severity of its variants, including the Delta and Omicron variants; the actions to contain the virus or treat its impact, including the availability and efficacy of vaccinations (particularly with respect to emerging strains of the virus) and the rate of inoculations; general economic factors, such as increased inflation; global supply chain constraints and shortages; labor supply issues; and how quickly and to what extent normal economic and operating conditions can resume, which may not return fully to pre- pandemic levels. On an ongoing basis, management evaluates these estimates, including those related to accounts receivable, inventories, income taxes, long-lived assets, leases, goodwill, stock-based compensation and contingencies and litigation. Actual results could differ from those estimates. |
Fair Values Of Financial Instruments | (o) Fair Values of Financial Instruments Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A three-tier fair value hierarchy of inputs is employed to determine fair value measurements. • Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets and liabilities. • Level 2 inputs are observable prices that are not quoted on active exchanges, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. • Level 3 inputs are unobservable inputs employed for measuring the fair value of assets or liabilities. This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. The Company’s financial instruments include cash equivalents, accounts and other receivables, accounts payable, accrued liabilities and long-term debt and financing lease obligations. The Company believes that the carrying values of these instruments approximate their fair value. As of December 31, 2021, the fair value estimates for the Company's forward currency exchange contracts and the Company’s interest rate swap agreement were based on Level 2 inputs of the fair value hierarchy. See Note 10. |
Foreign Currency | (p) Foreign Currency For foreign subsidiaries using the local currency as their functional currency, assets and liabilities are translated at exchange rates in effect at the balance sheet date and income and expenses are translated at average exchange rates. The effects of these translation adjustments are reported in other comprehensive income. Exchange losses arising from transactions denominated in a currency other than the functional currency of the entity involved are included in other expense and totaled approximately $ 0.3 million, $ 1.8 million and $ 1.7 million in 2021, 2020 and 2019 , respectively. These amounts include the amount of gain (loss) recognized in income due to forward currency exchange contracts. |
Derivative Instruments | (q) Derivative Instruments All derivative instruments are recorded on the balance sheet at fair value. The Company uses derivative instruments to manage the variability of foreign currency obligations and interest rates. The Company does not enter into derivative arrangements for speculative purposes. Generally, if a derivative instrument is designated as a cash flow hedge, the change in the fair value of the derivative is recorded in other comprehensive income to the extent the derivative is effective and recognized in the consolidated statements of income when the hedged item affects earnings. Changes in fair value of derivatives that are not designated as cash flow hedges are recorded in earnings. Cash receipts and cash payments related to derivative instruments are recorded in the same category as the cash flows from the items being hedged on the consolidated statements of cash flows. |
New Accounting Pronouncements | (r) New Accounting Pronouncements Not Yet Adopted In March 2020, the Financial Accounting Standards Board (FASB) issued 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 have no material impact on its consolidated financial position, results of operations or cash flows, or will not apply to its operations. |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule Of Allowance For Doubtful Accounts | The following table summarizes the activity in the Company’s allowance for doubtful accounts during 2021, 2020 and 2019: Balance at Balance at Beginning Charges to End of (in thousands) of Period Operations Deductions Period Year ended December 31, 2021: Allowance for doubtful accounts(1) $ 1,371 — ( 583 ) $ 788 Year ended December 31, 2020: Allowance for doubtful accounts(1) $ 10,085 2,160 ( 10,874 ) $ 1,371 Year ended December 31, 2019: Allowance for doubtful accounts(1) $ 1,733 10,323 ( 1,971 ) $ 10,085 (1) Deductions in the allowance for doubtful accounts represent write-offs, net of recoveries, of amounts determined to be uncollectible. |
Calculation of Basic and Diluted Earnings per Share | The following table sets forth the calculation of basic and diluted earnings per share. Year Ended December 31, (in thousands, except per share data) 2021 2020 2019 Net income $ 35,770 $ 14,055 $ 23,425 Denominator for basic earnings per share – weighted-average 35,655 36,524 38,338 Incremental common shares attributable to exercise of dilutive 39 36 90 Incremental common shares attributable to outstanding restricted stock units 407 257 335 Denominator for diluted earnings per share 36,101 36,817 38,763 Basic earnings per share $ 1.00 $ 0.38 $ 0.61 Diluted earnings per share $ 0.99 $ 0.38 $ 0.60 |
Schedule Of Unrecognized Compensation Cost And Remaining Weighted-Average Amortization Stock-Based Awards | As of December 31, 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 $ 20,245 $ 289 Remaining weighted-average amortization period 2.4 years 1.6 years (1) Based on the probable achievement of the performance goals identified in each award. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule Of Inventory Costs | Inventory costs are summarized as follows: December 31, (in thousands) 2021 2020 Raw materials $ 504,307 $ 312,856 Work in process 15,338 8,687 Finished goods 3,595 5,834 $ 523,240 $ 327,377 |
Property, Plant And Equipment (
Property, Plant And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule Of Property, Plant And Equipment | Property, plant and equipment consists of the following: December 31, (in thousands) 2021 2020 Land $ 5,867 $ 5,689 Buildings and building improvements 76,139 85,672 Machinery and equipment 506,652 521,382 Furniture and fixtures 10,035 10,426 Vehicles 1,125 1,142 Leasehold improvements 42,288 39,716 Construction in progress 17,719 1,679 659,825 665,706 Less accumulated depreciation ( 473,159 ) ( 480,434 ) $ 186,666 $ 185,272 |
Goodwill And Other Intangible_2
Goodwill And Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill Rollforward | The changes each year in goodwill allocated to the Company’s reportable segments were as follows: (in thousands) Americas Asia Total Goodwill as of December 31, 2019, 2020 and 2021 $ 154,014 $ 38,102 $ 192,116 |
Schedule Of Intangible Assets | Acquired identifiable intangible assets and purchased software as of December 31, 2021 and 2020 were as follows: (in thousands) Gross Accumulated Net Customer relationships $ 100,136 $ ( 59,680 ) $ 40,456 Purchased software costs 49,788 ( 34,325 ) 15,463 Technology licenses 26,800 ( 26,800 ) — Trade names and trademarks 7,800 — 7,800 Other 868 ( 356 ) 512 Intangible assets, December 31, 2021 $ 185,392 $ ( 121,161 ) $ 64,231 (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 2021, 2020 and 2019 was as follows: Year Ended December 31, (in thousands) 2021 2020 2019 Amortization of intangible assets $ 6,384 $ 9,099 $ 9,461 Amortization of capitalized purchased software costs 2,128 1,493 1,393 Amortization of debt costs 637 461 461 $ 9,149 $ 11,053 $ 11,315 |
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 2022 6,367 2023 5,979 2024 4,817 2025 4,817 2026 18,989 |
Borrowing Facilities (Tables)
Borrowing Facilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule Of Debt | Long-term debt outstanding as of December 31, 2021 and 2020 consists of the following: December 31, (in thousands) 2021 2020 Revolving credit facility $ — $ — Term loan 131,250 136,874 Less unamortized debt issuance costs ( 1,670 ) ( 1,155 ) Long-term debt $ 129,580 $ 135,719 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Components of lease expense, and lease assets and liabilities | The components of lease expense were as follows: Year Ended (in thousands) 2021 2020 Finance lease cost: Amortization of right-of-use assets (included in depreciation expense) $ 444 $ 727 Interest on lease liabilities 192 428 Operating lease cost 16,155 15,930 Short-term lease cost 339 573 Variable lease cost 1,737 1,748 Total lease cost $ 18,867 $ 19,406 Other information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used for finance lease $ 212 $ 462 Operating cash flows used for operating leases $ 16,721 $ 15,627 Financing cash flows used for finance lease $ 873 $ 1,351 Right-of-use assets obtained in exchange for new operating lease liabilities $ 32,811 $ 17,607 The lease assets and liabilities as of December 31, 2021 were as follows (in thousands): December 31, 2021 2020 Finance lease right-of-use assets (included in other assets) $ 760 $ 2,448 Operating lease right-of-use assets $ 99,158 $ 79,966 Finance lease liability, current (included in current installments of long-term debt) $ 165 $ 1,661 Finance lease liability, noncurrent (included in long-term debt) $ 529 $ 2,832 Operating lease liabilities, current (included in accrued liabilities) $ 13,465 $ 11,516 Operating lease liabilities, noncurrent $ 90,878 $ 72,120 Weighted average remaining lease term – finance leases 3.9 years 3.0 years Weighted average remaining lease term – operating leases 10.0 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 December 31, 2021 were as follows (in thousands): Year ending December 31, Operating Finance 2022 16,516 194 2023 15,030 194 2024 13,554 194 2025 12,573 178 2026 10,324 — 2027 and thereafter 60,339 — Total minimum lease payments $ 128,336 $ 760 Less: imputed interest ( 23,993 ) ( 66 ) Present value of lease liabilities $ 104,343 $ 694 |
Common Stock and Stock-Based _2
Common Stock and Stock-Based Awards Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary Of Stock Options | The following table summarizes activities related to the Company’s stock options: (in thousands, except per share data) Number of Weighted- Weighted- Aggregate Outstanding as of December 31, 2018 374 20.35 Exercised ( 100 ) 21.21 Forfeited or expired ( 4 ) 21.29 Outstanding as of December 31, 2019 270 20.02 Exercised ( 76 ) 19.87 Forfeited or expired ( 6 ) 23.08 Outstanding as of December 31, 2020 188 $ 19.98 Exercised ( 54 ) 19.77 Forfeited or expired ( 2 ) 20.16 Outstanding and exercisable as of December 31, 2021 132 $ 20.06 1.74 $ 926 |
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, 2018 595 $ 28.93 Granted 632 27.36 Vested ( 254 ) 28.09 Forfeited ( 80 ) 28.97 Non-vested awards outstanding as of December 31, 2019 893 28.06 Granted 533 26.52 Vested ( 336 ) 27.69 Forfeited ( 64 ) 28.54 Non-vested awards outstanding as of December 31, 2020 1,026 $ 27.35 Granted 503 28.52 Vested ( 377 ) 26.77 Forfeited ( 95 ) 28.47 Non-vested awards outstanding as of December 31, 2021 1,057 $ 28.02 |
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, 2018 319 $ 29.19 Granted(1) 198 27.45 Vested ( 57 ) 31.40 Forfeited ( 76 ) $ 21.23 Non-vested units outstanding as of December 31, 2019 384 28.89 Granted(1) 165 28.02 Forfeited ( 181 ) $ 30.04 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 December 31, 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) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule Of Income Tax Expense | Income tax expense (benefit) based on income before income taxes consisted of the following: Year Ended December 31, (in thousands) 2021 2020 2019 Current: U.S. Federal $ 6 $ 1,406 $ ( 1,697 ) State and local 1,702 24 ( 3,567 ) Foreign 14,812 9,120 11,474 16,520 10,550 6,210 Deferred: U.S. Federal ( 6,179 ) ( 3,784 ) 1,815 State and local ( 1,380 ) ( 1,021 ) 1,409 Foreign 676 ( 2,507 ) ( 5,590 ) ( 6,883 ) ( 7,312 ) ( 2,366 ) $ 9,637 $ 3,238 $ 3,844 |
Schedule Of Income Before Income Taxes | Worldwide income (loss) before income taxes consisted of the following: Year Ended December 31, (in thousands) 2021 2020 2019 United States $ ( 34,930 ) $ ( 33,790 ) $ ( 13,756 ) Foreign 80,337 51,083 41,025 $ 45,407 $ 17,293 $ 27,269 |
Schedule Of Federal Statutory Income Tax Rate To Income Before Income Tax | Income tax expense differed from the amounts computed by applying the U.S. Federal statutory income tax rate to income before income taxes as a result of the following: Year Ended December 31, (in thousands) 2021 2020 2019 Tax at statutory rate $ 9,536 $ 3,632 $ 5,727 State taxes, net of federal tax effect ( 36 ) ( 788 ) ( 1,705 ) Effect of foreign operations and tax incentives ( 4,048 ) ( 6,372 ) ( 5,870 ) Change in valuation allowance ( 336 ) ( 3,029 ) ( 2,283 ) Stock-based compensation ( 69 ) 347 118 GILTI 2,104 1,667 955 Foreign tax refund benefit ( 7,285 ) — — Losses in foreign jurisdictions for which no benefit has been provided 2,608 5,798 4,379 Change in uncertain tax benefits reserve 8,858 ( 31 ) 200 Other ( 1,695 ) 2,014 2,323 Total income tax expense $ 9,637 $ 3,238 $ 3,844 |
Schedule Of Deferred Tax Assets And Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below: December 31, (in thousands) 2021 2020 Deferred tax assets: Carrying value of inventories $ 2,704 $ 3,470 Accrued liabilities and allowances deductible for tax purposes on a cash basis 10,592 13,086 Goodwill 1,320 1,704 Stock-based compensation 3,741 2,559 Operating right-of-use lease liabilities 24,851 20,003 Net operating loss carryforwards 17,417 19,120 Tax credit carryforwards 4,629 3,368 Interest rate swap liabilities 1,133 2,263 Other 5,961 5,025 72,348 70,598 Less: valuation allowance ( 18,702 ) ( 19,038 ) Net deferred tax assets 53,646 51,560 Deferred tax liabilities: Plant and equipment, due to differences in depreciation ( 4,887 ) ( 7,899 ) Operating right-of-use lease assets ( 24,590 ) ( 19,742 ) Intangible assets, due to differences in amortization ( 11,687 ) ( 14,078 ) Foreign withholding tax ( 4,902 ) ( 6,102 ) Other ( 1,692 ) ( 3,603 ) Gross deferred tax liability ( 47,758 ) ( 51,424 ) Net deferred tax liability $ 5,888 $ 136 The net deferred tax liability is classified as follows: Long-term asset $ 5,972 $ 4,924 Long-term liability ( 84 ) ( 4,788 ) Total $ 5,888 $ 136 |
Schedule Of Tax Incentives | The net impact of these tax incentives was to lower income tax expense for 2021, 2020, and 2019 by approxima tely $ 7.7 million (approximately $ 0.21 per diluted share), $ 7.4 million (approximately $ 0.20 per diluted share) and $ 5.0 million (approximately $ 0.13 per diluted share), respectively, as follows: Year Ended December 31, (in thousands) 2021 2020 2019 China $ 443 $ — $ — Malaysia $ 1,946 $ 4,945 3,010 Thailand 5,360 2,496 2,025 $ 7,749 $ 7,441 $ 5,035 |
Schedule Of Reconciliation Of Beginning And Ending Amount Of Unrecognized Tax Benefits | December 31, (in thousands) 2021 2020 2019 Balance as of January 1 $ 499 $ 513 $ 313 Additions related to current year tax positions 7,424 — 200 Additions related to prior year tax positions 1,575 — — Decreases related to prior year tax positions ( 138 ) — — Decreases related to lapse of statutes ( 239 ) ( 14 ) — Balance as of December 31 $ 9,121 $ 499 $ 513 |
Major Customers (Tables)
Major Customers (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Major Customers [Abstract] | |
Schedule Of Sales To Largest Customers | Sales to our largest customers were as follows for the indicated periods: Year ended December 31, (in thousands) 2021 2020 2019 Applied Materials, Inc. and subsidiaries $ 353,673 $ 241,522 $ * * amount is less than 10% of total sales. |
Financial Instruments and Con_2
Financial Instruments and Concentration of Credit Risk (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments And Concentration Of Credit Risk [Abstract] | |
Summary of Fair Values of Derivative Instruments | The foll owing table presents the fair value of the Company's derivative instruments: Fair Values of Derivative Instrument Liability Derivatives December 31, (in thousands) 2021 2020 Derivatives designated as hedging instruments Forward currency exchange contracts $ 178 $ — Interest rate swap $ 4,332 $ 9,011 |
Segment And Geographic Inform_2
Segment And Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule Of Operating Segments | Information about operating segments is as follows: Year Ended December 31, (in thousands) 2021 2020 2019 Net sales: Americas $ 1,203,544 $ 1,209,032 $ 1,428,795 Asia 912,560 746,661 741,630 Europe 228,834 174,547 176,384 Elimination of intersegment sales ( 89,619 ) ( 77,109 ) ( 78,714 ) $ 2,255,319 $ 2,053,131 $ 2,268,095 Depreciation and amortization: Americas $ 20,589 $ 22,802 $ 21,784 Asia 10,660 11,018 11,108 Europe 2,878 2,842 3,035 Corporate 10,025 12,130 12,500 $ 44,152 $ 48,792 $ 48,427 Income from operations: Americas $ 45,807 $ 32,629 $ 55,749 Asia 90,725 63,880 47,862 Europe 11,054 6,077 6,983 Corporate and intersegment eliminations ( 94,524 ) ( 77,452 ) ( 82,049 ) 53,062 25,134 28,545 Interest expense ( 8,472 ) ( 8,364 ) ( 6,664 ) Interest income 540 1,196 3,829 Other income (expense) 277 ( 673 ) 1,559 Income before income taxes $ 45,407 $ 17,293 $ 27,269 Capital expenditures: Americas $ 28,673 $ 24,392 $ 15,822 Asia 4,253 7,836 9,493 Europe 6,072 1,838 3,702 Corporate 3,179 5,453 6,101 $ 42,177 $ 39,519 $ 35,118 Total assets: Americas $ 885,574 $ 777,658 $ 792,180 Asia 663,881 532,793 533,508 Europe 178,263 146,277 139,977 Corporate 176,162 287,507 294,209 $ 1,903,880 $ 1,744,235 $ 1,759,874 |
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. Year Ended (in thousands) 2021 2020 2019 Geographic net sales: United States $ 1,328,754 $ 1,322,728 $ 1,508,966 Singapore 326,688 $ 222,285 $ 199,934 Other Asia 202,792 168,500 191,095 Europe 285,017 240,672 266,216 Other 112,068 98,946 101,884 $ 2,255,319 $ 2,053,131 $ 2,268,095 Long-lived assets: United States $ 240,430 $ 235,193 $ 247,074 Asia 65,327 69,669 76,507 Europe 29,588 18,002 20,258 Other 22,303 21,980 23,563 $ 357,648 $ 344,844 $ 367,402 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of revenue | Disaggregation of revenue In the following tables, revenue is disaggregated by market sector. The tables also include a reconciliation of the disaggregated revenue with the reportable operating segments. Reportable Operating Segments Year Ended December 31, 2021 (in thousands) Americas Asia Europe Total Market Sector: Industrials $ 79,726 $ 262,546 $ 86,174 $ 428,446 A&D 360,030 1,692 20,009 381,731 Medical 220,635 189,614 51,585 461,834 Semi-Cap 215,596 266,065 67,640 549,301 Computing 163,423 35,842 140 199,405 Telecommunications 120,739 112,684 1,179 234,602 External revenue 1,160,149 868,443 226,727 2,255,319 Elimination of intersegment sales 43,395 44,117 2,107 89,619 Segment revenue $ 1,203,544 $ 912,560 $ 228,834 $ 2,344,938 Year Ended December 31, 2020 (in thousands) Americas Asia Europe Total Market Sector: Industrials $ 110,063 $ 196,209 $ 66,789 $ 373,061 A&D 401,599 — 21,972 423,571 Medical 255,246 211,567 31,657 498,470 Semi-Cap 158,380 159,016 51,578 368,974 Computing 140,109 31,228 — 171,337 Telecommunications 96,937 119,987 794 217,718 External revenue 1,162,334 718,007 172,790 2,053,131 Elimination of intersegment sales 46,698 28,654 1,757 77,109 Segment revenue $ 1,209,032 $ 746,661 $ 174,547 $ 2,130,240 Year Ended December 31, 2019 (in thousands) Americas Asia Europe Total Market Sector: Industrials $ 165,163 $ 214,575 $ 73,838 $ 453,576 A&D 400,326 — 31,597 431,923 Medical 263,688 167,296 17,218 448,202 Semi-Cap 102,908 123,764 51,093 277,765 Computing 308,077 53,051 85 361,213 Telecommunications 143,686 149,890 1,840 295,416 External revenue 1,383,848 708,576 175,671 2,268,095 Elimination of intersegment sales 44,947 33,054 713 78,714 Segment revenue $ 1,428,795 $ 741,630 $ 176,384 $ 2,346,809 |
Changes In Contract Assets | Year Ended (in thousands) 2021 2020 Beginning balance as of December 31 $ 142,779 $ 161,061 Revenue recognized 2,037,206 1,848,807 Amounts collected or invoiced ( 2,024,742 ) ( 1,867,089 ) Ending balance as of December 31 $ 155,243 $ 142,779 |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2021 : Balance as of Foreign Balance as of December 31, Restructuring Cash Non-Cash Exchange December 31, (in thousands) 2020 Charges Payment Activity Adjustments 2021 Restructuring: Severance $ 3,996 $ 4,130 $ ( 4,685 ) $ ( 184 ) $ — $ 3,257 Lease facility costs 50 2,745 ( 2,618 ) ( 160 ) — 17 Other exit costs 408 2,470 ( 2,252 ) ( 389 ) — 237 Total $ 4,454 $ 9,345 $ ( 9,555 ) $ ( 733 ) $ — $ 3,511 The following table summarizes the 2020 activity in accrued restructuring, which is included in accrued liabilities in the condensed consolidated balance sheets, related to various restructuring activities initiated prior to December 31, 2020: Balance as of Foreign Balance as of December 31, Restructuring Cash Non-Cash Exchange December 31, (in thousands) 2019 Charges Payment Activity Adjustments 2020 Restructuring: Severance $ 3,956 $ 7,010 $ ( 6,666 ) $ ( 304 ) $ — $ 3,996 Lease facility costs — 3,716 ( 2,394 ) ( 1,272 ) — 50 Other exit costs — 2,174 ( 655 ) ( 1,111 ) — 408 Total $ 3,956 $ 12,900 $ ( 9,715 ) $ ( 2,687 ) $ — $ 4,454 The following table summarizes the 2019 activity in accrued restructuring, which is included in accrued liabilities in the condensed consolidated balance sheets, related to various restructuring activities initiated prior to December 31, 2019: Balance as of Foreign Balance as of December 31, Restructuring Cash Non-Cash Exchange December 31, (in thousands) 2018 Charges Payment Activity Adjustments 2019 Restructuring: Severance $ 282 $ 6,449 $ ( 2,775 ) $ — $ — $ 3,956 Lease facility costs — — — — — — Other exit costs 1,053 2,058 ( 2,156 ) ( 944 ) ( 11 ) — Total $ 1,335 $ 8,507 $ ( 4,931 ) $ ( 944 ) $ ( 11 ) $ 3,956 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 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: Foreign currency Derivative translation instruments, (in thousands) adjustments net of tax Other Total Balances, December 31, 2018 $ ( 11,840 ) 116 600 $ ( 11,124 ) Other comprehensive gain (loss) before ( 585 ) ( 2,474 ) ( 1,334 ) ( 4,393 ) Amounts reclassified from accumulated — ( 1,242 ) — ( 1,242 ) Net current period other comprehensive gain (loss) ( 585 ) ( 3,716 ) ( 1,334 ) ( 5,635 ) Balances, December 31, 2019 ( 12,425 ) ( 3,600 ) ( 734 ) ( 16,759 ) Other comprehensive gain (loss) before 4,050 ( 2,024 ) ( 800 ) 1,226 Amounts reclassified from accumulated — ( 1,118 ) — ( 1,118 ) Net current period other comprehensive gain (loss) 4,050 ( 3,142 ) ( 800 ) 108 Balances, December 31, 2020 $ ( 8,375 ) $ ( 6,742 ) $ ( 1,534 ) $ ( 16,651 ) Other comprehensive gain (loss) before reclassifications ( 4,354 ) 3,018 477 ( 859 ) Amounts reclassified from accumulated other — 352 — 352 Net current period other comprehensive gain (loss) ( 4,354 ) 3,370 477 ( 507 ) Balances, December 31, 2021 $ ( 12,729 ) $ ( 3,372 ) $ ( 1,057 ) $ ( 17,158 ) |
Supplemental Cash Flow and No_2
Supplemental Cash Flow and Non-Cash Information (Tables) | 12 Months Ended |
Dec. 31, 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. Year Ended (in thousands) 2021 2020 2019 Income taxes paid, net $ 20,558 $ 18,071 $ 16,895 Interest paid $ 8,207 $ 9,048 $ 8,347 Non-cash investing activity: Additions to property, plant and equipment in accounts payable $ 8,614 $ 3,164 $ 9,119 |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands, shares in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Summary Of Significant Accounting Policies [Line Items] | |||
Cash equivalents | $ 76,200 | $ 131,700 | |
Provision for doubtful accounts | $ 0 | $ 2,160 | $ 8,608 |
Leases [Abstract] | |||
Lease, Practical Expedients, Package [true false] | true | ||
Lessee Operating Lease Option To Extend | Lease terms include options to extend or terminate the lease when it is reasonably certain that those options will be exercised. | ||
Lessee, Operating Lease, Option to Terminate | Lease terms include options to extend or terminate the lease when it is reasonably certain that those options will be exercised. | Lease terms include options to extend or terminate the lease when it is reasonably certain that those options will be exercised. | |
Lessee, Operating Lease, Existence of Option to Extend [true false] | true | true | |
Lessee, Operating Lease, Existence of Option to Terminate [true false] | true | true | |
Anti-dilutive securities to purchase common shares | 0.1 | 0.1 | 0.1 |
Compensation cost recognized for stock-based awards | $ 15,300 | $ 10,400 | $ 10,200 |
Future tax benefit of stock-based awards as of grant date | 3,600 | 2,400 | 2,400 |
Total cash received as a result of stock option exercises | 300 | 1,000 | 1,600 |
Tax benefit realized as a result of stock option exercises and the vesting of other share-based awards | 2,700 | 2,100 | 2,300 |
Total intrinsic value of stock options exercised | 500 | 500 | 700 |
Exchange losses related to foreign currency transactions | $ 300 | $ 1,800 | $ 1,700 |
Minimum [Member] | Buildings And Building Improvements [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Useful lives of the assets | 5 years | ||
Minimum [Member] | Machinery And Equipment [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Useful lives of the assets | 2 years | ||
Minimum [Member] | Furniture And Fixtures [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Useful lives of the assets | 2 years | ||
Minimum [Member] | Vehicles [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Useful lives of the assets | 2 years | ||
Maximum [Member] | Buildings And Building Improvements [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Useful lives of the assets | 40 years | ||
Maximum [Member] | Machinery And Equipment [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Useful lives of the assets | 15 years | ||
Maximum [Member] | Furniture And Fixtures [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Useful lives of the assets | 12 years | ||
Maximum [Member] | Vehicles [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Useful lives of the assets | 8 years |
Summary Of Significant Accoun_5
Summary Of Significant Accounting Policies (Schedule Of Allowance For Doubtful Accounts) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at Beginning of Period | $ 1,371 | $ 10,085 | $ 1,733 |
Charges to Operations | 0 | 2,160 | 10,323 |
Deductions | (583) | (10,874) | (1,971) |
Balance at End of Period | $ 788 | $ 1,371 | $ 10,085 |
Summary Of Significant Accoun_6
Summary Of Significant Accounting Policies (Schedule Of Calculation Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share Reconciliation [Line Items] | |||
Net income | $ 35,770 | $ 14,055 | $ 23,425 |
Denominator for basic earnings per share – weighted-average number of common shares outstanding during the period | 35,655 | 36,524 | 38,338 |
Denominator for diluted earnings per share | 36,101 | 36,817 | 38,763 |
Basic | $ 1 | $ 0.38 | $ 0.61 |
Diluted | $ 0.99 | $ 0.38 | $ 0.60 |
Stock Options [Member] | |||
Earnings Per Share Reconciliation [Line Items] | |||
Incremental common shares attributable to exercise of dilutive options | 39 | 36 | 90 |
Restricted Stock Units [Member] | |||
Earnings Per Share Reconciliation [Line Items] | |||
Incremental common shares attributable to exercise of dilutive options | 407 | 257 | 335 |
Summary Of Significant Accoun_7
Summary Of Significant Accounting Policies (Schedule Of Unrecognized Compensation Cost Nonvested Awards) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $ 20,245 |
Remaining weighted-average amortization period | 2 years 4 months 24 days |
Performance-Based Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $ 289 |
Remaining weighted-average amortization period | 1 year 7 months 6 days |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventory Costs) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 504,307 | $ 312,856 |
Work in process | 15,338 | 8,687 |
Finished goods | 3,595 | 5,834 |
Inventories | $ 523,240 | $ 327,377 |
Property, Plant And Equipment_2
Property, Plant And Equipment (Schedule Of Property, Plant And Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 659,825 | $ 665,706 |
Less accumulated depreciation | (473,159) | (480,434) |
Property, plant and equipment, Net | 186,666 | 185,272 |
Land [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 5,867 | 5,689 |
Buildings And Building Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 76,139 | 85,672 |
Machinery And Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 506,652 | 521,382 |
Furniture And Fixtures [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 10,035 | 10,426 |
Vehicles [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 1,125 | 1,142 |
Leasehold Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 42,288 | 39,716 |
Construction In Progress[Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 17,719 | $ 1,679 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Schedule of Goodwill by Reportable Segments) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Goodwill [Line Items] | |||
Goodwill | $ 192,116 | $ 192,116 | $ 192,116 |
Americas [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 154,014 | 154,014 | 154,014 |
Asia [Member] | |||
Goodwill [Line Items] | |||
Goodwill | $ 38,102 | $ 38,102 | $ 38,102 |
Goodwill And Other Intangible_4
Goodwill And Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill And Other Intangible Assets [Line Items] | |||
Purchased software costs, capitalized | $ 3,383 | $ 4,935 | $ 2,542 |
Purchased Software Costs [Member] | |||
Goodwill And Other Intangible Assets [Line Items] | |||
Purchased software costs, capitalized | $ 3,400 | $ 4,900 | $ 2,500 |
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_5
Goodwill And Other Intangible Assets (Schedule Of Other Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 185,392 | $ 183,879 |
Accumulated amortization | (121,161) | (113,902) |
Net carrying amount | 64,231 | 69,977 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 100,136 | 100,228 |
Accumulated amortization | (59,680) | (53,429) |
Net carrying amount | 40,456 | 46,799 |
Purchased Software Costs [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 49,788 | 46,183 |
Accumulated amortization | (34,325) | (33,307) |
Net carrying amount | 15,463 | 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 | (356) | (333) |
Net carrying amount | $ 512 | $ 535 |
Goodwill And Other Intangible_6
Goodwill And Other Intangible Assets (Schedule Of Amortization Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of intangible assets | $ 6,384 | $ 9,099 | $ 9,461 |
Amortization of capitalized purchased software costs | 2,128 | 1,493 | 1,393 |
Amortization of debt costs | 637 | 461 | 461 |
Total amortization | $ 9,149 | $ 11,053 | $ 11,315 |
Goodwill And Other Intangible_7
Goodwill And Other Intangible Assets (Schedule Of Estimated Future Amortization Expense) (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2022 | $ 6,367 |
2023 | 5,979 |
2024 | 4,817 |
2025 | 4,817 |
2026 | $ 18,989 |
Borrowing Facilities - Long-ter
Borrowing Facilities - Long-term debt outstanding (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Line of Credit Facility [Line Items] | ||
Less unamortized debt issuance costs | $ (1,670) | $ (1,155) |
Long-term debt | 129,580 | 135,719 |
Term loan [Member] | ||
Line of Credit Facility [Line Items] | ||
Principal amount | $ 131,250 | $ 136,874 |
Borrowing Facilities (Narrative
Borrowing Facilities (Narrative) (Details) - USD ($) | Dec. 21, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Jul. 20, 2018 |
Line of Credit Facility [Line Items] | ||||
Credit agreement, secured by percentage of stock of the Company's domestic subsidiaries | 100.00% | |||
Credit agreement, secured by percentage of voting capital stock of each direct foreign subsidiary | 65.00% | |||
Aggregate maturities of long-term debt and capital lease obligations in 2022 | $ 800,000 | |||
Aggregate maturities of long-term debt and capital lease obligations in 2023 | 3,300,000 | |||
Aggregate maturities of long-term debt and capital lease obligations in 2024 | 4,100,000 | |||
Aggregate maturities of long-term debt and capital lease obligations in 2025 | 6,600,000 | |||
Aggregate maturities of long-term debt and capital lease obligations in 2026 | $ 116,500,000 | |||
Credit Agreement [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Credit Agreement capacity | $ 381,000,000 | $ 650,000,000 | ||
Description of variable interest rate basis | Interest on outstanding borrowings under the Amended and Restated Credit Agreement (other than swingline loans) accrues, at the Company’s option, at (a) the London Interbank Offered Rate (LIBOR) plus the Applicable Rate (as defined in the Amended and Restated Credit Agreement) of approximately 1.0% to 2.0% per annum, depending on various factors, or (b) for U.S. Dollar denominated loans, the base rate (which is the highest of (i) the federal funds rate plus 0.5%, (ii) the Bank of America, N.A. prime rate and (iii) the one month LIBOR adjusted daily plus 1.0%) plus the Applicable Rate of approximately 0.0% to 1.0% per annum, depending on various factors. | |||
Credit Agreement covenant terms | The Amended and Restated 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 Amended and Restated 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. | |||
Federal Funds Rate | 0.50% | |||
Credit Agreement [Member] | LIBOR Plus [Member] | ||||
Line of Credit Facility [Line Items] | ||||
U.S. Credit facility, commitment fee | 1.00% | |||
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 Prior Credit Agreement) by and among the Company, certain of its subsidiaries, the lenders party thereto and Bank of America, N.A., as Administrative Agent, Swingline Lender and a L/C Issuer. The Prior Credit Agreement was comprised of a five-year $500 million revolving credit facility and a five-year $151 million term loan facility, both which had a maturity date of July 20, 2023. The term loan facility proceeds were used to (i) refinance a portion of existing indebtedness and terminate all commitments under the Company’s prior $430 million credit agreement and (ii) pay the fees, costs and expenses associated with the foregoing and the negotiation, execution and delivery of the Prior Credit Agreement. | |||
Credit Agreement issuer | Bank of America, N.A., | |||
Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Credit Agreement capacity | $ 250,000,000 | $ 500,000,000 | ||
Term period | 5 years | 5 years | ||
Credit Agreement maturity date | Jul. 20, 2023 | |||
Possible increase to total commitments under Credit Agreement | $ 100,000,000 | |||
Revolving credit facility, available for future borrowings | 246,100,000 | 430,000,000 | ||
Letters of credit outstanding amount | $ 3,900,000 | |||
Revolving Credit Facility [Member] | Minimum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Credit Agreement maturity date | Jul. 20, 2023 | |||
Revolving Credit Facility [Member] | Maximum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Credit Agreement maturity date | Dec. 21, 2026 | |||
Term Loan Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Term period | 5 years | 5 years | ||
Credit Agreement maturity date | Jul. 20, 2023 | |||
Term Loan proceeds | $ 131,300,000 | $ 151,000,000 | ||
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 | $ 129,400,000 | |||
Term Loan Facility [Member] | Minimum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Credit Agreement maturity date | Jul. 20, 2023 | |||
Term Loan Facility [Member] | Maximum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Credit Agreement maturity date | Dec. 21, 2026 | |||
Term Loan Facility [Member] | Bank Of America Credit Agreement [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Quarterly principal installments, Percentage | 0.625% |
Leases - Components of lease ex
Leases - Components of lease expense, and lease assets and liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Lease Cost: | |||
Amortization of right-of-use assets (included in depreciation expense) | $ 444 | $ 727 | |
Interest on lease liabilities | 192 | 428 | |
Operating lease cost | 16,155 | 15,930 | |
Short-term lease cost | 339 | 573 | |
Variable lease cost | 1,737 | 1,748 | |
Total lease cost | 18,867 | 19,406 | |
Cash paid for amounts included in the measurement of lease liabilities | |||
Operating cash flows used for finance lease | 212 | 462 | |
Operating cash flows used for operating leases | 16,721 | 15,627 | |
Financing cash flows used for finance lease | 873 | 1,351 | $ 1,168 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 32,811 | 17,607 | |
Assets and Liabilities, Lessee [Abstract] | |||
Finance lease right-of-use assets (included in other assets) | $ 760 | $ 2,448 | |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets, net | Other assets, net | |
Operating lease right-of-use assets | $ 99,158 | $ 79,966 | |
Finance lease liability, current (included in current installments of long-term debt) | $ 165 | $ 1,661 | |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Current installments of long-term debt | Current installments of long-term debt | |
Finance lease liability, noncurrent (included in long-term debt) | $ 529 | $ 2,832 | |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Long-term debt, less current installments | Long-term debt, less current installments | |
Operating lease liabilities, current (included in accrued liabilities) | $ 13,465 | $ 11,516 | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accrued liabilities | Accrued liabilities | |
Operating lease liabilities, noncurrent | $ 90,878 | $ 72,120 | |
Weighted average remaining lease term – finance leases | 3 years 10 months 24 days | 3 years | |
Weighted average remaining lease term – operating leases | 10 years | 10 years | |
Weighted average discount rate – finance leases | 4.80% | 9.00% | |
Weighted average discount rate – operating leases | 4.10% | 4.40% |
Leases - Future annual minimum
Leases - Future annual minimum lease payments and finance lease commitments (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Operating Leases | |
2022 | $ 16,516 |
2023 | 15,030 |
2024 | 13,554 |
2025 | 12,573 |
2026 | 10,324 |
2027 and thereafter | 60,339 |
Total minimum lease payments | 128,336 |
Finance Leases | |
2022 | 194 |
2023 | 194 |
2024 | 194 |
2025 | 178 |
2026 | 0 |
2027 and thereafter | 0 |
Total minimum lease payments | $ 760 |
Leases - Future annual minimu_2
Leases - Future annual minimum lease payments and finance lease commitments - Present value of lease liabilities (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Operating Lease Liabilities, Gross Difference, Amount [Abstract] | |
Total minimum lease payments | $ 128,336 |
Less: imputed interest | (23,993) |
Present value of lease liabilities | 104,343 |
Finance Lease Liabilities, Gross Difference, Amount [Abstract] | |
Total minimum lease payments | 760 |
Less: imputed interest | (66) |
Present value of lease liabilities | $ 694 |
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 | Jan. 13, 2021 | Dec. 11, 2020 | May 31, 2021 | Feb. 29, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Feb. 19, 2020 | Oct. 26, 2018 | Mar. 06, 2018 | Dec. 07, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Dividends paid | $ 5,800,000 | $ 23,300,000 | $ 23,000,000 | $ 23,300,000 | |||||||
Quarterly cash dividend declared | $ 0.165 | ||||||||||
Repurchase of common shares program authorized amount | $ 150,000,000 | $ 100,000,000 | $ 100,000,000 | ||||||||
Repurchase of common shares remaining authorized amount | $ 164,000,000 | ||||||||||
Accelerated Stock Repurchase Agreement [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Repurchase of common Shares | 1.4 | 1 | 4.7 | ||||||||
Repurchase of common shares, value | $ 40,200,000 | $ 25,200,000 | $ 122,100,000 | ||||||||
Repurchase of common shares, average cost per share | $ 29.11 | $ 26.16 | $ 25.86 | ||||||||
Minimum [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Quarterly cash dividend declared | $ 0.16 | $ 0.15 | |||||||||
Maximum [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Quarterly cash dividend declared | $ 0.165 | $ 0.16 | |||||||||
Repurchase of common shares program authorized amount | $ 250,000,000 |
Common Stock and Stock-Based _4
Common Stock and Stock-Based Awards Plans - Stock-Based Compensation (Narrative) (Details) - $ / shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Additional shares available for issuance | 2.2 | ||
Number of options, exercisable | 0.1 | 0.2 | 0.3 |
Weighted-average exercise price of options exercisable | $ 20.06 | $ 19.98 | $ 20.02 |
Stock Options [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 (Summary Of Stock Options) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Equity [Abstract] | |||
Number of Options, Outstanding, Beginning balance | 188 | 270 | 374 |
Number of Options, Exercised | (54) | (76) | (100) |
Number of Options, Forfeited or expired | (2) | (6) | (4) |
Number of Options, Outstanding, Ending balance | 132 | 188 | 270 |
Weighted-Average Exercise Price, Outstanding, Beginning balance | $ 19.98 | $ 20.02 | $ 20.35 |
Weighted-Average Exercise Price, Exercised | 19.77 | 19.87 | 21.21 |
Weighted-Average Exercise Price, Forfeited or expired | 20.16 | 23.08 | 21.29 |
Weighted-Average Exercise Price, Outstanding, Ending balance | $ 20.06 | $ 19.98 | $ 20.02 |
Weighted-Average Remaining Contractual Term (Years), Outstanding | 1 year 8 months 26 days | ||
Aggregate Intrinsic Value, Outstanding | $ 926 |
Common Stock and Stock-Based _6
Common Stock and Stock-Based Awards Plans (Summary Of Stock-Based Awards) (Details) - $ / shares shares in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
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 | 1,026 | 893 | 595 | |
Granted, shares or units | 503 | 533 | 632 | |
Vested, shares or units | (377) | (336) | (254) | |
Forfeited, shares or units | (95) | (64) | (80) | |
Non-vested shares outstanding, shares or units, ending balance | 1,057 | 1,026 | 893 | |
Non-vested outstanding, weighted-average grant date fair value, beginning balance | $ 27.35 | $ 28.06 | $ 28.93 | |
Granted, weighted-average grant date fair value | 28.52 | 26.52 | 27.36 | |
Vested, weighted-average grant date fair value | 26.77 | 27.69 | 28.09 | |
Forfeited, weighted-average grant date fair value | 28.47 | 28.54 | 28.97 | |
Non-vested outstanding, weighted-average grant date fair value, ending balance | $ 28.02 | $ 27.35 | $ 28.06 | |
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 | 368 | 384 | 319 | |
Granted, shares or units | [1] | 234 | 165 | 198 |
Vested, shares or units | (57) | |||
Forfeited, shares or units | (60) | (181) | (76) | |
Non-vested shares outstanding, shares or units, ending balance | 542 | 368 | 384 | |
Non-vested outstanding, weighted-average grant date fair value, beginning balance | $ 27.93 | $ 28.89 | $ 29.19 | |
Granted, weighted-average grant date fair value | [1] | 28.60 | 28.02 | 27.45 |
Vested, weighted-average grant date fair value | 31.40 | |||
Forfeited, weighted-average grant date fair value | 29.38 | 30.04 | 21.23 | |
Non-vested outstanding, weighted-average grant date fair value, ending balance | $ 28.06 | $ 27.93 | $ 28.89 | |
[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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
U.S. Federal, Current | $ (6) | $ 1,406 | $ (1,697) |
State and local, Current | 1,702 | 24 | (3,567) |
Foreign, Current | 14,812 | 9,120 | 11,474 |
Current income tax expense (benefit), total | (16,520) | 10,550 | 6,210 |
U.S. Federal, Deferred | (6,179) | (3,784) | 1,815 |
State and local, Deferred | (1,380) | (1,021) | 1,409 |
Foreign, Deferred | (676) | (2,507) | (5,590) |
Deferred income tax expense, total | (6,883) | (7,312) | (2,366) |
Total income tax expense | $ 9,637 | $ 3,238 | $ 3,844 |
Income Taxes (Schedule Of Inc_2
Income Taxes (Schedule Of Income Before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
United States | $ (34,930) | $ (33,790) | $ (13,756) |
Foreign | 80,337 | 51,083 | 41,025 |
Income before income taxes | $ 45,407 | $ 17,293 | $ 27,269 |
Income Taxes (Schedule Of Feder
Income Taxes (Schedule Of Federal Statutory Income Tax Rate To Income Before Income Tax) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Tax at statutory rate | $ 9,536 | $ 3,632 | $ 5,727 |
State taxes, net of federal tax effect | (36) | (788) | (1,705) |
Effect of foreign operations and tax incentives | (4,048) | (6,372) | (5,870) |
Change in valuation allowance | (336) | (3,029) | (2,283) |
Stock-based compensation | 69 | 347 | 118 |
Foreign tax refund benefit | (7,285) | 0 | 0 |
GILTI | 2,104 | 1,667 | 955 |
Losses in foreign jurisdictions for which no benefit has been provided | 2,608 | 5,798 | 4,379 |
Change in uncertain tax benefits reserve | (8,858) | (31) | 200 |
Other | 1,695 | 2,014 | 2,323 |
Total income tax expense | $ 9,637 | $ 3,238 | $ 3,844 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Line Items] | |||||
Corporate income tax rate | 21.00% | 35.00% | |||
Effect Of Tax Cuts and Jobs Act [Abstract] | |||||
Tax Cuts and Jobs Act, Transition Tax for Accumulated Foreign Earnings Liability | $ 54,700,000 | $ 80,500,000 | |||
Tax Cuts and Jobs Act, transition tax for accumulated foreign earnings liability noncurrent | 48,300,000 | ||||
Foreign earnings repatriated | 35,000,000 | $ 25,000,000 | |||
Cumulative undistributed earnings of foreign subsidiaries | 365,200,000 | ||||
Unrecognized deferred tax liability | 4,600,000 | ||||
Impact of cash repatriation | 7,300,000 | ||||
2022 | 6,400,000 | ||||
2023 | 12,100,000 | ||||
2024 | 16,100,000 | ||||
2025 | 20,100,000 | ||||
Refund claim of foreign cash taxes | 16,500,000 | ||||
Total Refund Claim | $ 9,200,000 | ||||
Net change in total deferred tax asset valuation allowance | $ (300,000) | 3,000,000 | $ 2,300,000 | ||
Tax credit carryforward expiration year | 2026 | ||||
Income tax incentives | $ 7,700,000 | $ 7,400,000 | $ 5,000,000 | ||
Net impact of tax incentives, per diluted share | $ 0.21 | $ 0.20 | $ 0.13 | ||
Unrecognized tax benefits including interest and penalties | $ 9,500,000 | ||||
Additions related to prior year tax positions | 1,575,000 | $ 0 | $ 0 | ||
Additions related to current year tax positions | 7,424,000 | 0 | 200,000 | ||
Decreases related to prior year tax positions | 138,000 | 14,000 | |||
Decreases related to lapse of statutes | 239,000 | 14,000 | 0 | ||
Interest on unrecognized tax | 328,000 | 91,000 | |||
Penalty on unrecognized tax | $ 17,000 | 17,000 | |||
Interest and penalties included in income tax expense | $ 0 | $ 0 | |||
Thailand [Member] | |||||
Effect Of Tax Cuts and Jobs Act [Abstract] | |||||
Income tax holidays expiration date | 2028 | ||||
Earliest Tax Year [Member] | |||||
Effect Of Tax Cuts and Jobs Act [Abstract] | |||||
Tax credit carryforward expiration year | 2038 | ||||
Earliest Tax Year [Member] | CHINA | |||||
Effect Of Tax Cuts and Jobs Act [Abstract] | |||||
Income tax holidays expiration date | 2023 | ||||
Latest Tax Year [Member] | |||||
Effect Of Tax Cuts and Jobs Act [Abstract] | |||||
Tax credit carryforward expiration year | 2041 | ||||
Latest Tax Year [Member] | Malaysia [Member} | |||||
Effect Of Tax Cuts and Jobs Act [Abstract] | |||||
Income tax holidays expiration date | 2026 | ||||
Foreign [Member] | |||||
Effect Of Tax Cuts and Jobs Act [Abstract] | |||||
Operating loss carryforwards | $ 49,000,000 | ||||
Foreign operating loss with indefinite carry forward period | $ 12,000,000 | ||||
Foreign [Member] | Latest Tax Year [Member] | |||||
Effect Of Tax Cuts and Jobs Act [Abstract] | |||||
Operating loss carryforwards expiration Year | 2031 | ||||
U.S. Federal [Member] | |||||
Effect Of Tax Cuts and Jobs Act [Abstract] | |||||
Operating loss carryforwards | $ 600,000 | ||||
U.S. Federal [Member] | Earliest Tax Year [Member] | |||||
Effect Of Tax Cuts and Jobs Act [Abstract] | |||||
Tax credit carryforward expiration year | 2027 | ||||
U.S. Federal [Member] | Latest Tax Year [Member] | |||||
Effect Of Tax Cuts and Jobs Act [Abstract] | |||||
Tax credit carryforward expiration year | 2036 | ||||
State and local [Member] | |||||
Effect Of Tax Cuts and Jobs Act [Abstract] | |||||
Operating loss carryforwards | $ 8,100,000 | ||||
Tax credit carryforward | $ 1,800,000 | ||||
State and local [Member] | Earliest Tax Year [Member] | |||||
Effect Of Tax Cuts and Jobs Act [Abstract] | |||||
Operating loss carryforwards expiration Year | 2023 | ||||
State and local [Member] | Latest Tax Year [Member] | |||||
Effect Of Tax Cuts and Jobs Act [Abstract] | |||||
Operating loss carryforwards expiration Year | 2041 | ||||
Research Tax Credit Carryforward [Member] | |||||
Effect Of Tax Cuts and Jobs Act [Abstract] | |||||
Tax credit carryforward | $ 2,900,000 |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Income Tax Disclosure [Abstract] | ||
Carrying value of inventories | $ 2,704 | $ 3,470 |
Accrued liabilities and allowances deductible for tax purposes on a cash basis | 10,592 | 13,086 |
Goodwill | 1,320 | 1,704 |
Stock-based compensation | 3,741 | 2,559 |
Operating right-of-use lease liabilities | 24,851 | 20,003 |
Net operating loss carryforwards | 17,417 | 19,120 |
Tax credit carryforwards | 4,629 | 3,368 |
Interest rate swap liabilities | 1,133 | 2,263 |
Other | 5,961 | 5,025 |
Gross deferred tax assets | 72,348 | 70,598 |
Less: valuation allowance | (18,702) | (19,038) |
Net deferred tax assets | 53,646 | 51,560 |
Plant and equipment, due to differences in depreciation | (4,887) | (7,899) |
Operating right-of-use lease assets | (24,590) | (19,742) |
Intangible assets, due to differences in amortization | (11,687) | (14,078) |
Foreign withholding tax | (4,902) | (6,102) |
Other | (1,692) | (3,603) |
Gross deferred tax liability | (47,758) | (51,424) |
Net deferred tax liability | 5,888 | 136 |
Long-term asset | 5,972 | 4,924 |
Long-term liability | (84) | (4,788) |
Net deferred tax Asset | $ 5,888 | $ 136 |
Income Taxes (Schedule Of Tax I
Income Taxes (Schedule Of Tax Incentives) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes [Line Items] | |||
Income tax incentives | $ 7,749 | $ 7,441 | $ 5,035 |
China [Member] | |||
Income Taxes [Line Items] | |||
Income tax incentives | 443 | 0 | 0 |
Malaysia [Member} | |||
Income Taxes [Line Items] | |||
Income tax incentives | 1,946 | 4,945 | 3,010 |
Thailand [Member] | |||
Income Taxes [Line Items] | |||
Income tax incentives | $ 5,360 | $ 2,496 | $ 2,025 |
Income Taxes (Schedule Of Recon
Income Taxes (Schedule Of Reconciliation Of Unrecognized Tax Benefits) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Balance as of January 1 | $ 499,000 | $ 513,000 | $ 313,000 |
Additions related to current year tax positions | 7,424,000 | 0 | 200,000 |
Additions related to prior year tax positions | 1,575,000 | 0 | 0 |
Decreases related to prior year tax positions | (138,000) | (14,000) | |
Decreases related to lapse of statutes | (239,000) | (14,000) | 0 |
Balance as of December 31 | $ 9,121,000 | $ 499,000 | $ 513,000 |
Major Customers (Narrative) (De
Major Customers (Narrative) (Details) - Number_of_largest_customers | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Major Customers [Abstract] | |||
Sales to largest customers (Percentage) | 47.00% | 41.00% | 38.00% |
Number of customers | 10 | 10 | 10 |
Major Customers (Schedule Of Sa
Major Customers (Schedule Of Sales To Largest Customers) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Entity Wide Revenue Major Customer [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 2,344,938 | $ 2,130,240 | $ 2,346,809 |
Applied Materials, Inc. [Member] | Subsidiaries [Member] | |||
Entity Wide Revenue Major Customer [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 353,673 | $ 241,522 |
Financial Instruments and Con_3
Financial Instruments and Concentration of Credit Risk - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | |||||
Interest rate swap expiration | 2020-11 | ||||
Amounts reclassified from accumulated other comprehensive income, net of tax | $ (352) | $ 1,118 | $ 1,242 | ||
Concentration Risk Customer Accounts Receivable | One of the most significant credit risks is the ultimate realization of accounts receivable. This risk is mitigated by (i) sales to well established companies, (ii) ongoing credit evaluation of customers, and (iii) frequent contact with customers, thus enabling management to monitor current changes in business operations and to respond accordingly. Management considers these concentrations of credit risks in establishing our allowance for doubtful accounts and believes these allowances are adequate. The Company had one customer whose gross accounts receivable exceeded 10% of total gross accounts receivable as of December 31, 2021. | ||||
Interest Rate Swap [Member] | |||||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | |||||
Foreign currency exchange contract notional amount | $ 129,400 | $ 136,900 | $ 155,300 | ||
Fixed interest rate | 2.928% | 2.928% | 1.4935% | ||
Gain on contract termination | $ 3,500 | ||||
Fair value of interest rate swap | $ 4,300 | $ 9,000 | |||
Unrealized gain (loss) on interest rate swap | (4,700) | 2,700 | 3,300 | ||
Unrealized gain (loss) on derivative, net of tax | (3,500) | 2,000 | 2,500 | ||
Amounts classified from accumulated other comprehensive income | 1,500 | 1,700 | |||
Amounts reclassified from accumulated other comprehensive income, net of tax | $ 1,100 | $ 1,200 | |||
Forward Currency Exchange [Member] | |||||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | |||||
Foreign currency exchange contract notional amount | 10,500 | ||||
Unrealized gain (loss) on interest rate swap | 200 | ||||
Unrealized gain (loss) on derivative, net of tax | 100 | ||||
Amounts classified from accumulated other comprehensive income | $ 400 | ||||
One Customer [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | |||||
Concentration risk, percentage | 15.00% | ||||
One Customer [Member] | Customer Concentration Risk [Member] | Maximum [Member] | Accounts Receivable [Member] | |||||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | |||||
Concentration risk, percentage | 10.00% |
Financial Instruments and Con_4
Financial Instruments and Concentration of Credit Risk - Summary of Fair Values of Derivative Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Other Current Liabilities [Member] | Forward currency exchange contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of forward currency exchange contracts | $ 178 | $ 0 |
Other Noncurrent Liabilities [Member] | Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of interest rate swap | $ 4,332 | $ 9,011 |
Accounts Receivable Sale Prog_2
Accounts Receivable Sale Program (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Receivables [Abstract] | |||
Maximum Limit Accounts Receivable Sale Program | $ 120 | ||
Trade Accounts Receivable Sold | 394.6 | $ 305.8 | $ 284 |
Amount Received From Trade Accounts Receivable Sold To Third Party | $ 394 | $ 305.2 | $ 283.2 |
Segment And Geographic Inform_3
Segment And Geographic Information (Operating Segments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Sales | $ 2,255,319 | $ 2,053,131 | $ 2,268,095 |
Depreciation and amortization | 44,152 | 48,792 | 48,427 |
Income from operations | 53,062 | 25,134 | 28,545 |
Interest expense | (8,472) | (8,364) | (6,664) |
Interest income | 540 | 1,196 | 3,829 |
Other income (expense) | 277 | (673) | 1,559 |
Income before income taxes | 45,407 | 17,293 | 27,269 |
Capital expenditures | 42,177 | 39,519 | 35,118 |
Total assets | 1,903,880 | 1,744,235 | 1,759,874 |
Elimination Of Intersegment Sales [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | (89,619) | (77,109) | (78,714) |
Corporate And Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Income from operations | (94,524) | (77,452) | (82,049) |
Americas [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 1,203,544 | 1,209,032 | 1,428,795 |
Depreciation and amortization | 20,589 | 22,802 | 21,784 |
Income from operations | 45,807 | 32,629 | 55,749 |
Capital expenditures | 28,673 | 24,392 | 15,822 |
Total assets | 885,574 | 777,658 | 792,180 |
Asia [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 912,560 | 746,661 | 741,630 |
Depreciation and amortization | 10,660 | 11,018 | 11,108 |
Income from operations | 90,725 | 63,880 | 47,862 |
Capital expenditures | 4,253 | 7,836 | 9,493 |
Total assets | 663,881 | 532,793 | 533,508 |
Europe [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 228,834 | 174,547 | 176,384 |
Depreciation and amortization | 2,878 | 2,842 | 3,035 |
Income from operations | 11,054 | 6,077 | 6,983 |
Capital expenditures | 6,072 | 1,838 | 3,702 |
Total assets | 178,263 | 146,277 | 139,977 |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 3,179 | 5,453 | 6,101 |
Capital expenditures | 10,025 | 12,130 | 12,500 |
Total assets | $ 176,162 | $ 287,507 | $ 294,209 |
Segment And Geographic Inform_4
Segment And Geographic Information (Schedule Of Geographic Net Sales And Long-Lived Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Geographic net sales | $ 2,255,319 | $ 2,053,131 | $ 2,268,095 |
Long-lived assets | 357,648 | 344,844 | 367,402 |
United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Geographic net sales | 1,328,754 | 1,322,728 | 1,508,966 |
Long-lived assets | 240,430 | 235,193 | 247,074 |
Singapore [Member] | |||
Segment Reporting Information [Line Items] | |||
Geographic net sales | 326,688 | 222,285 | 199,934 |
Other Asia [Member] | |||
Segment Reporting Information [Line Items] | |||
Geographic net sales | 202,792 | 168,500 | 191,095 |
Asia [Member] | |||
Segment Reporting Information [Line Items] | |||
Long-lived assets | 65,327 | 69,669 | 76,507 |
Europe [Member] | |||
Segment Reporting Information [Line Items] | |||
Geographic net sales | 285,017 | 240,672 | 266,216 |
Long-lived assets | 29,588 | 18,002 | 20,258 |
Other Foreign [Member] | |||
Segment Reporting Information [Line Items] | |||
Geographic net sales | 112,068 | 98,946 | 101,884 |
Long-lived assets | $ 22,303 | $ 21,980 | $ 23,563 |
Revenue (Disaggregation of reve
Revenue (Disaggregation of revenue) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 2,344,938 | $ 2,130,240 | $ 2,346,809 |
Operating Segments [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,255,319 | 2,053,131 | 2,268,095 |
Operating Segments [Member] | Industrials Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 428,446 | 373,061 | 453,576 |
Operating Segments [Member] | Aerospace And Defense Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 381,731 | 423,571 | 431,923 |
Operating Segments [Member] | Medical Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 461,834 | 498,470 | 448,202 |
Operating Segments [Member] | Semi-Cap Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 549,301 | 368,974 | 277,765 |
Operating Segments [Member] | Computing Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 199,405 | 171,337 | 361,213 |
Operating Segments [Member] | Telecommunications Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 234,602 | 217,718 | 295,416 |
Elimination Of Intersegment Sales [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 89,619 | 77,109 | 78,714 |
Americas [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,203,544 | 1,209,032 | 1,428,795 |
Americas [Member] | Operating Segments [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,160,149 | 1,162,334 | 1,383,848 |
Americas [Member] | Operating Segments [Member] | Industrials Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 79,726 | 110,063 | 165,163 |
Americas [Member] | Operating Segments [Member] | Aerospace And Defense Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 360,030 | 401,599 | 400,326 |
Americas [Member] | Operating Segments [Member] | Medical Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 220,635 | 255,246 | 263,688 |
Americas [Member] | Operating Segments [Member] | Semi-Cap Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 215,596 | 158,380 | 102,908 |
Americas [Member] | Operating Segments [Member] | Computing Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 163,423 | 140,109 | 308,077 |
Americas [Member] | Operating Segments [Member] | Telecommunications Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 120,739 | 96,937 | 143,686 |
Americas [Member] | Elimination Of Intersegment Sales [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 43,395 | 46,698 | 44,947 |
Asia [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 912,560 | 746,661 | 741,630 |
Asia [Member] | Operating Segments [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 868,443 | 718,007 | 708,576 |
Asia [Member] | Operating Segments [Member] | Industrials Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 262,546 | 196,209 | 214,575 |
Asia [Member] | Operating Segments [Member] | Aerospace And Defense Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,692 | 0 | 0 |
Asia [Member] | Operating Segments [Member] | Medical Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 189,614 | 211,567 | 167,296 |
Asia [Member] | Operating Segments [Member] | Semi-Cap Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 266,065 | 159,016 | 123,764 |
Asia [Member] | Operating Segments [Member] | Computing Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 35,842 | 31,228 | 53,051 |
Asia [Member] | Operating Segments [Member] | Telecommunications Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 112,684 | 119,987 | 149,890 |
Asia [Member] | Elimination Of Intersegment Sales [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 44,117 | 28,654 | 33,054 |
Europe [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 228,834 | 174,547 | 176,384 |
Europe [Member] | Operating Segments [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 226,727 | 172,790 | 175,671 |
Europe [Member] | Operating Segments [Member] | Industrials Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 86,174 | 66,789 | 73,838 |
Europe [Member] | Operating Segments [Member] | Aerospace And Defense Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 20,009 | 21,972 | 31,597 |
Europe [Member] | Operating Segments [Member] | Medical Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 51,585 | 31,657 | 17,218 |
Europe [Member] | Operating Segments [Member] | Semi-Cap Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 67,640 | 51,578 | 51,093 |
Europe [Member] | Operating Segments [Member] | Computing Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 140 | 0 | 85 |
Europe [Member] | Operating Segments [Member] | Telecommunications Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,179 | 794 | 1,840 |
Europe [Member] | Elimination Of Intersegment Sales [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 2,107 | $ 1,757 | $ 713 |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation Of Revenue [Line Items] | |||
Contract assets | $ 155,243 | $ 142,779 | |
Advance payments from customers | 118,124 | 84,122 | |
Customer Deposits and Prepayments of Inventory [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Advance payments from customers | 79,900 | 54,900 | |
Contractual Timing of Payments [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Advance payments from customers | $ 38,200 | $ 29,200 | |
Transferred Over Time [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Percentage Of Revenue | 90.30% | 90.20% | 91.50% |
Revenue (Schedule of Changes in
Revenue (Schedule of Changes in Contract Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Change in Contract with Customer, Asset [Abstract] | ||
Beginning balance as of December 31 | $ 142,779 | $ 161,061 |
Revenue recognized | 2,037,206 | 1,848,807 |
Amounts collected or invoiced | (2,024,742) | (1,867,089) |
Ending balance as of December 31 | $ 155,243 | $ 142,779 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
United States Employees, Defined Contribution [Member] | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Contributions to defined contribution plans | $ 3.3 | $ 3.1 | $ 6.2 |
International Employees, Defined Contribution [Member] | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Contributions to defined contribution plans | $ 0.1 | $ 0.1 | $ 0.1 |
Restructuring Charges (Schedule
Restructuring Charges (Schedule Of Accrued Restructuring) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | |||
Beginning Balance | $ 4,454 | $ 3,956 | $ 1,335 |
Restructuring Charges | 9,345 | 12,900 | 8,507 |
Cash Payment | (9,555) | (9,715) | (4,931) |
Non-Cash Activity | (733) | (2,687) | (944) |
Foreign Exchange Adjustments | 0 | 0 | (11) |
Ending Balance | 3,511 | 4,454 | 3,956 |
Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Beginning Balance | 3,996 | 3,956 | 282 |
Restructuring Charges | 4,130 | 7,010 | 6,449 |
Cash Payment | (4,685) | (6,666) | (2,775) |
Non-Cash Activity | (184) | (304) | 0 |
Foreign Exchange Adjustments | 0 | 0 | 0 |
Ending Balance | 3,257 | 3,996 | 3,956 |
Lease Facility Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Beginning Balance | 50 | 0 | 0 |
Restructuring Charges | 2,745 | 3,716 | 0 |
Cash Payment | (2,618) | (2,394) | 0 |
Non-Cash Activity | (160) | (1,272) | 0 |
Foreign Exchange Adjustments | 0 | 0 | 0 |
Ending Balance | 17 | 50 | 0 |
Other Exit Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Beginning Balance | 408 | 0 | 1,053 |
Restructuring Charges | 2,470 | 2,174 | 2,058 |
Cash Payment | (2,252) | (655) | (2,156) |
Non-Cash Activity | (389) | (1,111) | (944) |
Foreign Exchange Adjustments | 0 | 0 | (11) |
Ending Balance | $ 237 | $ 408 | $ 0 |
Restructuring Charges (Narrativ
Restructuring Charges (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | |||
Asset impairments | $ 4,357 | $ 6,950 | $ 834 |
Americas [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Asset impairments | $ 4,400 | 5,700 | |
Asia [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Asset impairments | $ 1,000 |
Ransomware incident (Narrative)
Ransomware incident (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Text Block Supplement [Abstract] | |||
Ransomware related incident costs, gross | $ 12,700 | ||
Ransomware related incident costs, net | $ (3,944) | $ (1,350) | 7,681 |
Insurance recoveries | 0 | 0 | $ 5,000 |
Additional collection of recorded insurance receivable | 3,900 | 1,600 | |
Collection of recorded insurance receivable | $ 6,600 | ||
Insurance recoveries collected at point in time | $ 10,500 |
Quarterly Financial Data (Sched
Quarterly Financial Data (Schedule Of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Quarterly Financial Data [Abstract] | |||
Revenues | $ 2,255,319 | $ 2,053,131 | $ 2,268,095 |
Gross profit | 205,901 | 175,048 | 185,528 |
Net Income (Loss) Attributable to Parent | $ 35,770 | $ 14,055 | $ 23,425 |
Earnings (loss) per common share, Basic | $ 1 | $ 0.38 | $ 0.61 |
Earnings (loss) per common share, Diluted | $ 0.99 | $ 0.38 | $ 0.60 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Schedule Of Accumulated Other Comprehensive Loss By Component) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated other comprehensive income loss [Line Items] | |||
Accumulated other comprehensive loss, net of tax, beginning balance | $ (16,651) | $ (16,759) | $ (11,124) |
Other comprehensive gain (loss) before reclassifications | (859) | 1,226 | (4,393) |
Amounts reclassified from accumulated other comprehensive loss | 352 | (1,118) | (1,242) |
Other comprehensive income (loss) | (507) | 108 | (5,635) |
Accumulated other comprehensive loss, net of tax, ending balance | (17,158) | (16,651) | (16,759) |
Foreign currency translation adjustments [Member] | |||
Accumulated other comprehensive income loss [Line Items] | |||
Accumulated other comprehensive loss, net of tax, beginning balance | (8,375) | (12,425) | (11,840) |
Other comprehensive gain (loss) before reclassifications | (4,354) | 4,050 | (585) |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | 0 |
Other comprehensive income (loss) | (4,354) | 4,050 | (585) |
Accumulated other comprehensive loss, net of tax, ending balance | (12,729) | (8,375) | (12,425) |
Derivative instruments, net of tax [Member] | |||
Accumulated other comprehensive income loss [Line Items] | |||
Accumulated other comprehensive loss, net of tax, beginning balance | (6,742) | (3,600) | 116 |
Other comprehensive gain (loss) before reclassifications | 3,018 | (2,024) | (2,474) |
Amounts reclassified from accumulated other comprehensive loss | 352 | (1,118) | (1,242) |
Other comprehensive income (loss) | 3,370 | (3,142) | (3,716) |
Accumulated other comprehensive loss, net of tax, ending balance | (3,372) | (6,742) | (3,600) |
Other, net of tax [Member] | |||
Accumulated other comprehensive income loss [Line Items] | |||
Accumulated other comprehensive loss, net of tax, beginning balance | (1,534) | (734) | 600 |
Other comprehensive gain (loss) before reclassifications | 477 | (800) | (1,334) |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | 0 |
Other comprehensive income (loss) | 477 | (800) | (1,334) |
Accumulated other comprehensive loss, net of tax, ending balance | $ (1,057) | $ (1,534) | $ (734) |
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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Supplemental Cash Flow Information [Abstract] | |||
Income taxes paid, net | $ 20,558 | $ 18,071 | $ 16,895 |
Interest paid | 8,207 | 9,048 | 8,347 |
Non-cash investing activity: | |||
Additions to property, plant and equipment in accounts payable | $ 8,614 | $ 3,164 | $ 9,119 |