Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 30, 2023 | |
Cover [Abstract] | ||
Entity Central Index Key | 0000863436 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Document Period End Date | Sep. 30, 2023 | |
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 | 85288 | |
City Area Code | 623 | |
Local Phone Number | 300-7000 | |
Title of 12(b) Security | Common Stock, par value $0.10 per share | |
Trading Symbol | BHE | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 35,681,851 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and cash equivalents | $ 259,542 | $ 207,430 |
Restricted cash | 1,218 | 0 |
Accounts receivable, net of allowance for doubtful accounts of $960 and $514, respectively | 477,685 | 491,957 |
Contract assets | 190,085 | 183,613 |
Inventories | 725,349 | 727,749 |
Prepaid expenses and other assets | 51,838 | 41,392 |
Income taxes receivable | 1,352 | 8 |
Total current assets | 1,707,069 | 1,652,149 |
Property, plant and equipment, net | 231,661 | 211,478 |
Operating lease right-of-use assets | 122,104 | 93,081 |
Goodwill | 192,116 | 192,116 |
Deferred income taxes | 16,190 | 12,235 |
Other assets, net | 64,005 | 66,272 |
Total assets | 2,333,145 | 2,227,331 |
Current liabilities: | ||
Current installments of long-term debt | 4,281 | 4,275 |
Accounts payable | 382,170 | 424,272 |
Advance payments from customers | 189,058 | 197,937 |
Income taxes payable | 12,823 | 12,236 |
Accrued liabilities | 110,772 | 110,416 |
Total current liabilities | 699,104 | 749,136 |
Long-term debt, less current installments | 428,231 | 320,675 |
Operating lease liabilities | 114,279 | 86,687 |
Other long-term liabilities | 27,987 | 43,922 |
Deferred income taxes | 495 | 495 |
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 - 35,653 and 35,164, respectively | 3,565 | 3,516 |
Additional paid-in capital | 525,784 | 519,238 |
Retained earnings | 548,874 | 519,895 |
Accumulated other comprehensive loss | (15,174) | (16,233) |
Total shareholders’ equity | 1,063,049 | 1,026,416 |
Total liabilities and shareholders' equity | $ 2,333,145 | $ 2,227,331 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts, accounts receivable | $ 960 | $ 514 |
Preferred shares, par value | $ 0.1 | $ 0.1 |
Preferred shares, shares authorized | 5,000,000 | 5,000,000 |
Preferred shares, issued | 0 | 0 |
Common stock, par value | $ 0.1 | $ 0.1 |
Common stock, shares authorized | 145,000,000 | 145,000,000 |
Common stock, issued | 35,653,000 | 35,164,000 |
Common stock, outstanding | 35,653,000 | 35,164,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement [Abstract] | ||||
Sales | $ 719,695 | $ 771,575 | $ 2,147,622 | $ 2,135,687 |
Cost of sales | 650,618 | 704,825 | 1,947,556 | 1,952,579 |
Gross profit | 69,077 | 66,750 | 200,066 | 183,108 |
Selling, general and administrative expenses | 35,509 | 38,544 | 111,379 | 110,675 |
Amortization of intangible assets | 1,592 | 1,591 | 4,775 | 4,792 |
Restructuring charges and other costs | 1,635 | 1,331 | 6,348 | 4,518 |
Income from operations | 30,341 | 25,284 | 77,564 | 63,123 |
Interest expense | (8,475) | (3,493) | (23,183) | (7,428) |
Interest income | 1,343 | 452 | 4,223 | 843 |
Other income, net | 2,384 | 1,087 | 280 | 1,577 |
Income before income taxes | 25,593 | 23,330 | 58,884 | 58,115 |
Income tax expense | 5,181 | 4,501 | 12,121 | 11,105 |
Net income | $ 20,412 | $ 18,829 | $ 46,763 | $ 47,010 |
Earnings per share: | ||||
Basic | $ 0.57 | $ 0.54 | $ 1.32 | $ 1.34 |
Diluted | $ 0.57 | $ 0.53 | $ 1.3 | $ 1.32 |
Weighted-average number of shares outstanding: | ||||
Basic | 35,647 | 35,151 | 35,535 | 35,184 |
Diluted | 35,876 | 35,348 | 35,879 | 35,604 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income (Loss) | $ 20,412 | $ 18,829 | $ 46,763 | $ 47,010 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | (1,891) | (3,541) | (786) | (8,197) |
Unrealized gain (loss) on derivatives, net of tax | (621) | 730 | 1,523 | 4,293 |
Other | (110) | (22) | 322 | (63) |
Other comprehensive income (loss) | (2,622) | (2,833) | 1,059 | (3,967) |
Comprehensive income | $ 17,790 | $ 15,996 | $ 47,822 | $ 43,043 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Additional Paid In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] |
Beginning Balances, value at Dec. 31, 2021 | $ 973,802 | $ 3,521 | $ 507,447 | $ 479,992 | $ (17,158) |
Balances, shares at Dec. 31, 2021 | 35,213 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation expense | 13,282 | 13,282 | |||
Shares repurchased and retired, value | (9,391) | $ (37) | (4,177) | (5,177) | |
Shares repurchased and retired, shares | (376) | ||||
Stock options exercised, value | 471 | $ 3 | 468 | ||
Stock options exercised, shares | 33 | ||||
Vesting of restricted stock units, value | $ 41 | (41) | |||
Vesting of restricted stock units, shares | 407 | ||||
Shares withheld for taxes, value | (3,184) | $ (13) | (3,171) | ||
Shares withheld for taxes, shares | (124) | ||||
Dividends declared | (17,406) | (17,406) | |||
Net income | 47,010 | 47,010 | |||
Other comprehensive income (loss) | (3,967) | (3,967) | |||
Ending Balances, value at Sep. 30, 2022 | 1,000,617 | $ 3,515 | 513,808 | 504,419 | (21,125) |
End Balances, shares at Sep. 30, 2022 | 35,153 | ||||
Beginning Balances, value at Jun. 30, 2022 | 985,773 | $ 3,514 | 509,172 | 491,379 | (18,292) |
Balances, shares at Jun. 30, 2022 | 35,140 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation expense | 4,795 | 4,795 | |||
Stock options exercised, value | 12 | 12 | |||
Stock options exercised, shares | 1 | ||||
Vesting of restricted stock units, value | $ 2 | (2) | |||
Vesting of restricted stock units, shares | 18 | ||||
Shares withheld for taxes, value | (170) | $ (1) | (169) | ||
Shares withheld for taxes, shares | (6) | ||||
Dividends declared | (5,789) | (5,789) | |||
Net income | 18,829 | 18,829 | |||
Other comprehensive income (loss) | (2,833) | (2,833) | |||
Ending Balances, value at Sep. 30, 2022 | 1,000,617 | $ 3,515 | 513,808 | 504,419 | (21,125) |
End Balances, shares at Sep. 30, 2022 | 35,153 | ||||
Beginning Balances, value at Dec. 31, 2022 | $ 1,026,416 | $ 3,516 | 519,238 | 519,895 | (16,233) |
Balances, shares at Dec. 31, 2022 | 35,164 | 35,164 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation expense | $ 12,331 | 12,331 | |||
Stock options exercised, value | 68 | $ 1 | 67 | ||
Stock options exercised, shares | 5 | ||||
Vesting of restricted stock units, value | $ 72 | (72) | |||
Vesting of restricted stock units, shares | 721 | ||||
Shares withheld for taxes, value | (5,804) | $ (24) | (5,780) | ||
Shares withheld for taxes, shares | (237) | ||||
Dividends declared | (17,784) | (17,784) | |||
Net income | 46,763 | 46,763 | |||
Other comprehensive income (loss) | 1,059 | 1,059 | |||
Ending Balances, value at Sep. 30, 2023 | $ 1,063,049 | $ 3,565 | 525,784 | 548,874 | (15,174) |
End Balances, shares at Sep. 30, 2023 | 35,653 | 35,653 | |||
Beginning Balances, value at Jun. 30, 2023 | $ 1,047,729 | $ 3,564 | 522,247 | 534,470 | (12,552) |
Balances, shares at Jun. 30, 2023 | 35,642 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation expense | 3,674 | 3,674 | |||
Vesting of restricted stock units, value | $ 2 | (2) | |||
Vesting of restricted stock units, shares | 16 | ||||
Shares withheld for taxes, value | (136) | $ (1) | (135) | ||
Shares withheld for taxes, shares | (5) | ||||
Dividends declared | (6,008) | (6,008) | |||
Net income | 20,412 | 20,412 | |||
Other comprehensive income (loss) | (2,622) | (2,622) | |||
Ending Balances, value at Sep. 30, 2023 | $ 1,063,049 | $ 3,565 | $ 525,784 | $ 548,874 | $ (15,174) |
End Balances, shares at Sep. 30, 2023 | 35,653 | 35,653 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 46,763 | $ 47,010 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation | 25,443 | 24,874 |
Amortization | 8,660 | 8,113 |
Provision for doubtful accounts | 1,321 | (380) |
Deferred income taxes | (4,465) | (4,138) |
Asset impairments | 1,075 | 0 |
Gain on the sale of property, plant and equipment | (335) | (246) |
Gain on assets held for sale | 0 | (393) |
Stock-based compensation expense | 12,331 | 13,282 |
Changes in operating assets and liabilities | ||
Accounts receivable | 12,937 | (123,600) |
Contract assets | (6,472) | (32,487) |
Inventories | 1,789 | (228,501) |
Prepaid expenses and other assets | (14,433) | (9,820) |
Accounts payable | (24,420) | 84,588 |
Advance payments from customers | (8,879) | 93,476 |
Accrued liabilities | (14,201) | (2,043) |
Operating leases | 830 | (638) |
Income taxes | (730) | 6,186 |
Net cash provided by (used in) operating activities | 37,214 | (124,717) |
Cash flows from investing activities: | ||
Additions to property, plant and equipment | (64,014) | (30,179) |
Proceeds from the sale of property, plant and equipment | 636 | 289 |
Proceeds from the sale of assets held for sale | 0 | 5,372 |
Additions to capitalized purchased software | (2,699) | (3,415) |
Other | (48) | 5 |
Net cash used in investing activities | (66,125) | (27,928) |
Cash flows from financing activities: | ||
Debt issuance costs | (216) | (574) |
Proceeds from stock options exercised | 68 | 471 |
Employee taxes paid for with shares withheld | (5,804) | (3,184) |
Dividends paid | (17,570) | (17,414) |
Borrowings under credit agreement | 614,500 | 593,000 |
Principal payments on credit agreement | (506,961) | (423,000) |
Principal payments on finance leases | (129) | (123) |
Share repurchases | 0 | (9,391) |
Net cash provided by financing activities | 83,888 | 139,785 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1,647) | (9,552) |
Net increase (decrease) in cash and cash equivalents and restricted cash | 53,330 | (22,412) |
Cash and cash equivalents and restricted cash at beginning of year | 207,430 | 271,749 |
Cash and cash equivalents and restricted cash at end of period | $ 260,760 | $ 249,337 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ 20,412 | $ 18,829 | $ 46,763 | $ 47,010 |
Insider Trading Arrangements
Insider Trading Arrangements | 9 Months Ended |
Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Note 1 – Basis of Presentation Benchmark Electronics, Inc. (the Company) is a Texas corporation that provides advanced manufacturing services (electronic manufacturing services and precision technology services), which include design and engineering services and technology solutions. 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 since 1979. The Company serves the following market sectors: aerospace and defense (A&D), medical technologies, complex industrials, semiconductor capital equipment (Semi-Cap), next-generation communications and advanced computing. The Company has manufacturing operations located in the United States and Mexico (the Americas), Asia and Europe. The unaudited condensed consolidated financial statements included herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the SEC) relating to interim financial statements. The condensed consolidated financial statements reflect all normal and recurring adjustments necessary in the opinion of management for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. The results of operations for the periods presented are not necessarily indicative of the results to be expected for the full year. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and notes included in the Company’s Annual Report on Form 10‑K for the year ended December 31, 2022 (the 2022 10-K). Management has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these unaudited condensed consolidated financial statements in accordance with generally accepted accounting principles in the United States (U.S. GAAP) for interim financial statements. However, actual results could differ materially from these estimates. |
New Accounting Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Pronouncements | Note 2 – New Accounting Pronouncements The Company has determined that other recently issued accounting standards will either not have a material impact on its consolidated financial position, results of operations or cash flows, or will not apply to its operations. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 3 – Inventories Inventory costs are summarized as follows: September 30, December 31, (in thousands) 2023 2022 Raw materials $ 699,520 $ 710,494 Work in process 23,402 15,546 Finished goods 2,427 1,709 $ 725,349 $ 727,749 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill And Other Intangible Assets | Note 4 – Goodwill and Other Intangible Assets Goodwill allocated to the Company’s reportable segments is summarized as follows: (in thousands) Americas Asia Total Goodwill as of September 30, 2023 and December 31, 2022 $ 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 capitalized purchased software costs as of September 30, 2023 and December 31, 2022 were as follows: (in thousands) Gross Accumulated Net Customer relationships $ 100,059 $ ( 70,703 ) $ 29,356 Capitalized purchased software costs 43,816 ( 29,288 ) 14,528 Technology licenses 15,500 ( 15,500 ) — Trade names and trademarks 7,800 — 7,800 Other 868 ( 398 ) 470 Total intangible assets as of September 30, 2023 $ 168,043 $ ( 115,889 ) $ 52,154 (in thousands) Gross Accumulated Net Customer relationships $ 100,072 $ ( 65,958 ) $ 34,114 Capitalized purchased software costs 52,483 ( 36,702 ) 15,781 Technology licenses 15,500 ( 15,500 ) — Trade names and trademarks 7,800 — 7,800 Other 868 ( 377 ) 491 Total intangible assets as of December 31, 2022 $ 176,723 $ ( 118,537 ) $ 58,186 Customer relationships are being amortized on a straight-line basis over a period of 10 to 14 years . Capitalized purchased software costs are amortized straight-line over the estimated useful life of the related software, which ranges from 2 to 14 years . Technology licenses are being amortized over their estimated useful lives in proportion to the economic benefits consumed. The Company’s acquired trade names and trademarks have been determined to have an indefinite life. Amortization on the condensed consolidated statements of cash flow for the nine months ended September 30, 2023 and 2022 was as follows: Nine Months Ended (in thousands) 2023 2022 Amortization of intangible assets $ 4,775 $ 4,792 Amortization of capitalized purchased software costs 3,517 3,019 Amortization of debt costs 368 302 $ 8,660 $ 8,113 The estimated future amortization expense of acquired intangible assets for each of the next five ye ars is as follows: Year ending December 31, Amount 2023 (remaining three months) $ 1,592 2024 4,817 2025 4,817 2026 4,817 2027 4,817 |
Borrowing Facilities
Borrowing Facilities | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Borrowing Facilities | Note 5 – Borrowing Facilities Long-term debt outstanding as of September 30, 2023 and December 31, 2022 consists of the following: September 30, December 31, (in thousands) 2023 2022 Revolving credit facility $ 305,000 $ 195,000 Term loan 128,789 131,250 Less unamortized debt issuance costs ( 1,677 ) ( 1,829 ) Total long-term debt $ 432,112 $ 324,421 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 an 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 was 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), which extended the original revolving credit facility and term loan facility maturity dates from July 20, 2023 to December 21, 2026 . On May 20, 2022, the Company entered into Amendment No. 1 (the Amendment) to the Amended and Restated Credit Agreement (as amended, the Credit Agreement). The Amendment increased the Revolving Credit Facility commitments from $ 250 million to $ 450 million. The Amendment also established that the interest on outstanding borrowings starting on the next reset date and any new borrowings under the Amendment (other than swingline loans) will accrue, at the Company’s option, at (a) BSBY plus the Applicable Rate (as defined in the Credit Agreement, approximately 1.00 % to 2.00 % 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 0.50 %, (ii) the Bank of America, N.A. prime rate, (iii) the one month BSBY adjusted daily plus 1.00 % and (iv) 1.00 %). On February 3, 2023, the Company entered into Amendment No. 2 to the Credit Agreement, which increased the maximum amount of trade accounts that the Company may elect to sell at any one time to $ 200.0 million. On May 1, 2023, the Company entered into Amendment No. 3 to the Credit Agreement (Amendment No. 3). Amendment No. 3 increased the Revolving Credit Facility commitments from $ 450 million to $ 550 million. Amendment No. 3 also established that the interest on outstanding borrowings starting on the next reset date and any new borrowings under Amendment No. 3 (other than swingline loans) will accrue, at the Company’s option, at (a) Term Secured Overnight Financing Rate (SOFR) plus 0.10 % plus the Applicable Rate (as defined in the Credit Agreement, approximately 1.00 % to 2.00 % 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 0.50 %, (ii) the Bank of America, N.A. prime rate, (iii) Term SOFR plus 1.00 % and (iv) 1.00 %). The Revolving Credit Facility is available for general corporate purposes. The Credit Agreement includes an accordion feature pursuant to which the Company is permitted to add one or more incremental term loans and/or increase commitments under the Revolving Credit Facility in an aggregate amount of $ 100 million or a higher amount, subject to the satisfaction of certain conditions and exceptions. The Term Loan 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 t hrough September 30, 2024 and 1.25 % of the initial aggregate term loan advances from December 31, 2024 until the maturity date. As of September 30, 2023, a portion of the $ 128.8 million of the outstanding debt under the Credit Agreement is effectively at a fixed interest rate of 4.039 % as a result of a $ 128.0 million notional interest rate swap contract discussed in Note 14. A commitment fee of 0.15 % to 0.30 % per annum (based on the Company ’s debt to EBITDA ratio) on the unused portion of the Revolving Credit Facility is payable quarterly in arrears. The Credit Agreement is generally secured by a pledge of (a) all the capital stock of the Company’s domestic subsidiaries and 65 % of the capital stock of its directly owned foreign subsidiaries, (b) all or substantially all other personal property of the Company and its domestic subsidiaries (including, but not limited to, accounts receivable, contract assets, inventory, intellectual property and fixed assets of the Company and its domestic subsidiaries), in each case, subject to customary exceptions and limitations, and (c) all proceeds and products of the property and assets described in (a) and (b) above. The Credit Agreement contains certain financial covenants related to interest coverage and debt leverage, and certain customary affirmative and negative covenants, including restrictions on the Company’s ability to incur additional debt and liens, pay dividends, repurchase shares, sell assets and merge or consolidate with other persons. Amounts due under the Credit Agreement could be accelerated upon specified events of default, including a failure to pay amounts due, breach of a c ovenant, material inaccuracy of a representation, or occurrence of bankruptcy or insolvency, subject, in some cases, to cure periods. As of September 30, 2023 , the Company was in compliance with the covenants under the Credit Agreement. As of September 30, 2023, the Company had $ 128.8 million in borrowings outstanding under the Term Loan Facility, $ 305.0 million in borrowings outstanding under the Revolving Credit Facility, and $ 4.4 million in letters of credit outstanding under the Revolving Credit Facility. The Company had $ 240.6 million available for future borrowings under the Revolving Credit Facility subject to compliance with financial covenants as to interest coverage and debt leverage, in addition to other debt covenant restrictions. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Leases | Note 6 – Leases The Company determines if a contract is or contains a lease at inception. The Company has entered into leases for certain facilities, vehicles and other equipment. The Company’s leases consist mainly of operating leases which expire at various dates through 2036. Variable lease payments are generally expensed as incurred and include certain index-based changes in rent, certain non-lease components, such as maintenance and other services provided by the lessor, and other charges included in the lease. The components of lease expense were as follows: Three Months Ended Nine Months Ended (in thousands) 2023 2022 2023 2022 Finance lease cost: Amortization of right-of-use assets (included in depreciation expense) $ — $ 24 $ 48 $ 72 Interest on lease liabilities 5 7 16 22 Operating lease cost 4,891 4,278 13,797 12,977 Short-term lease cost 183 64 473 208 Variable lease cost 442 466 1,334 1,408 Total lease cost $ 5,521 $ 4,839 $ 15,668 $ 14,687 Nine Months Ended (in thousands) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used for operating leases $ 13,196 $ 13,462 Operating cash flows used for finance lease $ 16 $ 22 Financing cash flows used for finance lease $ 129 $ 123 Right-of-use assets obtained in exchange for new operating lease liabilities $ 39,849 $ 11,525 Lease assets and liabilities as of September 30, 2023 and December 31, 2022 were as follows: September 30, December 31, (dollars in thousands) 2023 2022 Finance lease right-of-use assets (included in other assets, net) $ — $ 664 Operating lease right-of-use assets $ 122,104 $ 93,081 Finance lease liabilities, current (included in current installments of long-term debt) $ 179 $ 173 Finance lease liabilities, noncurrent (included in long-term debt) $ 221 $ 355 Operating lease liabilities, current (included in accrued liabilities) $ 14,281 $ 12,020 Operating lease liabilities, noncurrent $ 114,279 $ 86,687 Weighted average remaining lease term – finance leases 2.2 years 2.9 years Weighted average remaining lease term – operating leases 9.7 years 9.8 years Weighted average discount rate – finance leases 4.8 % 4.8 % Weighted average discount rate – operating leases 4.4 % 4.1 % Future annual minimum operating lease payments and finance lease commitments as of September 30, 2023 were as follows (in thousands): Year ending December 31, Operating Finance 2023 (remaining three months) $ 4,318 $ 48 2024 19,547 194 2025 18,876 177 2026 15,480 — 2027 14,357 — 2028 and thereafter 87,187 — Total minimum lease payments 159,765 419 Less: imputed interest ( 31,205 ) ( 19 ) Total present value of lease liabilities $ 128,560 $ 400 |
Common Stock and Stock-Based Aw
Common Stock and Stock-Based Awards Plans | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Common Stock and Stock-Based Awards Plans | Note 7 – Common Stock and Stock-Based Awards Plans Dividends The Company began declaring and paying quarterly dividends during the first quarter of 2018. For the three and nine months ended September 30, 2023 , cash dividends paid totaled $ 5.9 million and $ 17.6 million. For the three and nine months ended September 30, 2022 , cash dividends paid totaled $ 5.8 million and $ 17.4 million. On September 11, 2023 and September 12, 2022, the Company declared quarterly cash dividends of $ 0.165 per share of the Company’s common stock to shareholders of record as of September 29, 2023 and September 30, 2022, respectively. The dividends for the third quarters of 2023 and 2022 were paid on October 13, 2023 and October 14, 2022, respectively. The Company’s future dividend policy is subject to the Company’s compliance with applicable law, and depends on, among other things, the Company’s results of operations, financial condition, level of indebtedness, capital requirements, contractual restrictions, restrictions in the Company’s debt agreements, and other factors that the Company’s Board of Directors (the Board of Directors) may deem relevant. Dividend payments are not mandatory or guaranteed; there can be no assurance that the Company will continue to pay a dividend in the future. Share Repurchase Authorization On February 19, 2020 and October 26, 2018, the Board of Directors authorized the repurchase of $ 150 million and $ 100 million, respectively, shares of the Compa ny’s common stock in addition to the $ 250 million previously approved on March 6, 2018. During the three and nine months ended September 30, 2023 , the Company did not repurchase any common shares. As of September 30, 2023, the Company had an aggregate $ 154.6 million remaining under its stock repurchase program. Stock-Based Compensation The Company’s 2019 Omnibus Incentive Compensation Plan (as amended, the 2019 Plan) authorizes the Company, upon approval of the Human Capital and 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 shares of the Company’s common stock on the date of grant, generally vest over a four-year period from the date of grant and have a term of 10 years . Time-based restricted stock units granted to employees generally vest over a four-year period from the date of grant, subject to the continued employment of the employee by the Company. Performance-based restricted stock units generally vest over a three-year performance cycle, which includes the year of the grant, and are based upon the Company’s achievement of specified performance metrics. Awards under the 2019 Plan to non-employee directors have been in the form of restricted stock units, which generally vest one year from the grant date. As of September 30, 2023 , 2.3 mi llion common shares were available for issuance under the 2019 Plan. All share-based payments to employees, including grants of employee stock options, are recognized in the condensed consolidated financial statements based on their grant date fair values. The total compensation cost recognized for stock-based awards was $ 3.7 million and $ 12.3 million for the three and nine months ended September 30, 2023, respectively, and $ 4.8 million and $ 13.3 million for the three and nine months ended September 30, 2022, respectively. The future tax benefit of these stock-based awards as of the grant date was $ 0.8 million and $ 2.8 million for the three and nine months ended September 30, 2023, respectively, and $ 1.1 million and $ 3.1 for the three and nine months ended September 30, 2022, respectively. Awards of restricted stock units and performance-based restricted stock units are valued at the closing market price of shares of the Company’s common stock on the date of grant. For performance-based restricted stock units, compensation expense is based on the probability that the performance goals will be achieved, which is monitored by management throughout the requisite service period. When it becomes probable, based on the Company’s expectation of performance during the measurement period, that more or less than the previous estimate of the awarded shares will vest, an adjustment to stock-based compensation expense is recognized as a change in accounting estimate. As of September 30, 2023, 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 $ 25,713 $ 5,997 Remaining weighted-average amortization period 2.7 years 1.9 years (1) Based on the probable achievement of the performance goals identified in each award. The total cash received by the Company as a result of stock option exercises for the nine months ended September 30, 2023 and 2022 was $ 0.1 million and $ 0.5 million, respectively. The actual tax benefit realized as a result of stock option exercises and the vesting of other share-based awards for the nine months ended September 30, 2023 and 2022 was $ 2.6 million and $ 2.5 million, respectively. For the nine months ended September 30, 2023 and 2022 , the total intrinsic value of stock options exercised was $ 0.1 million and $ 0.4 million, respectively. The Company awarded performance-based restricted stock units to employees during the nine months ended September 30, 2023 and 2022. The number of performance-based restricted stock units that will ultimately be earned will not be determined until the end of the corresponding performance periods, and may vary from as low as zero to as high as 2.5 times the target number depending on the level of achievement of certain performance goals. The level of achievement of these goals is based upon the financial results of the Company for the last full calendar year within the performance period. The performance goals consist of certain levels of achievement using the following financial metrics: revenue, operating income margin, and return on invested capital. If the performance goals are not met based on the Company’s financial results, the applicable performance-based restricted stock units will not vest and will be forfeited. Shares subject to forfeited performance-based restricted stock units will be available for re-issuance under the Company’s 2019 Plan. The following table summarizes activities relating to the Company’s stock options: (in thousands, except per share data) Number of Weighted- Weighted- Aggregate Outstanding as of December 31, 2022 57 $ 21.85 Exercised ( 11 ) 17.37 Forfeited or expired ( 2 ) 18.66 Outstanding and exercisable as of September 30, 2023 44 $ 23.07 1.0 $ 53 The aggregate intrinsic value in the table above is before income taxes and is calculated as the difference between the exercise price of the underlying options and the Company’s closing stock price as of the last business day of the period ended September 30, 2023 for options that had exercise prices that were below the closing price. The following table summarizes the activities related to the Company’s time-based restricted stock units: (in thousands, except per share data) Number of Weighted- Non-vested awards outstanding as of December 31, 2022 1,185 $ 26.93 Granted 720 24.12 Vested ( 479 ) 26.92 Forfeited ( 136 ) 25.94 Non-vested awards outstanding as of September 30, 2023 1,290 $ 25.47 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, 2022 545 $ 27.62 Granted (1) 244 25.30 Vested ( 242 ) 28.30 Forfeited ( 105 ) 26.98 Non-vested units outstanding as of September 30, 2023 442 $ 26.12 (1) Represents target number of units that can vest based on the achievement of the performance goals. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 8 – Income Taxes Income tax expense consists of the following: Nine Months Ended (in thousands) 2023 2022 Current: U.S. Federal $ 570 $ ( 9 ) State and local 196 609 Foreign 15,820 14,715 Deferred ( 4,465 ) ( 4,210 ) $ 12,121 $ 11,105 Income tax expense differs from the amount computed by applying the U.S. federal statutory income tax rate to income before income taxes primarily due to the mix of taxable income by taxing jurisdiction, the impact of tax incentives and tax holidays in foreign locations, state income taxes (net of federal benefit) and the U.S. tax under the global intangible low-taxed income (GILTI) provisions. GILTI requires the Company to include in its U.S. income tax return foreign subsidiary earnings in excess of an allowable return on the foreign subsidiaries tangible fixed assets. The taxable earnings can be offset by a limited deemed paid foreign tax credit with no carrybacks or carryforwards available. The Company accounts for the GILTI as a period cost and does not include it as a factor in the determination of deferred taxes. As of December 31, 2022, the Company had approximatel y $ 365.2 million in cumulati ve undistributed foreign earnings of its foreign subsidiaries. These earnings would not be subject to U.S. income tax if distributed to the Company. During 2018, the Company changed its assertion on its foreign subsidiaries earnings that are permanently reinvested. A certain amount of earnings from specific foreign subsidiaries are permanently reinvested, and certain foreign earnings from other specific foreign subsidiaries are considered to be non-permanently reinvested and are available for immediate distribution to the Company. Income taxes have been accrued on the non-permanently reinvested foreign earnings including any applicable local withholding taxes. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was enacted in the United States in response to the COVID pandemic. The CARES Act, among other things, permits net operating loss carryovers and carrybacks to offset 100% of taxable income for taxable years beginning before 2021, and contains modifications on the limitation of business interest. The Company has evaluated the impact of these provisions and has determined these provisions did not have any impact on the nine months ended September 30, 2023. In addition, the CARES Act allowed for employee retention tax credits to be taken in U.S. payroll tax filings and allowed for the deferral of the employer portion of social security taxes during the calendar year 2020 with 50% to be paid at the end of calendar years 2021 and 2022, respectively. The Company deferred the payment of the employer portion of social security taxes for the year ended December 31, 2020 until the end of 2021 and 2022, respectively. During December 2022 and 2021, the Company paid 100% of the social security taxes previously deferred and all employer deferrals have been paid. The Company has also determined it was entitled to employee retention credits and filed for the credits in the second quarter 2020 payroll tax reports pursuant to the guidance provided by the Internal Revenue Service. The amount for the credits was recorded in operating expenses for the year ended December 31, 2020. The Company was not eligible for employee retention tax credits as of December 31, 2021. The Company has not received the retention credits from the Internal Revenue Service that it applied for during the second quarter of 2020. The Internal Revenue Service has had some delays in processing the filings for the tax refunds. The Company has been granted certain tax incentives, including tax holidays, for its subsidiaries in China and Thailand that will expire at various dates, unless extended or otherwise renegotiated, through 2023 in China and 2030 in Thailand, and are subject to certain conditions with which the Company expects to comply. We will be applying for an additional China tax holiday for future years from 2024 until 2026 . The Malaysia tax incentive expired as of March 31, 2021, but the Company has applied for an extension of the Malaysia tax holiday which would extend the tax holiday for potentially 5 to 10 years. There is no guarantee that the Company will be granted the extension of the Malaysia tax holiday or the future China tax holiday. The net impact of these tax incentives was to lower foreign income tax expense for the nine months ended September 30, 2023 and 2022 by approximately $ 4.7 million (approximately $ 0.13 per diluted share) and $ 4.5 million (approximately $ 0.13 per diluted share), respectively, as follows: Nine Months Ended (in thousands) 2023 2022 China $ 620 $ 581 Thailand 4,086 3,924 $ 4,706 $ 4,505 As of September 30, 2023, the total amount of the reserve for uncertain tax benefits including interest and penalties was $ 9.5 million. The reserve is classified as a current or long-term liability in the unaudited condensed consolidated balance sheets based on the Company’s expectation of when the items will be settled. The Company records interest expense and penalties accrued in relation to uncertain income tax benefits as a component of current income tax expense on the condensed consolidated statements of income. The Company and its subsidiaries in Brazil, China, Ireland, Malaysia, Mexico, the Netherlands, Romania, Singapore, Thailand and the United States remain open to examination by the various local taxing authorities, in total or in part, for fiscal years 2016 to 2022. During such income tax examinations, disputes may occur as to matters of fact or law. Also, in most tax jurisdictions, the passage of time without examination will result in the expiration of applicable statutes of limitations thereby precluding examination of the tax period(s) for which such statute of limitation has expired. The Company believes that it has adequately provided for its tax liabilities. |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Note 9 – Revenue The Company’s revenues are generated primarily from its manufacturing services, which entails the sale of manufactured products built to customer specifications. The Company also generates revenue from design, development and engineering services, in addition to the sale of other inventory. Revenue is measured based on the consideration specified in a contract with a customer. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a manufactured product to a customer. The Company’s contracts with customers are generally short-term in nature. The Company applies the optional exemption related to short-term performance obligations and does not disclose information about remaining performance obligations that have original expected durations of one year or less. Customers are generally billed when the product is shipped or as services are performed. Under the majority of the Company’s manufacturing contracts with customers, the customer controls all of the work-in-progress as products are being built. Revenues under these contracts are recognized progressively based on the cost-to-cost method. For other manufacturing contracts, the customer does not take control of the product until it is completed. Under these contracts, the Company recognizes revenue upon transfer of control of the product to the customer, which is generally when goods are shipped. Revenue from design, development and engineering services is recognized over time as the services are performed. As a general matter, 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, which 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 in the condensed consolidated statements of income. 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. Elimination of intersegment sales includes intersegment sales between reportable operating segments. Reportable Operating Segments Three Months Ended September 30, 2023 (in thousands) Americas Asia Europe Total Market sector: Industrials $ 28,504 $ 94,939 $ 30,198 $ 153,641 A&D 84,821 8,833 6,033 99,687 Medical 92,509 46,968 9,653 149,130 Semi-Cap 65,920 75,103 24,231 165,254 Advanced Computing 60,748 4,976 — 65,724 Next Generation Communications 52,677 33,582 — 86,259 External revenue 385,179 264,401 70,115 719,695 Elimination of intersegment sales 14,177 10,762 1,297 26,236 Segment revenue $ 399,356 $ 275,163 $ 71,412 $ 745,931 Nine Months Ended September 30, 2023 (in thousands) Americas Asia Europe Total Market sector: Industrials $ 96,390 $ 270,369 $ 97,245 $ 464,004 A&D 215,185 25,655 18,426 259,266 Medical 251,001 146,136 33,978 431,115 Semi-Cap 189,939 216,522 71,369 477,830 Advanced Computing 224,424 18,679 — 243,103 Next Generation Communications 156,592 115,656 56 272,304 External revenue 1,133,531 793,017 221,074 2,147,622 Elimination of intersegment sales 67,252 37,039 2,783 107,074 Segment revenue $ 1,200,783 $ 830,056 $ 223,857 $ 2,254,696 Three Months Ended September 30, 2022 (in thousands) Americas Asia Europe Total Market sector: Industrials $ 29,504 $ 90,469 $ 35,305 $ 155,278 A&D 69,700 13,514 3,024 86,238 Medical 85,609 67,956 11,981 165,546 Semi-Cap 77,123 91,907 17,295 186,325 Advanced Computing 78,438 16,124 — 94,562 Next Generation Communications 43,012 40,487 127 83,626 External revenue 383,386 320,457 67,732 771,575 Elimination of intersegment sales 17,519 17,269 668 35,456 Segment revenue $ 400,905 $ 337,726 $ 68,400 $ 807,031 Nine Months Ended September 30, 2022 (in thousands) Americas Asia Europe Total Market sector: Industrials $ 71,171 $ 275,422 $ 104,667 $ 451,260 A&D 216,204 29,196 11,922 257,322 Medical 240,467 176,408 31,778 448,653 Semi-Cap 212,152 274,703 57,806 544,661 Advanced Computing 180,109 38,145 — 218,254 Next Generation Communications 108,077 107,228 232 215,537 External revenue 1,028,180 901,102 206,405 2,135,687 Elimination of intersegment sales 38,580 44,332 2,186 85,098 Segment revenue $ 1,066,760 $ 945,434 $ 208,591 $ 2,220,785 During the nine months ended September 30, 2023 and 2022, 89.0 % and 90.6 % , respectively, of the Company’s revenue was recognized as products and services that were transferred over time. The timing of revenue recognition, billings and cash collections result in billed accounts receivable, contract assets and advance payments from customers. As of September 30, 2023 and December 31, 2022, the Company had $ 190.1 million and $ 183.6 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 as of the reporting date. The contract assets are transferred to accounts receivable when the rights become unconditional. Significant changes in contract asset during the period are as follows: Nine Months Ended (in thousands) 2023 2022 Beginning balance $ 183,613 $ 155,243 Revenue recognized 1,911,958 1,937,398 Amounts collected or invoiced ( 1,905,486 ) ( 1,904,911 ) Ending balance $ 190,085 $ 187,730 As of September 30, 2023 and December 31, 2022, the Company had $ 189.1 million and $ 197.9 million, respectively, in advance payments from customers. Of those amounts, $ 175.1 million and $ 178.9 million, respectively, were customer deposits and prepayments of inventory and $ 14.0 million and $ 18.9 million, respectively, were related to the contractual timing of payments. The advance payments are not considered a significant financing component because they are used to meet working capital demands of a contract, offset inventory risks and protect the Company from the failure of other parties to fulfill obligations under a contract. |
Accounts Receivable Sale Progra
Accounts Receivable Sale Programs | 9 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
Accounts Receivable Sale Programs | Note 10 – Accounts Receivable Sale Programs As of September 30, 2023, in connection with trade accounts receivable sale programs with unaffiliated financial institutions, the Company may elect to sell, at a discount, on an ongoing basis, up to a maximum of $ 200.0 million of specific accounts receivable at any one time. During the three months ended September 30, 2023 and 2022, the Company sold $ 123.3 million and $ 103.4 million, respectively, of accounts receivable under these programs, and in exchange, the Company received cash proceeds of $ 122.4 million and $ 102.9 million, respectively, net of the discount. During the nine months ended September 30, 2023 and 2022, the Company sold $ 415.4 million and $ 330.0 million, respectively, of accounts receivable under these programs, and in exchange, the Company received cash proceeds of $ 412.1 million and $ 328.9 million, respectively, net of the discount. The sale discount was recorded to other expense on the condensed consolidated statements of income. |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Note 11 – Contingencies The Company is involved in various legal actions arising in the ordinary course of business. Although the outcome of these matters cannot be predicted with certainty, in the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Company’s consolidated financial position or results of operations. |
Restructuring Charges
Restructuring Charges | 9 Months Ended |
Sep. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | Note 12 – Restructuring Charges The Company has undertaken initiatives to restructure its business operations to improve utilization and realize cost savings. These initiatives have included changing the number and location of production facilities, largely to align capacity and infrastructure with current and anticipated customer demand. This alignment includes transferring programs from higher cost geographies to lower cost geographies. The process of restructuring entails moving production between facilities, reducing staff levels, realigning our business processes, reorganizing our management and other activities. The Company recognized $ 5.2 million of restructuring charges during the nine months ended September 30, 2023 primarily related to the previously announced closure of our site in Moorpark, California in the Americas, and other smaller activities involving capacity reductions and reductions in workforce in certain facilities across various regions. Moorpark, California operations ceased as of March 31, 2023 with restructuring activity expected to be substantially completed in 2023. The following table summarizes the 2023 activity in accrued restructuring, which is included in accrued liabilities on the condensed consolidated balance sheet, as of September 30, 2023 and relates to various restructuring activities initiated prior to September 30, 2023: Balance as of Foreign Balance as of December 31, Restructuring Cash Non-Cash Exchange September 30, (in thousands) 2022 Charges Payments Activity Adjustments 2023 Restructuring: Severance $ 3,683 $ 2,971 $ ( 6,600 ) $ — $ 32 $ 86 Lease facility costs 17 153 ( 161 ) — — 9 Other exit costs 81 2,104 ( 2,103 ) — — 82 $ 3,781 $ 5,228 $ ( 8,864 ) $ - $ 32 $ 177 The components of restructuring charges during the first nine months of 2023 were as follows: (in thousands) Americas Asia Europe Total Severance costs $ 2,908 $ 63 $ — $ 2,971 Lease facility costs 153 — — 153 Other exit costs 2,104 — — 2,104 $ 5,165 $ 63 $ — $ 5,228 During the second quarter of 2023, the Company made the decision to no longer continue certain manufacturing capabilities in the Americas. In connection with that decision, the Company assessed the facility and equipment assets used in those manufacturing capabilities and recorded $ 1.1 million of impairment charges as a result of that assessment. The asset impairment charges are included in the restructuring charges and other costs line item on the condensed consolidated statements of income for the nine months ended September 30, 2023. Additionally, during the third quarter of 2021, the Company made the decision to no longer continue certain manufacturing capabilities in the Americas. In connection with that decision, the Company assessed the facility and equipment assets used in those manufacturing capabilities using valuation information from third parties and recorded $ 4.4 million of impairment charges as a result of that assessment. The asset impairment charges are included in the restructuring charges and other costs line item on the consolidated statements of income as of September 30, 2021. During the nine months ended September 30, 2022 , the Company completed the sale of the equipment for $ 1.3 million and recorded a loss on assets held for sale of $ 2.0 million included in the restructuring charges and other costs line item on the consolidated statements of income. During the nine months ended September 30, 2022 , the Company completed the sale of a building in Angleton, Texas for $ 4.3 million and recorded a gain on assets held for sale of $ 2.4 million included in the restructuring charges and other costs line item on the consolidated statements of income. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 13 – Earnings Per Share Basic earnings per share is computed using the weighted-average number of shares outstanding. Diluted earnings per share is computed using the weighted-average number of shares outstanding adjusted for the incremental shares attributed to outstanding stock equivalents. Stock equivalents include common stock issuable upon the exercise or vesting of stock options and other equity instruments and are computed using the treasury stock method. Under the treasury stock method, the exercise price of a share and the amount of compensation cost, if any, for future service that the Company has not yet recognized are assumed to be used to repurchase shares in the current period. In periods when losses are reported, the weighted-average number of shares outstanding excludes stock equivalents because their inclusion would have an anti-dilutive effect. The following table sets forth the calculation of basic and diluted earnings per share: Three Months Ended Nine Months Ended (in thousands, except per share data) 2023 2022 2023 2022 Net income $ 20,412 $ 18,829 $ 46,763 $ 47,010 Denominator for basic earnings per share – weighted-average 35,647 35,151 35,535 35,184 Incremental common shares attributable to exercise of dilutive 4 13 5 15 Incremental common shares attributable to outstanding restricted stock units 225 184 339 405 Denominator for diluted earnings per share 35,876 35,348 35,879 35,604 Basic earnings per share $ 0.57 $ 0.54 $ 1.32 $ 1.34 Diluted earnings per share $ 0.57 $ 0.53 $ 1.30 $ 1.32 Restricted stock units totaling three thousand and 0.2 million common shares for the three and nine months ended September 30, 2023, respectively, were not included in the computation of diluted earnings per share as their effect would have been anti-dilutive. Restricted stock units totaling less than one thousand common shares for the three months ended September 30, 2022 were not included in the computation of diluted earnings per share as their effect would have been anti-dilutive. There were no anti-dilutive shares for the nine months ended September 30, 2022. |
Financial Instruments
Financial Instruments | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments | Note 14 – Financial Instruments The Company’s financial instruments include cash equivalents, accounts receivable, other receivables, accounts payable, accrued liabilities and long-term debt. The Company believes that the carrying values of these instruments approximate fair value because of their short-term nature. The Company uses derivative instruments to manage the variability of foreign currency obligations and interest rates. The Company does not enter into derivatives for speculative purposes. The Company utilizes forward currency exchange contracts to manage its foreign currency exposure. These instruments are designated as cash flow hedges and the changes in fair value of the derivatives are recorded in accumulated other comprehensive loss on the condensed consolidated balance sheets until earnings are affected by the variability of the cash flows. During the three and nine months ended September 30, 2023, the Company recorded an unrealized loss of $ 2.3 million ($ 1.7 million net of tax) and an unrealized gain of $ 1.0 million ($ 0.8 million net of tax), respectively, on the forward currency exchange contracts in other comprehensive income and transferred unrealized gains of $ 1.2 million and $ 2.5 million, respectively, to cost of sales. During the three and nine months ended September 30, 2022 , the Company recorded an unrealized loss of less than $ 0.1 million (less than $ 0.1 million net of tax) and an unrealized gain of $ 0.4 million ($ 0.3 million net of tax), respectively, on the forward currency exchange contracts in other comprehensive income (loss) and transferred unrealized gains of $ 0.1 million and $ 0.2 million, respectively, to cost of sales (See Note 15). The Company also has forward currency exchange contracts in place as of September 30, 2023 that have not been designated as accounting hedges and, therefore, changes in fair value are recorded in other income on the condensed consolidated statements of income. As of September 30, 2023, 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 determinations of 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, Europe and Thailand. The Company utilizes an interest rate swap agreement to hedge a portion of its interest rate exposure on outstanding borrowings under the Credit Agreement. The Company entered into a new interest rate swap agreement on July 20, 2023 and as of September 30, 2023, the notional amount of this interest rate swap agreement was $ 128.0 million. Under the 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 4.039 %. The effect of the swap is to convert a portion of the floating rate interest expense to fixed interest rate expense. Based on the terms of the interest rate swap contract and the underlying borrowings outstanding under the Credit Agreement, the interest rate contract was determined to be highly effective, and thus qualifies and has been designated as a cash flow hedge. As such, changes in the fair value of the interest rate swap are recorded in accumulated other comprehensive loss on the condensed consolidated balance sheets until earnings are affected by the variability of cash flows. During the three and nine months ended September 30, 2023, the Company recorded unrealized gains of $ 1.5 million ($ 1.1 million net of tax) and $ 1.0 million ($ 0.7 million net of tax), respectively, on the swap in other comprehensive income (loss) (See Note 15). As of December 31, 2022, the notional amount of the Company's previous interest rate swap agreement was $ 121.9 million and the fixed interest rate for the contract was 2.928 %. During the three and nine months ended September 30, 2022 , the Company recorded unrealized gains of $ 1.0 million ($ 0.7 million net of tax) and $ 5.3 million ($ 4.0 million net of tax), respectively, on the swap in other comprehensive income (See Note 15). As of September 30, 2023 and December 31, 2022, the fair value estimates for the Company’s respective interest rate swap agreements were based on Level 2 inputs of the fair value hierarchy, as the Company obtained the valuation from a third party active in relevant markets. The valuation of the swap agreements 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 following table presents the fair value of the Company’s derivative instruments: Fair Value September 30, December 31, (in thousands) Balance Sheet Location 2023 2022 Derivatives designated as hedging Forward currency exchange contracts Other current assets $ 1,440 $ 407 Interest rate swap agreement Other assets, net and other current $ 1,640 $ 639 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2023 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | Note 15 – Accumulated Other Comprehensive Loss The changes in accumulated other comprehensive loss by component were as follows: Three Months Ended September 30, 2023 2022 Foreign Foreign Currency Derivative Currency Derivative Translation Instruments, Translation Instruments, (in thousands) Adjustments Net of Tax Other Total Adjustments Net of Tax Other Total Beginning balance $ ( 14,772 ) $ 2,932 $ ( 712 ) $ ( 12,552 ) $ ( 17,385 ) $ 191 $ ( 1,098 ) $ ( 18,292 ) Other comprehensive gain (loss) before reclassifications ( 1,891 ) 560 ( 110 ) ( 1,441 ) ( 3,541 ) 828 ( 22 ) ( 2,735 ) Amounts reclassified from accumulated other comprehensive loss — ( 1,181 ) — ( 1,181 ) — ( 98 ) — ( 98 ) Net current period other comprehensive gain (loss) ( 1,891 ) ( 621 ) ( 110 ) ( 2,622 ) ( 3,541 ) 730 ( 22 ) ( 2,833 ) Ending balance $ ( 16,663 ) $ 2,311 $ ( 822 ) $ ( 15,174 ) $ ( 20,926 ) $ 921 $ ( 1,120 ) $ ( 21,125 ) Nine Months Ended September 30, 2023 2022 Foreign Foreign Currency Derivative Currency Derivative Translation Instruments, Translation Instruments, (in thousands) Adjustments Net of Tax Other Total Adjustments Net of Tax Other Total Beginning balance $ ( 15,877 ) $ 788 $ ( 1,144 ) $ ( 16,233 ) $ ( 12,729 ) $ ( 3,372 ) $ ( 1,057 ) $ ( 17,158 ) Other comprehensive gain (loss) before reclassifications ( 786 ) 3,999 322 3,535 ( 8,197 ) 4,460 ( 63 ) ( 3,800 ) Amounts reclassified from accumulated other comprehensive loss — ( 2,476 ) — ( 2,476 ) — ( 167 ) — ( 167 ) Net current period other comprehensive gain (loss) ( 786 ) 1,523 322 1,059 ( 8,197 ) 4,293 ( 63 ) ( 3,967 ) Ending balance $ ( 16,663 ) $ 2,311 $ ( 822 ) $ ( 15,174 ) $ ( 20,926 ) $ 921 $ ( 1,120 ) $ ( 21,125 ) Unrealized gains and losses relating to derivative instruments, reclassified from accumulated other comprehensive loss for the three and nine months ended September 30, 2023 and 2022, were recognized as a component of cost of sales in the condensed consolidated statements of income, which relate to the Company's forward currency exchange contracts accounted for as cash flow hedges. See Note 14 for further explanation of the change in derivative instruments that is recorded to accumulated other comprehensive loss. |
Segment And Geographic Informat
Segment And Geographic Information | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment And Geographic Information | Note 16 – 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. Corporate and intersegment eliminations include (1) corporate expenses not allocated to the Company’s three reportable segments, which are primarily general and administrative expenses such as corporate employee payroll and benefit costs and corporate facility costs, and (2) income from operations on intersegment sales between reportable segments. Corporate functions include legal, finance, tax, treasury, information technology, risk management, human resources, business development and other administrative functions. The accounting policies for the reportable operating segments are the same as for the Company taken as a whole. The Company has three reportable operating segments: Americas, Asia, and Europe. Information about operating segments is as follows: Three Months Ended Nine Months Ended (in thousands) 2023 2022 2023 2022 Net sales: Americas $ 399,356 $ 400,905 $ 1,200,783 $ 1,066,760 Asia 275,163 337,726 830,056 945,434 Europe 71,412 68,400 223,857 208,591 Elimination of intersegment sales ( 26,236 ) ( 35,456 ) ( 107,074 ) ( 85,098 ) $ 719,695 $ 771,575 $ 2,147,622 $ 2,135,687 Depreciation and amortization: Americas $ 5,302 $ 4,895 $ 15,564 $ 14,522 Asia 2,496 2,570 7,232 7,668 Europe 806 822 2,394 2,440 Corporate 2,950 2,838 8,913 8,357 $ 11,554 $ 11,125 $ 34,103 $ 32,987 Income from operations: Americas $ 18,278 $ 14,608 $ 45,524 $ 41,094 Asia 37,526 33,662 91,908 91,320 Europe 3,945 4,880 13,991 10,526 Corporate and intersegment eliminations ( 29,408 ) ( 27,866 ) ( 73,859 ) ( 79,817 ) 30,341 25,284 77,564 63,123 Interest expense ( 8,475 ) ( 3,493 ) ( 23,183 ) ( 7,428 ) Interest income 1,343 452 4,223 843 Other income, net 2,384 1,087 280 1,577 Income before income taxes $ 25,593 $ 23,330 $ 58,884 $ 58,115 Capital expenditures: Americas $ 6,762 $ 5,495 $ 35,351 $ 20,587 Asia 10,529 1,104 21,153 7,151 Europe 1,118 590 3,911 3,839 Corporate 1,255 1,434 6,298 2,017 $ 19,664 $ 8,623 $ 66,713 $ 33,594 September 30, December 31, (in thousands) 2023 2022 Total assets: Americas $ 1,115,465 $ 1,055,533 Asia 793,215 764,164 Europe 202,054 183,443 Corporate 222,411 224,191 $ 2,333,145 $ 2,227,331 Geographic net sales information provided below reflects the destination of the product shipped. Long-lived assets information is based on the physical location of the asset and includes property, plant and equipment, net, operating lease right-of-use assets, and other long-term assets, net. Three Months Ended Nine Months Ended (in thousands) 2023 2022 2023 2022 Geographic net sales: United States $ 436,842 $ 423,183 $ 1,308,935 $ 1,154,135 Singapore 96,563 126,178 294,453 348,134 Other Asia 56,689 90,681 158,580 251,396 Europe 99,125 91,086 304,910 287,056 Other 30,476 40,447 80,744 94,966 $ 719,695 $ 771,575 $ 2,147,622 $ 2,135,687 September 30, December 31, (in thousands) 2023 2022 Long-lived assets: United States $ 239,958 $ 249,409 Asia 80,070 68,283 Europe 30,558 29,338 Other 67,184 23,801 $ 417,770 $ 370,831 |
Supplemental Cash Flow And Non-
Supplemental Cash Flow And Non-Cash Information | 9 Months Ended |
Sep. 30, 2023 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow and Non-Cash Information | Note 17 –Supplemental Cash Flow and Non-Cash Information The following is additional information concerning supplemental disclosures of cash payments. Three Months Ended Nine Months Ended (in thousands) 2023 2022 2023 2022 Supplemental cash flow information: Income taxes paid, net $ 9,995 $ 8,032 $ 33,323 $ 20,883 Interest paid 9,392 3,264 22,437 6,807 Non-cash investing activity: Additions to property, plant and equipment in accounts payable $ 17,477 $ 21,921 |
New Accounting Pronouncements (
New Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Pronouncements | The Company has determined that other recently issued accounting standards will either not have a material impact on its consolidated financial position, results of operations or cash flows, or will not apply to its operations. |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule Of Inventory Costs | Inventory costs are summarized as follows: September 30, December 31, (in thousands) 2023 2022 Raw materials $ 699,520 $ 710,494 Work in process 23,402 15,546 Finished goods 2,427 1,709 $ 725,349 $ 727,749 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill Rollforward | Goodwill allocated to the Company’s reportable segments is summarized as follows: (in thousands) Americas Asia Total Goodwill as of September 30, 2023 and December 31, 2022 $ 154,014 $ 38,102 $ 192,116 |
Schedule Of Intangible Assets | Acquired identifiable intangible assets and capitalized purchased software costs as of September 30, 2023 and December 31, 2022 were as follows: (in thousands) Gross Accumulated Net Customer relationships $ 100,059 $ ( 70,703 ) $ 29,356 Capitalized purchased software costs 43,816 ( 29,288 ) 14,528 Technology licenses 15,500 ( 15,500 ) — Trade names and trademarks 7,800 — 7,800 Other 868 ( 398 ) 470 Total intangible assets as of September 30, 2023 $ 168,043 $ ( 115,889 ) $ 52,154 (in thousands) Gross Accumulated Net Customer relationships $ 100,072 $ ( 65,958 ) $ 34,114 Capitalized purchased software costs 52,483 ( 36,702 ) 15,781 Technology licenses 15,500 ( 15,500 ) — Trade names and trademarks 7,800 — 7,800 Other 868 ( 377 ) 491 Total intangible assets as of December 31, 2022 $ 176,723 $ ( 118,537 ) $ 58,186 |
Schedule Of Amortization Expense | Amortization on the condensed consolidated statements of cash flow for the nine months ended September 30, 2023 and 2022 was as follows: Nine Months Ended (in thousands) 2023 2022 Amortization of intangible assets $ 4,775 $ 4,792 Amortization of capitalized purchased software costs 3,517 3,019 Amortization of debt costs 368 302 $ 8,660 $ 8,113 |
Schedule Of Estimated Future Amortization Expense | The estimated future amortization expense of acquired intangible assets for each of the next five ye ars is as follows: Year ending December 31, Amount 2023 (remaining three months) $ 1,592 2024 4,817 2025 4,817 2026 4,817 2027 4,817 |
Borrowing Facilities (Tables)
Borrowing Facilities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Long-term debt outstanding as of September 30, 2023 and December 31, 2022 consists of the following: September 30, December 31, (in thousands) 2023 2022 Revolving credit facility $ 305,000 $ 195,000 Term loan 128,789 131,250 Less unamortized debt issuance costs ( 1,677 ) ( 1,829 ) Total long-term debt $ 432,112 $ 324,421 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Components of Lease Expenses , and Lease Assets and Liabilities | The components of lease expense were as follows: Three Months Ended Nine Months Ended (in thousands) 2023 2022 2023 2022 Finance lease cost: Amortization of right-of-use assets (included in depreciation expense) $ — $ 24 $ 48 $ 72 Interest on lease liabilities 5 7 16 22 Operating lease cost 4,891 4,278 13,797 12,977 Short-term lease cost 183 64 473 208 Variable lease cost 442 466 1,334 1,408 Total lease cost $ 5,521 $ 4,839 $ 15,668 $ 14,687 Lease assets and liabilities as of September 30, 2023 and December 31, 2022 were as follows: September 30, December 31, (dollars in thousands) 2023 2022 Finance lease right-of-use assets (included in other assets, net) $ — $ 664 Operating lease right-of-use assets $ 122,104 $ 93,081 Finance lease liabilities, current (included in current installments of long-term debt) $ 179 $ 173 Finance lease liabilities, noncurrent (included in long-term debt) $ 221 $ 355 Operating lease liabilities, current (included in accrued liabilities) $ 14,281 $ 12,020 Operating lease liabilities, noncurrent $ 114,279 $ 86,687 Weighted average remaining lease term – finance leases 2.2 years 2.9 years Weighted average remaining lease term – operating leases 9.7 years 9.8 years Weighted average discount rate – finance leases 4.8 % 4.8 % Weighted average discount rate – operating leases 4.4 % 4.1 % |
Summary of Operating Lease Supplemental Cash Flow Information | Nine Months Ended (in thousands) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used for operating leases $ 13,196 $ 13,462 Operating cash flows used for finance lease $ 16 $ 22 Financing cash flows used for finance lease $ 129 $ 123 Right-of-use assets obtained in exchange for new operating lease liabilities $ 39,849 $ 11,525 |
Future Annual Minimum Operating Lease Payments and Finance Lease Commitments | Future annual minimum operating lease payments and finance lease commitments as of September 30, 2023 were as follows (in thousands): Year ending December 31, Operating Finance 2023 (remaining three months) $ 4,318 $ 48 2024 19,547 194 2025 18,876 177 2026 15,480 — 2027 14,357 — 2028 and thereafter 87,187 — Total minimum lease payments 159,765 419 Less: imputed interest ( 31,205 ) ( 19 ) Total present value of lease liabilities $ 128,560 $ 400 |
Common Stock and Stock-Based _2
Common Stock and Stock-Based Awards Plans (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule Of Unrecognized Compensation Cost And Remaining Weighted-Average Amortization Stock-Based Awards | As of September 30, 2023, 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 $ 25,713 $ 5,997 Remaining weighted-average amortization period 2.7 years 1.9 years (1) Based on the probable achievement of the performance goals identified in each award. |
Employee Stock Option | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Stock Options | The following table summarizes activities relating to the Company’s stock options: (in thousands, except per share data) Number of Weighted- Weighted- Aggregate Outstanding as of December 31, 2022 57 $ 21.85 Exercised ( 11 ) 17.37 Forfeited or expired ( 2 ) 18.66 Outstanding and exercisable as of September 30, 2023 44 $ 23.07 1.0 $ 53 |
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, 2022 1,185 $ 26.93 Granted 720 24.12 Vested ( 479 ) 26.92 Forfeited ( 136 ) 25.94 Non-vested awards outstanding as of September 30, 2023 1,290 $ 25.47 |
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, 2022 545 $ 27.62 Granted (1) 244 25.30 Vested ( 242 ) 28.30 Forfeited ( 105 ) 26.98 Non-vested units outstanding as of September 30, 2023 442 $ 26.12 (1) Represents target number of units that can vest based on the achievement of the performance goals. |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule Of Income Tax Expense | Income tax expense consists of the following: Nine Months Ended (in thousands) 2023 2022 Current: U.S. Federal $ 570 $ ( 9 ) State and local 196 609 Foreign 15,820 14,715 Deferred ( 4,465 ) ( 4,210 ) $ 12,121 $ 11,105 |
Schedule Of Tax Incentives | The net impact of these tax incentives was to lower foreign income tax expense for the nine months ended September 30, 2023 and 2022 by approximately $ 4.7 million (approximately $ 0.13 per diluted share) and $ 4.5 million (approximately $ 0.13 per diluted share), respectively, as follows: Nine Months Ended (in thousands) 2023 2022 China $ 620 $ 581 Thailand 4,086 3,924 $ 4,706 $ 4,505 |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of revenue | In the following tables, revenue is disaggregated by market sector. The tables also include a reconciliation of the disaggregated revenue with the reportable operating segments. Elimination of intersegment sales includes intersegment sales between reportable operating segments. Reportable Operating Segments Three Months Ended September 30, 2023 (in thousands) Americas Asia Europe Total Market sector: Industrials $ 28,504 $ 94,939 $ 30,198 $ 153,641 A&D 84,821 8,833 6,033 99,687 Medical 92,509 46,968 9,653 149,130 Semi-Cap 65,920 75,103 24,231 165,254 Advanced Computing 60,748 4,976 — 65,724 Next Generation Communications 52,677 33,582 — 86,259 External revenue 385,179 264,401 70,115 719,695 Elimination of intersegment sales 14,177 10,762 1,297 26,236 Segment revenue $ 399,356 $ 275,163 $ 71,412 $ 745,931 Nine Months Ended September 30, 2023 (in thousands) Americas Asia Europe Total Market sector: Industrials $ 96,390 $ 270,369 $ 97,245 $ 464,004 A&D 215,185 25,655 18,426 259,266 Medical 251,001 146,136 33,978 431,115 Semi-Cap 189,939 216,522 71,369 477,830 Advanced Computing 224,424 18,679 — 243,103 Next Generation Communications 156,592 115,656 56 272,304 External revenue 1,133,531 793,017 221,074 2,147,622 Elimination of intersegment sales 67,252 37,039 2,783 107,074 Segment revenue $ 1,200,783 $ 830,056 $ 223,857 $ 2,254,696 Three Months Ended September 30, 2022 (in thousands) Americas Asia Europe Total Market sector: Industrials $ 29,504 $ 90,469 $ 35,305 $ 155,278 A&D 69,700 13,514 3,024 86,238 Medical 85,609 67,956 11,981 165,546 Semi-Cap 77,123 91,907 17,295 186,325 Advanced Computing 78,438 16,124 — 94,562 Next Generation Communications 43,012 40,487 127 83,626 External revenue 383,386 320,457 67,732 771,575 Elimination of intersegment sales 17,519 17,269 668 35,456 Segment revenue $ 400,905 $ 337,726 $ 68,400 $ 807,031 Nine Months Ended September 30, 2022 (in thousands) Americas Asia Europe Total Market sector: Industrials $ 71,171 $ 275,422 $ 104,667 $ 451,260 A&D 216,204 29,196 11,922 257,322 Medical 240,467 176,408 31,778 448,653 Semi-Cap 212,152 274,703 57,806 544,661 Advanced Computing 180,109 38,145 — 218,254 Next Generation Communications 108,077 107,228 232 215,537 External revenue 1,028,180 901,102 206,405 2,135,687 Elimination of intersegment sales 38,580 44,332 2,186 85,098 Segment revenue $ 1,066,760 $ 945,434 $ 208,591 $ 2,220,785 |
Significant Changes in Contract Assets | Significant changes in contract asset during the period are as follows: Nine Months Ended (in thousands) 2023 2022 Beginning balance $ 183,613 $ 155,243 Revenue recognized 1,911,958 1,937,398 Amounts collected or invoiced ( 1,905,486 ) ( 1,904,911 ) Ending balance $ 190,085 $ 187,730 |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Schedule Of Accrued Restructuring | The following table summarizes the 2023 activity in accrued restructuring, which is included in accrued liabilities on the condensed consolidated balance sheet, as of September 30, 2023 and relates to various restructuring activities initiated prior to September 30, 2023: Balance as of Foreign Balance as of December 31, Restructuring Cash Non-Cash Exchange September 30, (in thousands) 2022 Charges Payments Activity Adjustments 2023 Restructuring: Severance $ 3,683 $ 2,971 $ ( 6,600 ) $ — $ 32 $ 86 Lease facility costs 17 153 ( 161 ) — — 9 Other exit costs 81 2,104 ( 2,103 ) — — 82 $ 3,781 $ 5,228 $ ( 8,864 ) $ - $ 32 $ 177 The components of restructuring charges during the first nine months of 2023 were as follows: (in thousands) Americas Asia Europe Total Severance costs $ 2,908 $ 63 $ — $ 2,971 Lease facility costs 153 — — 153 Other exit costs 2,104 — — 2,104 $ 5,165 $ 63 $ — $ 5,228 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Calculation of Basic and Diluted Earnings per Share | The following table sets forth the calculation of basic and diluted earnings per share: Three Months Ended Nine Months Ended (in thousands, except per share data) 2023 2022 2023 2022 Net income $ 20,412 $ 18,829 $ 46,763 $ 47,010 Denominator for basic earnings per share – weighted-average 35,647 35,151 35,535 35,184 Incremental common shares attributable to exercise of dilutive 4 13 5 15 Incremental common shares attributable to outstanding restricted stock units 225 184 339 405 Denominator for diluted earnings per share 35,876 35,348 35,879 35,604 Basic earnings per share $ 0.57 $ 0.54 $ 1.32 $ 1.34 Diluted earnings per share $ 0.57 $ 0.53 $ 1.30 $ 1.32 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary of Fair Values of Derivative Instruments | The following table presents the fair value of the Company’s derivative instruments: Fair Value September 30, December 31, (in thousands) Balance Sheet Location 2023 2022 Derivatives designated as hedging Forward currency exchange contracts Other current assets $ 1,440 $ 407 Interest rate swap agreement Other assets, net and other current $ 1,640 $ 639 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule Of Accumulated Other Comprehensive Loss | The changes in accumulated other comprehensive loss by component were as follows: Three Months Ended September 30, 2023 2022 Foreign Foreign Currency Derivative Currency Derivative Translation Instruments, Translation Instruments, (in thousands) Adjustments Net of Tax Other Total Adjustments Net of Tax Other Total Beginning balance $ ( 14,772 ) $ 2,932 $ ( 712 ) $ ( 12,552 ) $ ( 17,385 ) $ 191 $ ( 1,098 ) $ ( 18,292 ) Other comprehensive gain (loss) before reclassifications ( 1,891 ) 560 ( 110 ) ( 1,441 ) ( 3,541 ) 828 ( 22 ) ( 2,735 ) Amounts reclassified from accumulated other comprehensive loss — ( 1,181 ) — ( 1,181 ) — ( 98 ) — ( 98 ) Net current period other comprehensive gain (loss) ( 1,891 ) ( 621 ) ( 110 ) ( 2,622 ) ( 3,541 ) 730 ( 22 ) ( 2,833 ) Ending balance $ ( 16,663 ) $ 2,311 $ ( 822 ) $ ( 15,174 ) $ ( 20,926 ) $ 921 $ ( 1,120 ) $ ( 21,125 ) Nine Months Ended September 30, 2023 2022 Foreign Foreign Currency Derivative Currency Derivative Translation Instruments, Translation Instruments, (in thousands) Adjustments Net of Tax Other Total Adjustments Net of Tax Other Total Beginning balance $ ( 15,877 ) $ 788 $ ( 1,144 ) $ ( 16,233 ) $ ( 12,729 ) $ ( 3,372 ) $ ( 1,057 ) $ ( 17,158 ) Other comprehensive gain (loss) before reclassifications ( 786 ) 3,999 322 3,535 ( 8,197 ) 4,460 ( 63 ) ( 3,800 ) Amounts reclassified from accumulated other comprehensive loss — ( 2,476 ) — ( 2,476 ) — ( 167 ) — ( 167 ) Net current period other comprehensive gain (loss) ( 786 ) 1,523 322 1,059 ( 8,197 ) 4,293 ( 63 ) ( 3,967 ) Ending balance $ ( 16,663 ) $ 2,311 $ ( 822 ) $ ( 15,174 ) $ ( 20,926 ) $ 921 $ ( 1,120 ) $ ( 21,125 ) |
Segment And Geographic Inform_2
Segment And Geographic Information (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Schedule Of Operating Segments | Three Months Ended Nine Months Ended (in thousands) 2023 2022 2023 2022 Net sales: Americas $ 399,356 $ 400,905 $ 1,200,783 $ 1,066,760 Asia 275,163 337,726 830,056 945,434 Europe 71,412 68,400 223,857 208,591 Elimination of intersegment sales ( 26,236 ) ( 35,456 ) ( 107,074 ) ( 85,098 ) $ 719,695 $ 771,575 $ 2,147,622 $ 2,135,687 Depreciation and amortization: Americas $ 5,302 $ 4,895 $ 15,564 $ 14,522 Asia 2,496 2,570 7,232 7,668 Europe 806 822 2,394 2,440 Corporate 2,950 2,838 8,913 8,357 $ 11,554 $ 11,125 $ 34,103 $ 32,987 Income from operations: Americas $ 18,278 $ 14,608 $ 45,524 $ 41,094 Asia 37,526 33,662 91,908 91,320 Europe 3,945 4,880 13,991 10,526 Corporate and intersegment eliminations ( 29,408 ) ( 27,866 ) ( 73,859 ) ( 79,817 ) 30,341 25,284 77,564 63,123 Interest expense ( 8,475 ) ( 3,493 ) ( 23,183 ) ( 7,428 ) Interest income 1,343 452 4,223 843 Other income, net 2,384 1,087 280 1,577 Income before income taxes $ 25,593 $ 23,330 $ 58,884 $ 58,115 Capital expenditures: Americas $ 6,762 $ 5,495 $ 35,351 $ 20,587 Asia 10,529 1,104 21,153 7,151 Europe 1,118 590 3,911 3,839 Corporate 1,255 1,434 6,298 2,017 $ 19,664 $ 8,623 $ 66,713 $ 33,594 September 30, December 31, (in thousands) 2023 2022 Total assets: Americas $ 1,115,465 $ 1,055,533 Asia 793,215 764,164 Europe 202,054 183,443 Corporate 222,411 224,191 $ 2,333,145 $ 2,227,331 |
Schedule Of Geographic Net Sales And Long-Lived Assets | Geographic net sales information provided below reflects the destination of the product shipped. Long-lived assets information is based on the physical location of the asset and includes property, plant and equipment, net, operating lease right-of-use assets, and other long-term assets, net. Three Months Ended Nine Months Ended (in thousands) 2023 2022 2023 2022 Geographic net sales: United States $ 436,842 $ 423,183 $ 1,308,935 $ 1,154,135 Singapore 96,563 126,178 294,453 348,134 Other Asia 56,689 90,681 158,580 251,396 Europe 99,125 91,086 304,910 287,056 Other 30,476 40,447 80,744 94,966 $ 719,695 $ 771,575 $ 2,147,622 $ 2,135,687 September 30, December 31, (in thousands) 2023 2022 Long-lived assets: United States $ 239,958 $ 249,409 Asia 80,070 68,283 Europe 30,558 29,338 Other 67,184 23,801 $ 417,770 $ 370,831 |
Supplemental Cash Flow and No_2
Supplemental Cash Flow and Non-Cash Information (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule Of Supplemental Cash Flow and Non-Cash Information | The following is additional information concerning supplemental disclosures of cash payments. Three Months Ended Nine Months Ended (in thousands) 2023 2022 2023 2022 Supplemental cash flow information: Income taxes paid, net $ 9,995 $ 8,032 $ 33,323 $ 20,883 Interest paid 9,392 3,264 22,437 6,807 Non-cash investing activity: Additions to property, plant and equipment in accounts payable $ 17,477 $ 21,921 |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventory Costs) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 699,520 | $ 710,494 |
Work in process | 23,402 | 15,546 |
Finished goods | 2,427 | 1,709 |
Inventories | $ 725,349 | $ 727,749 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Schedule of Goodwill by Reportable Segments) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Goodwill [Line Items] | ||
Goodwill | $ 192,116 | $ 192,116 |
Americas [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 154,014 | 154,014 |
Asia [Member] | ||
Goodwill [Line Items] | ||
Goodwill | $ 38,102 | $ 38,102 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Schedule Of Other Intangible Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 168,043 | $ 176,723 |
Accumulated amortization | (115,889) | (118,537) |
Net carrying amount | 52,154 | 58,186 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 100,059 | 100,072 |
Accumulated amortization | (70,703) | (65,958) |
Net carrying amount | 29,356 | 34,114 |
Capitalized Purchased Software Costs [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 43,816 | 52,483 |
Accumulated amortization | (29,288) | (36,702) |
Net carrying amount | 14,528 | 15,781 |
Technology Licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 15,500 | 15,500 |
Accumulated amortization | (15,500) | (15,500) |
Net carrying amount | 0 | 0 |
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 | (398) | (377) |
Net carrying amount | $ 470 | $ 491 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Narrative) (Details) | Sep. 30, 2023 |
Minimum [Member] | Customer Relationships [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life | 10 years |
Minimum [Member] | Purchased Software Costs [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life | 2 years |
Maximum [Member] | Customer Relationships [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life | 14 years |
Maximum [Member] | Purchased Software Costs [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life | 14 years |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets (Schedule Of Amortization Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization of intangible assets | $ 1,592 | $ 1,591 | $ 4,775 | $ 4,792 |
Amortization of capitalized purchased software costs | 3,517 | 3,019 | ||
Amortization of debt costs | 368 | 302 | ||
Total amortization | $ 8,660 | $ 8,113 |
Goodwill and Other Intangible_7
Goodwill and Other Intangible Assets (Schedule Of Estimated Future Amortization Expense) (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2023 (remaining three months) | $ 1,592 |
2024 | 4,817 |
2025 | 4,817 |
2026 | 4,817 |
2027 | $ 4,817 |
Borrowing Facilities - Schedule
Borrowing Facilities - Schedule of Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Line Of Credit Facility [Line Items] | ||
Less unamortized debt issuance costs | $ (1,677) | $ (1,829) |
Total long-term debt | 432,112 | 324,421 |
Revolving Credit Facility [Member] | ||
Line Of Credit Facility [Line Items] | ||
Revolving credit facility | 305,000 | 195,000 |
Principal amount | 305,000 | |
Term Loan Facility [Member] | ||
Line Of Credit Facility [Line Items] | ||
Principal amount | $ 128,789 | $ 131,250 |
Borrowing Facilities - Narrativ
Borrowing Facilities - Narrative (Details) - USD ($) | 9 Months Ended | ||||||
May 01, 2023 | May 20, 2022 | Dec. 21, 2021 | Sep. 30, 2023 | Feb. 03, 2023 | Dec. 31, 2022 | Jul. 20, 2018 | |
Line Of Credit Facility [Line Items] | |||||||
Credit Agreement capacity | $ 200,000,000 | ||||||
Credit agreement, secured by percentage of voting capital stock of each direct foreign subsidiary | 65% | ||||||
Credit Agreement [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Credit Agreement capacity | $ 381,000,000 | $ 650,000,000 | |||||
Federal funds rate | 0.50% | 0.50% | |||||
Description of variable interest rate basis | Amendment No. 3 also established that the interest on outstanding borrowings starting on the next reset date and any new borrowings under Amendment No. 3 (other than swingline loans) will accrue, at the Company’s option, at (a) Term Secured Overnight Financing Rate (SOFR) plus 0.10% plus the Applicable Rate (as defined in the Credit Agreement, approximately 1.00% to 2.00% 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 0.50%, (ii) the Bank of America, N.A. prime rate, (iii) Term SOFR plus 1.00% and (iv) 1.00%). | The Amendment also established that the interest on outstanding borrowings starting on the next reset date and any new borrowings under the Amendment (other than swingline loans) will accrue, at the Company’s option, at (a) BSBY plus the Applicable Rate (as defined in the Credit Agreement, approximately 1.00% to 2.00% 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 0.50%, (ii) the Bank of America, N.A. prime rate, (iii) the one month BSBY adjusted daily plus 1.00% and (iv) 1.00%).On February 3, 2023, the Company entered into Amendment No. 2 to the Credit Agreement, which increased the maximum amount of trade accounts that the Company may elect to sell at any one time to $200.0 million. | |||||
Credit Agreement covenant terms | The Credit Agreement contains certain financial covenants related to interest coverage and debt leverage, and certain customary affirmative and negative covenants, including restrictions on the Company’s ability to incur additional debt and liens, pay dividends, repurchase shares, sell assets and merge or consolidate with other persons. Amounts due under the Credit Agreement could be accelerated upon specified events of default, including a failure to pay amounts due, breach of a covenant, material inaccuracy of a representation, or occurrence of bankruptcy or insolvency, subject, in some cases, to cure periods. As of September 30, 2023, the Company was in compliance with the covenants under the Credit Agreement. | ||||||
Credit Agreement [Member] | Secured Overnight Financing Rate (SOFR) [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
U.S. Credit facility, commitment fee | 1% | ||||||
Credit Agreement [Member] | BSBY Plus [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
U.S. Credit facility, commitment fee | 1% | ||||||
Credit Agreement [Member] | Alternate Base Rate Plus [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
U.S. Credit facility, commitment fee | 1% | 1% | |||||
Credit Agreement [Member] | Minimum [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
U.S. Credit facility, commitment fee | 0.15% | ||||||
Credit Agreement [Member] | Minimum [Member] | Secured Overnight Financing Rate (SOFR) [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
U.S. Credit facility, commitment fee | 1% | ||||||
Credit Agreement [Member] | Minimum [Member] | BSBY Plus [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
U.S. Credit facility, commitment fee | 1% | ||||||
Credit Agreement [Member] | Maximum [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
U.S. Credit facility, commitment fee | 0.30% | ||||||
Credit Agreement [Member] | Maximum [Member] | Secured Overnight Financing Rate (SOFR) [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
U.S. Credit facility, commitment fee | 2% | ||||||
Credit Agreement [Member] | Maximum [Member] | BSBY Plus [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
U.S. Credit facility, commitment fee | 2% | ||||||
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 an 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 | |||||
Possible increase to total commitments under Credit Agreement | $ 100,000,000 | ||||||
Revolving credit facility, available for future borrowings | 240,600 | 430,000,000 | |||||
Principal amount | 305,000,000 | ||||||
Letters of credit outstanding amount | $ 4,400 | ||||||
Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Debt Instrument, variable rate | 0.10% | ||||||
Revolving Credit Facility [Member] | Minimum [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Credit Agreement capacity | $ 450,000,000 | $ 250,000,000 | |||||
Revolving Credit Facility [Member] | Maximum [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Credit Agreement capacity | $ 550,000,000 | $ 450,000,000 | |||||
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 | ||||||
Quarterly principal installments, Percentage | 1.25% | ||||||
Derivative Notional Amount | $ 128,800,000 | ||||||
Interest Rate | 4.039% | ||||||
Principal amount | $ 128,789,000 | $ 131,250,000 | |||||
Term Loan Facility [Member] | Interest Rate Swap [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Derivative Notional Amount | $ 128,000,000 | ||||||
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 Expenses , and Lease Assets and Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Finance lease cost: | |||||
Amortization of right-of-use assets (included in depreciation expense) | $ 0 | $ 24 | $ 48 | $ 72 | |
Interest on lease liabilities | 5 | 7 | 16 | 22 | |
Operating lease cost | 4,891 | 4,278 | 13,797 | 12,977 | |
Short-term lease cost | 183 | 64 | 473 | 208 | |
Variable lease cost | 442 | 466 | 1,334 | 1,408 | |
Total lease cost | 5,521 | $ 4,839 | 15,668 | 14,687 | |
Cash paid for amounts included in the measurement of lease liabilities: | |||||
Operating cash flows used for operating leases | 13,196 | 13,462 | |||
Operating cash flows used for finance lease | 16 | 22 | |||
Financing cash flows used for finance lease | 129 | 123 | |||
Right-of-use assets obtained in exchange for new operating lease liabilities | 39,849 | $ 11,525 | |||
Assets and Liabilities, Lessee [Abstract] | |||||
Finance lease right-of-use assets (included in other assets, net) | $ 0 | $ 0 | $ 664 | ||
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets, net | Other assets, net | Other assets, net | ||
Operating lease right-of-use assets | $ 122,104 | $ 122,104 | $ 93,081 | ||
Finance lease liabilities, current (included in current installments of long-term debt) | $ 179 | $ 179 | $ 173 | ||
Finance lease liabilities, noncurrent (included in long-term debt) | Current installments of long-term debt | Current installments of long-term debt | Current installments of long-term debt | ||
Finance lease liabilities, noncurrent (included in long-term debt) | $ 221 | $ 221 | $ 355 | ||
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Long-term debt, less current installments | Long-term debt, less current installments | Long-term debt, less current installments | ||
Operating lease liabilities, current (included in accrued liabilities) | $ 14,281 | $ 14,281 | $ 12,020 | ||
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accrued liabilities | Accrued liabilities | Accrued liabilities | ||
Operating lease liabilities, noncurrent | $ 114,279 | $ 114,279 | $ 86,687 | ||
Weighted average remaining lease term – finance leases | 2 years 2 months 12 days | 2 years 2 months 12 days | 2 years 10 months 24 days | ||
Weighted average remaining lease term – operating leases | 9 years 8 months 12 days | 9 years 8 months 12 days | 9 years 9 months 18 days | ||
Weighted average discount rate – finance leases | 4.80% | 4.80% | 4.80% | ||
Weighted average discount rate – operating leases | 4.40% | 4.40% | 4.10% |
Leases - Future Annual Minimum
Leases - Future Annual Minimum Lease Payments and Finance Lease Commitments (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Operating Leases | |
2023 (remaining three months) | $ 4,318 |
2024 | 19,547 |
2025 | 18,876 |
2026 | 15,480 |
2027 | 14,357 |
2028 and thereafter | 87,187 |
Finance Leases | |
2023 (remaining three months) | 48 |
2024 | 194 |
2025 | 177 |
2026 | 0 |
2027 | 0 |
2028 and thereafter | $ 0 |
Leases - Future Annual Minimu_2
Leases - Future Annual Minimum Lease Payments and Finance Lease Commitments - Present value of lease liabilities (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Lessee, Operating Lease, Liability, to be Paid, Gross Difference [Abstract] | |
Total minimum lease payments | $ 159,765 |
Less: imputed interest | (31,205) |
Total present value of lease liabilities | 128,560 |
Finance Lease, Liability, to be Paid, Gross Difference [Abstract] | |
Total minimum lease payments | 419 |
Less: imputed interest | (19) |
Total present value of lease liabilities | $ 400 |
Common Stock and Stock-Based _3
Common Stock and Stock-Based Awards Plans - Dividends and Share Repurchase Authorization (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||||
Sep. 11, 2023 | Sep. 12, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Feb. 19, 2020 | Oct. 26, 2018 | Mar. 06, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Dividends paid | $ 5,900,000 | $ 5,800,000 | $ 17,600,000 | $ 17,400,000 | |||||
Quarterly cash dividend declared | $ 0.165 | $ 0.165 | |||||||
Repurchase of common shares program authorized amount | $ 150,000,000 | $ 100,000,000 | $ 250,000,000 | ||||||
Repurchase of common shares remaining authorized amount | $ 154,600,000 | $ 154,600,000 |
Common Stock and Stock-Based _4
Common Stock and Stock-Based Awards Plans - Stock-Based Compensation (Narrative) (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Additional shares available for issuance | 2.3 | 2.3 | ||
Compensation cost recognized for stock-based awards | $ 3.7 | $ 4.8 | $ 12.3 | $ 13.3 |
Income tax benefit recognized in the income statement for stock-based awards | $ 0.8 | $ 1.1 | 2.8 | 3.1 |
Total cash received as a result of stock option exercises | 0.1 | 0.5 | ||
Tax benefit realized as a result of stock option exercises and the vesting of other share-based awards | 2.6 | 2.5 | ||
Total intrinsic value of stock options exercised | $ 0.1 | $ 0.4 | ||
Employee Stock Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Term of options | 10 years | |||
Employee Stock Option | Employee Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 4 years |
Common Stock and Stock-Based _5
Common Stock and Stock-Based Awards Plans (Schedule Of Unrecognized Compensation Cost And Remaining Weighted-Average Amortization Period) (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 USD ($) | ||
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation cost | $ 25,713 | |
Remaining weighted-average amortization period | 2 years 8 months 12 days | |
Performance-Based Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation cost | $ 5,997 | [1] |
Remaining weighted-average amortization period | 1 year 10 months 24 days | [1] |
[1] Based on the probable achievement of the performance goals identified in each award. |
Common Stock and Stock-Based _6
Common Stock and Stock-Based Awards Plans (Summary Of Stock Options) (Details) - Employee Stock Option $ / shares in Units, shares in Thousands, $ in Thousands | 9 Months Ended |
Sep. 30, 2023 USD ($) $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of Options, Outstanding, Beginning balance | shares | 57 |
Number of Options, Exercised | shares | (11) |
Number of Options, Forfeited or expired | shares | (2) |
Number of Options, Outstanding, Ending balance | shares | 44 |
Weighted-Average Exercise Price, Outstanding, Beginning balance | $ / shares | $ 21.85 |
Weighted-Average Exercise Price, Exercised | $ / shares | 17.37 |
Weighted-Average Exercise Price, Forfeited or expired | $ / shares | 18.66 |
Weighted-Average Exercise Price, Outstanding, Ending balance | $ / shares | $ 23.07 |
Weighted-Average Remaining Contractual Term (Years), Outstanding | 1 year |
Aggregate Intrinsic Value, Outstanding | $ | $ 53 |
Common Stock and Stock-Based _7
Common Stock and Stock-Based Awards Plans (Summary Of Stock-Based Awards) (Details) shares in Thousands | 9 Months Ended | |
Sep. 30, 2023 $ / shares shares | ||
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Non-vested shares outstanding, shares or units, beginning balance | shares | 1,185 | |
Granted, shares or units | shares | 720 | |
Vested, shares or units | shares | (479) | |
Forfeited, shares or units | shares | (136) | |
Non-vested shares outstanding, shares or units, ending balance | shares | 1,290 | |
Non-vested outstanding, weighted-average grant date fair value, beginning balance | $ / shares | $ 26.93 | |
Granted, weighted-average grant date fair value | $ / shares | 24.12 | |
Vested, weighted-average grant date fair value | $ / shares | 26.92 | |
Forfeited, weighted-average grant date fair value | $ / shares | 25.94 | |
Non-vested outstanding, weighted-average grant date fair value, ending balance | $ / shares | $ 25.47 | |
Performance-Based Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Non-vested shares outstanding, shares or units, beginning balance | shares | 545 | |
Granted, shares or units | shares | 244 | [1] |
Vested, shares or units | shares | (242) | |
Forfeited, shares or units | shares | (105) | |
Non-vested shares outstanding, shares or units, ending balance | shares | 442 | |
Non-vested outstanding, weighted-average grant date fair value, beginning balance | $ / shares | $ 27.62 | |
Granted, weighted-average grant date fair value | $ / shares | 25.3 | [1] |
Vested, weighted-average grant date fair value | $ / shares | 28.3 | |
Forfeited, weighted-average grant date fair value | $ / shares | 26.98 | |
Non-vested outstanding, weighted-average grant date fair value, ending balance | $ / shares | $ 26.12 | |
[1] Represents target number of units that can vest based on the achievement of the performance goals. |
Income Taxes - Schedule Of Inco
Income Taxes - Schedule Of Income Tax Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
U.S. Federal | $ 570 | $ (9) | ||
State and local | 196 | 609 | ||
Foreign | 15,820 | 14,715 | ||
Deferred | (4,465) | (4,210) | ||
Total income tax expense | $ 5,181 | $ 4,501 | $ 12,121 | $ 11,105 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Income Taxes [Line Items] | |||
Cumulative undistributed earnings of foreign subsidiaries | $ 365.2 | ||
Income tax incentives | $ 4.7 | $ 4.5 | |
Net impact of tax incentives, per diluted share | $ 0.13 | $ 0.13 | |
Unrecognized tax benefits including interest and penalties | $ 9.5 | ||
Malaysia [Member] | Maximum [Member] | |||
Income Taxes [Line Items] | |||
Income tax holiday extended date | 10 years | ||
Malaysia [Member] | Minimum [Member] | |||
Income Taxes [Line Items] | |||
Income tax holiday extended date | 5 years | ||
China [Member] | Maximum [Member] | |||
Income Taxes [Line Items] | |||
Income tax holidays expiration date | 2026 | ||
China [Member] | Minimum [Member] | |||
Income Taxes [Line Items] | |||
Income tax holidays expiration date | 2024 | ||
China [Member] | Earliest Tax Year [Member] | |||
Income Taxes [Line Items] | |||
Income tax holidays expiration date | 2023 | ||
Thailand [Member] | |||
Income Taxes [Line Items] | |||
Income tax holidays expiration date | 2030 |
Income Taxes - Schedule Of Tax
Income Taxes - Schedule Of Tax Incentives (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Income Taxes [Line Items] | ||
Income tax incentives | $ 4,706 | $ 4,505 |
China [Member] | ||
Income Taxes [Line Items] | ||
Income tax incentives | 620 | 581 |
Thailand [Member] | ||
Income Taxes [Line Items] | ||
Income tax incentives | $ 4,086 | $ 3,924 |
Revenue (Disaggregation Of reve
Revenue (Disaggregation Of revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 745,931 | $ 807,031 | $ 2,254,696 | $ 2,220,785 |
Operating Segments [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 719,695 | 771,575 | 2,147,622 | 2,135,687 |
Operating Segments [Member] | Industrials Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 153,641 | 155,278 | 464,004 | 451,260 |
Operating Segments [Member] | Aerospace And Defense Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 99,687 | 86,238 | 259,266 | 257,322 |
Operating Segments [Member] | Medical Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 149,130 | 165,546 | 431,115 | 448,653 |
Operating Segments [Member] | Semi-Cap Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 165,254 | 186,325 | 477,830 | 544,661 |
Operating Segments [Member] | Advanced Computing [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 65,724 | 94,562 | 243,103 | 218,254 |
Operating Segments [Member] | Next Generation Communications [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 86,259 | 83,626 | 272,304 | 215,537 |
Elimination Of Intersegment Sales [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 26,236 | 35,456 | 107,074 | 85,098 |
Americas [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 399,356 | 400,905 | 1,200,783 | 1,066,760 |
Americas [Member] | Operating Segments [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 385,179 | 383,386 | 1,133,531 | 1,028,180 |
Americas [Member] | Operating Segments [Member] | Industrials Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 28,504 | 29,504 | 96,390 | 71,171 |
Americas [Member] | Operating Segments [Member] | Aerospace And Defense Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 84,821 | 69,700 | 215,185 | 216,204 |
Americas [Member] | Operating Segments [Member] | Medical Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 92,509 | 85,609 | 251,001 | 240,467 |
Americas [Member] | Operating Segments [Member] | Semi-Cap Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 65,920 | 77,123 | 189,939 | 212,152 |
Americas [Member] | Operating Segments [Member] | Advanced Computing [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 60,748 | 78,438 | 224,424 | 180,109 |
Americas [Member] | Operating Segments [Member] | Next Generation Communications [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 52,677 | 43,012 | 156,592 | 108,077 |
Americas [Member] | Elimination Of Intersegment Sales [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 14,177 | 17,519 | 67,252 | 38,580 |
Asia [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 275,163 | 337,726 | 830,056 | 945,434 |
Asia [Member] | Operating Segments [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 264,401 | 320,457 | 793,017 | 901,102 |
Asia [Member] | Operating Segments [Member] | Industrials Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 94,939 | 90,469 | 270,369 | 275,422 |
Asia [Member] | Operating Segments [Member] | Aerospace And Defense Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 8,833 | 13,514 | 25,655 | 29,196 |
Asia [Member] | Operating Segments [Member] | Medical Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 46,968 | 67,956 | 146,136 | 176,408 |
Asia [Member] | Operating Segments [Member] | Semi-Cap Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 75,103 | 91,907 | 216,522 | 274,703 |
Asia [Member] | Operating Segments [Member] | Advanced Computing [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 4,976 | 16,124 | 18,679 | 38,145 |
Asia [Member] | Operating Segments [Member] | Next Generation Communications [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 33,582 | 40,487 | 115,656 | 107,228 |
Asia [Member] | Elimination Of Intersegment Sales [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 10,762 | 17,269 | 37,039 | 44,332 |
Europe [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 71,412 | 68,400 | 223,857 | 208,591 |
Europe [Member] | Operating Segments [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 70,115 | 67,732 | 221,074 | 206,405 |
Europe [Member] | Operating Segments [Member] | Industrials Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 30,198 | 35,305 | 97,245 | 104,667 |
Europe [Member] | Operating Segments [Member] | Aerospace And Defense Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 6,033 | 3,024 | 18,426 | 11,922 |
Europe [Member] | Operating Segments [Member] | Medical Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 9,653 | 11,981 | 33,978 | 31,778 |
Europe [Member] | Operating Segments [Member] | Semi-Cap Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 24,231 | 17,295 | 71,369 | 57,806 |
Europe [Member] | Operating Segments [Member] | Advanced Computing [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Europe [Member] | Operating Segments [Member] | Next Generation Communications [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 56 | 232 |
Europe [Member] | Elimination Of Intersegment Sales [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 1,297 | $ 668 | $ 2,783 | $ 2,186 |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Disaggregation Of Revenue [Line Items] | |||
Contract assets | $ 190,085 | $ 183,613 | |
Advance payments from customers | 189,058 | 197,937 | |
Customer Deposits and Prepayments of Inventory [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Advance payments from customers | 175,100 | 178,900 | |
Contractual Timing of Payments [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Advance payments from customers | $ 14,000 | $ 18,900 | |
Transferred Over Time [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Percentage Of Revenue | 89% | 90.60% |
Revenue (Schedule of Significan
Revenue (Schedule of Significant Changes in Contract Assets) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Change in Contract with Customer, Asset [Abstract] | ||
Beginning balance as of December 31 | $ 183,613 | $ 155,243 |
Revenue recognized | 1,911,958 | 1,937,398 |
Amounts collected or invoiced | (1,905,486) | (1,904,911) |
Ending balance as of September 30 | $ 190,085 | $ 187,730 |
Accounts Receivable Sale Prog_2
Accounts Receivable Sale Programs (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Receivables [Abstract] | ||||
Increases In Maximum Limit Accounts Receivable Sale Program | $ 200 | |||
Trade Accounts Receivable Sold | $ 123.3 | $ 103.4 | 415.4 | $ 330 |
Amount Received From Trade Accounts Receivable Sold To Third Party | $ 122.4 | $ 102.9 | $ 412.1 | $ 328.9 |
Restructuring Charges (Schedule
Restructuring Charges (Schedule Of Accrued Restructuring) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Restructuring Cost And Reserve [Line Items] | |
Beginning Balance | $ 3,781 |
Restructuring charges | 5,228 |
Cash Payments | (8,864) |
Severance costs | 2,971 |
Lease Facility Cost | 153 |
Other exit costs | 2,104 |
Non-Cash Activity | 0 |
Foreign Exchange Adjustments | 32 |
Ending Balance | 177 |
Americas [Member] | |
Restructuring Cost And Reserve [Line Items] | |
Restructuring charges | 5,165 |
Severance costs | 2,908 |
Lease Facility Cost | 153 |
Other exit costs | 2,104 |
Asia [Member] | |
Restructuring Cost And Reserve [Line Items] | |
Restructuring charges | 63 |
Severance costs | 63 |
Lease Facility Cost | 0 |
Other exit costs | 0 |
Europe [Member] | |
Restructuring Cost And Reserve [Line Items] | |
Restructuring charges | 0 |
Severance costs | 0 |
Lease Facility Cost | 0 |
Other exit costs | 0 |
Severance [Member] | |
Restructuring Cost And Reserve [Line Items] | |
Beginning Balance | 3,683 |
Restructuring charges | 2,971 |
Cash Payments | (6,600) |
Non-Cash Activity | 0 |
Foreign Exchange Adjustments | 32 |
Ending Balance | 86 |
Lease Facility Costs [Member] | |
Restructuring Cost And Reserve [Line Items] | |
Beginning Balance | 17 |
Restructuring charges | 153 |
Cash Payments | (161) |
Non-Cash Activity | 0 |
Foreign Exchange Adjustments | 0 |
Ending Balance | 9 |
Other Exit Costs [Member] | |
Restructuring Cost And Reserve [Line Items] | |
Beginning Balance | 81 |
Restructuring charges | 2,104 |
Cash Payments | (2,103) |
Non-Cash Activity | 0 |
Foreign Exchange Adjustments | 0 |
Ending Balance | $ 82 |
Restructuring Charges (Addition
Restructuring Charges (Additional Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2023 | Sep. 30, 2022 | |
Restructuring charges | $ 5,228 | ||
Costs Related to Asset Impairments | 1,075 | $ 0 | |
Sale of equipment | 1,300 | ||
Loss on assets held for sale | 2,000 | ||
Sale of building | 4,300 | ||
Gain on assets held from sale | $ 2,400 | ||
Americas [Member] | |||
Restructuring charges | $ 5,165 | ||
Costs Related to Asset Impairments | $ 4,400 |
Earnings Per Share (Schedule Of
Earnings Per Share (Schedule Of Calculation Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share Reconciliation [Line Items] | ||||
Net Income (Loss) | $ 20,412 | $ 18,829 | $ 46,763 | $ 47,010 |
Denominator for basic earnings per share – weighted-average number of common shares outstanding during the period | 35,647 | 35,151 | 35,535 | 35,184 |
Denominator for diluted earnings per share | 35,876 | 35,348 | 35,879 | 35,604 |
Basic earnings per share | $ 0.57 | $ 0.54 | $ 1.32 | $ 1.34 |
Diluted earnings per share | $ 0.57 | $ 0.53 | $ 1.3 | $ 1.32 |
Employee Stock Option | ||||
Earnings Per Share Reconciliation [Line Items] | ||||
Incremental common shares attributable to exercise of dilutive options | 4 | 13 | 5 | 15 |
Restricted Stock Units [Member] | ||||
Earnings Per Share Reconciliation [Line Items] | ||||
Incremental common shares attributable to exercise of dilutive options | 225 | 184 | 339 | 405 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities to purchase common shares | 3,000 | 200,000 | 0 | |
Maximum [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities to purchase common shares | 1,000 |
Financial Instruments (Narrativ
Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | |||||
Unrealized gain (loss) on derivatives, net of tax | $ (621) | $ 730 | $ 1,523 | $ 4,293 | |
Amounts classified from accumulated other comprehensive income | 1,200 | 100 | 2,500 | 200 | |
Interest Rate Swap [Member] | |||||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | |||||
Derivative Notional Amount | $ 128,000 | $ 128,000 | $ 121,900 | ||
Fixed interest rate | 4.039% | 4.039% | 2.928% | ||
Unrealized gain (loss) | $ 1,500 | 1,000 | $ 1,000 | 5,300 | |
Unrealized gain (loss) on derivatives, net of tax | 1,100 | 700 | 700 | 4,000 | |
Forward Currency Exchange [Member] | |||||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | |||||
Unrealized gain (loss) | (2,300) | 1,000 | 400 | ||
Unrealized gain (loss) on derivatives, net of tax | $ 1,700 | $ 800 | $ 300 | ||
Forward Currency Exchange [Member] | Maximum [Member] | |||||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | |||||
Unrealized gain (loss) | (100) | ||||
Unrealized gain (loss) on derivatives, net of tax | $ 100 |
Financial Instruments - Summary
Financial Instruments - Summary of Fair Values of Derivative Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Other Current Assets [Member] | Forward currency exchange contracts [Member] | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Fair value of forward currency exchange contracts | $ 1,440 | $ 407 |
Other Current Assets [Member] | Interest Rate Swap [Member] | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Fair value of interest rate swap | $ 639 | |
Other Noncurrent Assets [Member] | Interest Rate Swap [Member] | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Fair value of interest rate swap | $ 1,640 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Schedule Of Accumulated Other Comprehensive Loss By Component) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Accumulated other comprehensive loss, net of tax, beginning balance | $ (12,552) | $ (18,292) | $ (16,233) | $ (17,158) |
Other comprehensive gain (loss) before reclassifications | (1,441) | (2,735) | 3,535 | (3,800) |
Amounts reclassified from accumulated other comprehensive loss | (1,181) | (98) | (2,476) | (167) |
Net current period other comprehensive gain (loss) | (2,622) | (2,833) | 1,059 | (3,967) |
Accumulated other comprehensive loss, net of tax, ending balance | (15,174) | (21,125) | (15,174) | (21,125) |
Foreign Currency Translation Adjustments [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Accumulated other comprehensive loss, net of tax, beginning balance | (14,772) | (17,385) | (15,877) | (12,729) |
Other comprehensive gain (loss) before reclassifications | (1,891) | (3,541) | (786) | (8,197) |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | 0 | 0 |
Net current period other comprehensive gain (loss) | (1,891) | (3,541) | (786) | (8,197) |
Accumulated other comprehensive loss, net of tax, ending balance | (16,663) | (20,926) | (16,663) | (20,926) |
Derivative Instruments, Net of Tax [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Accumulated other comprehensive loss, net of tax, beginning balance | 2,932 | 191 | 788 | (3,372) |
Other comprehensive gain (loss) before reclassifications | 560 | 828 | 3,999 | 4,460 |
Amounts reclassified from accumulated other comprehensive loss | (1,181) | (98) | (2,476) | (167) |
Net current period other comprehensive gain (loss) | (621) | 730 | 1,523 | 4,293 |
Accumulated other comprehensive loss, net of tax, ending balance | 2,311 | 921 | 2,311 | 921 |
Other [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Accumulated other comprehensive loss, net of tax, beginning balance | (712) | (1,098) | (1,144) | (1,057) |
Other comprehensive gain (loss) before reclassifications | (110) | (22) | 322 | (63) |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | 0 | 0 |
Net current period other comprehensive gain (loss) | (110) | (22) | 322 | (63) |
Accumulated other comprehensive loss, net of tax, ending balance | $ (822) | $ (1,120) | $ (822) | $ (1,120) |
Segment And Geographic Inform_3
Segment And Geographic Information (Operating Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | |||||
Sales | $ 719,695 | $ 771,575 | $ 2,147,622 | $ 2,135,687 | |
Depreciation and amortization | 11,554 | 11,125 | 34,103 | 32,987 | |
Income from operations | 30,341 | 25,284 | 77,564 | 63,123 | |
Interest expense | (8,475) | (3,493) | (23,183) | (7,428) | |
Interest income | 1,343 | 452 | 4,223 | 843 | |
Other expense | 2,384 | 1,087 | 280 | 1,577 | |
Income before income taxes | 25,593 | 23,330 | 58,884 | 58,115 | |
Capital expenditures | 19,664 | 8,623 | 66,713 | 33,594 | |
Total assets | 2,333,145 | 2,333,145 | $ 2,227,331 | ||
Elimination Of Intersegment Sales [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | (26,236) | (35,456) | (107,074) | (85,098) | |
Corporate And Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Income from operations | (29,408) | (27,866) | (73,859) | (79,817) | |
Americas [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 399,356 | 400,905 | 1,200,783 | 1,066,760 | |
Depreciation and amortization | 5,302 | 4,895 | 15,564 | 14,522 | |
Income from operations | 18,278 | 14,608 | 45,524 | 41,094 | |
Capital expenditures | 6,762 | 5,495 | 35,351 | 20,587 | |
Total assets | 1,115,465 | 1,115,465 | 1,055,533 | ||
Asia [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 275,163 | 337,726 | 830,056 | 945,434 | |
Depreciation and amortization | 2,496 | 2,570 | 7,232 | 7,668 | |
Income from operations | 37,526 | 33,662 | 91,908 | 91,320 | |
Capital expenditures | 10,529 | 1,104 | 21,153 | 7,151 | |
Total assets | 793,215 | 793,215 | 764,164 | ||
Europe [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 71,412 | 68,400 | 223,857 | 208,591 | |
Depreciation and amortization | 806 | 822 | 2,394 | 2,440 | |
Income from operations | 3,945 | 4,880 | 13,991 | 10,526 | |
Capital expenditures | 1,118 | 590 | 3,911 | 3,839 | |
Total assets | 202,054 | 202,054 | 183,443 | ||
Corporate [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation and amortization | 2,950 | 2,838 | 8,913 | 8,357 | |
Capital expenditures | 1,255 | $ 1,434 | 6,298 | $ 2,017 | |
Total assets | $ 222,411 | $ 222,411 | $ 224,191 |
Segment And Geographic Inform_4
Segment And Geographic Information (Schedule Of Geographic Net Sales And Long-Lived Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | |||||
Geographic net sales | $ 719,695 | $ 771,575 | $ 2,147,622 | $ 2,135,687 | |
Long-lived assets | 417,770 | 417,770 | $ 370,831 | ||
United States [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Geographic net sales | 436,842 | 423,183 | 1,308,935 | 1,154,135 | |
Long-lived assets | 239,958 | 239,958 | 249,409 | ||
Asia [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Long-lived assets | 80,070 | 80,070 | 68,283 | ||
Singapore [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Geographic net sales | 96,563 | 126,178 | 294,453 | 348,134 | |
Other Asia [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Geographic net sales | 56,689 | 90,681 | 158,580 | 251,396 | |
Europe [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Geographic net sales | 99,125 | 91,086 | 304,910 | 287,056 | |
Long-lived assets | 30,558 | 30,558 | 29,338 | ||
Other Foreign [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Geographic net sales | 30,476 | $ 40,447 | 80,744 | $ 94,966 | |
Long-lived assets | $ 67,184 | $ 67,184 | $ 23,801 |
Supplemental Cash Flow and No_3
Supplemental Cash Flow and Non-Cash Information (Schedule Of Supplemental Cash Flow and Non-Cash Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Supplemental Cash Flow Information [Abstract] | ||||
Income taxes paid, net | $ 9,995 | $ 8,032 | $ 33,323 | $ 20,883 |
Interest paid | $ 9,392 | $ 3,264 | 22,437 | 6,807 |
Non-cash investing activity: | ||||
Additions to property, plant and equipment in accounts payable | $ 17,477 | $ 21,921 |