Cover
Cover - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 22, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Entity Central Index Key | 0000863436 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Document Period End Date | Dec. 31, 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 | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 35,774,555 | ||
Entity Public Float | $ 0.9 | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Documents Incorporated by Reference | Documents Incorporated by Reference: Portions of the registrant’s Proxy Statement for the 2024 Annual Meeting of Shareholders, to be filed with the Securities and Exchange Commission not later than 120 days after the end of the registrant’s fiscal year ended December 31, 2023, are incorporated herein by reference (Part III, Items 10-14 of this Annual Report on Form 10-K). | ||
Auditor Firm ID | 185 | ||
Auditor Name | KPMG LLP | ||
Auditor Location | Phoenix, Arizona |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and cash equivalents | $ 277,391 | $ 207,430 |
Restricted cash | 5,822 | 0 |
Accounts receivable, net of allowance for doubtful accounts of $470 and $514, respectively | 449,404 | 491,957 |
Contract assets | 174,979 | 183,613 |
Inventories | 683,801 | 727,749 |
Prepaid expenses and other assets | 44,350 | 41,400 |
Total current assets | 1,635,747 | 1,652,149 |
Property, plant and equipment, net | 227,698 | 211,478 |
Operating lease right-of-use assets | 130,830 | 93,081 |
Goodwill | 192,116 | 192,116 |
Deferred income taxes | 26,943 | 12,235 |
Other assets, net | 61,421 | 66,272 |
Total assets | 2,274,755 | 2,227,331 |
Current liabilities: | ||
Current installments of long-term debt | 4,283 | 4,275 |
Accounts payable | 367,480 | 424,272 |
Advance payments from customers | 204,883 | 197,937 |
Income taxes payable | 22,225 | 12,236 |
Accrued liabilities | 114,676 | 110,416 |
Total current liabilities | 713,547 | 749,136 |
Long-term debt, net of current installments | 326,674 | 320,675 |
Operating lease liabilities | 123,385 | 86,687 |
Other long-term liabilities | 32,064 | 43,922 |
Deferred income taxes | 0 | 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 - 35,664 and 35,164, respectively | 3,566 | 3,516 |
Additional paid-in capital | 528,842 | 519,238 |
Retained earnings | 560,537 | 519,895 |
Accumulated other comprehensive loss | (13,860) | (16,233) |
Total shareholders’ equity | 1,079,085 | 1,026,416 |
Total liabilities and shareholders' equity | $ 2,274,755 | $ 2,227,331 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts, accounts receivable | $ 470 | $ 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 | 35,664,000 | 35,164,000 |
Common stock, outstanding | 35,664,000 | 35,164,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | |||
Sales | $ 2,838,976 | $ 2,886,331 | $ 2,255,319 |
Cost of sales | 2,567,906 | 2,631,096 | 2,049,418 |
Gross profit | 271,070 | 255,235 | 205,901 |
Selling, general and administrative expenses | 147,025 | 150,215 | 136,700 |
Amortization of intangible assets | 5,979 | 6,384 | 6,384 |
Restructuring charges and other costs | 8,402 | 8,567 | 13,699 |
Ransomware related incident recoveries | 0 | 0 | (3,944) |
Income from operations | 109,664 | 90,069 | 53,062 |
Interest expense | (31,875) | (12,894) | (8,472) |
Interest income | 6,256 | 1,730 | 540 |
Other (expense) income, net | (2,825) | 5,437 | 277 |
Income before income taxes | 81,220 | 84,342 | 45,407 |
Income tax expense | 16,905 | 16,113 | 9,637 |
Net income | $ 64,315 | $ 68,229 | $ 35,770 |
Earnings per share: | |||
Basic | $ 1.81 | $ 1.94 | $ 1 |
Diluted | $ 1.79 | $ 1.91 | $ 0.99 |
Weighted-average number of shares outstanding: | |||
Basic | 35,566 | 35,179 | 35,655 |
Diluted | 35,973 | 35,718 | 36,101 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income (Loss) | $ 64,315 | $ 68,229 | $ 35,770 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | 2,964 | (3,148) | (4,354) |
Unrealized gain (loss) on derivatives, net of tax | (628) | 4,160 | 3,370 |
Other | 37 | (87) | 477 |
Total other comprehensive income (loss) | 2,373 | 925 | (507) |
Comprehensive income | $ 66,688 | $ 69,154 | $ 35,263 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Additional Paid In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] |
Beginning Balances, value at Dec. 31, 2020 | $ 989,588 | $ 3,629 | $ 510,405 | $ 492,205 | $ (16,651) |
Balances, shares at Dec. 31, 2020 | 36,295 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 35,770 | 35,770 | |||
Other comprehensive income (loss) | (507) | (507) | |||
Dividends declared | (23,267) | (23,267) | |||
Stock-based compensation expense | 15,262 | 15,262 | |||
Shares repurchased and retired, value | (40,216) | $ (138) | (15,362) | (24,716) | |
Shares repurchased and retired, shares | (1,380) | ||||
Stock options exercised, value | 346 | $ 3 | 343 | ||
Stock options exercised, shares | 30 | ||||
Vesting of restricted stock units, value | $ 38 | (38) | |||
Vesting of restricted stock units, shares | 377 | ||||
Shares withheld for taxes, shares | (109) | ||||
Shares withheld for taxes, value | (3,174) | $ (11) | (3,163) | ||
Ending Balances, value at Dec. 31, 2021 | 973,802 | $ 3,521 | 507,447 | 479,992 | (17,158) |
Balances, shares at Dec. 31, 2021 | 35,213 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 68,229 | 68,229 | |||
Other comprehensive income (loss) | 925 | 925 | |||
Dividends declared | (23,149) | (23,149) | |||
Stock-based compensation expense | 18,485 | 18,485 | |||
Shares repurchased and retired, value | (9,391) | $ (37) | (4,177) | (5,177) | |
Shares repurchased and retired, shares | (376) | ||||
Stock options exercised, value | 716 | $ 4 | 712 | ||
Stock options exercised, shares | 45 | ||||
Vesting of restricted stock units, value | $ 41 | (41) | |||
Vesting of restricted stock units, shares | 407 | ||||
Shares withheld for taxes, shares | (125) | ||||
Shares withheld for taxes, value | (3,201) | $ (13) | (3,188) | ||
Ending 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] | |||||
Net income | $ 64,315 | 64,315 | |||
Other comprehensive income (loss) | 2,373 | 2,373 | |||
Dividends declared | (23,673) | (23,673) | |||
Stock-based compensation expense | 15,286 | 15,286 | |||
Stock options exercised, value | 129 | $ 1 | 128 | ||
Stock options exercised, shares | 8 | ||||
Vesting of restricted stock units, value | $ 73 | (73) | |||
Vesting of restricted stock units, shares | 732 | ||||
Shares withheld for taxes, shares | (240) | ||||
Shares withheld for taxes, value | (5,761) | $ (24) | (5,737) | ||
Ending Balances, value at Dec. 31, 2023 | $ 1,079,085 | $ 3,566 | $ 528,842 | $ 560,537 | $ (13,860) |
Balances, shares at Dec. 31, 2023 | 35,664 | 35,664 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net Income (Loss) | $ 64,315 | $ 68,229 | $ 35,770 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Depreciation | 34,368 | 33,339 | 35,003 |
Amortization | 11,042 | 10,913 | 9,149 |
Provision for doubtful accounts | 1,321 | 489 | 0 |
Deferred income taxes | (14,992) | (7,248) | (6,883) |
Asset impairments | 1,075 | 0 | 4,357 |
(Gain) loss on the sale of property, plant and equipment | (101) | (289) | 148 |
Gain on assets held for sale | 0 | (393) | 0 |
Stock-based compensation expense | 15,286 | 18,485 | 15,262 |
Changes in operating assets and liabilities: | |||
Accounts receivable | 42,050 | (136,455) | (46,967) |
Contract assets | 8,634 | (28,370) | (12,464) |
Inventories | 45,071 | (206,247) | (197,867) |
Prepaid expenses and other assets | (4,648) | (6,467) | (12,201) |
Accounts payable | (35,320) | (16,656) | 139,952 |
Advance payments from customers | 6,946 | 79,813 | 34,002 |
Accrued liabilities | (13,093) | 6,303 | (508) |
Operating leases | (2,414) | (441) | 167 |
Income taxes | 9,926 | 6,646 | 792 |
Net cash provided by (used in) operating activities | 174,294 | (177,467) | (2,622) |
Cash flows from investing activities: | |||
Additions to property, plant and equipment | (73,479) | (43,357) | (38,794) |
Additions to capitalized purchased software | (4,260) | (3,417) | (3,383) |
Proceeds from the sale of property, plant and equipment | 649 | 321 | 239 |
Proceeds from the sale of assets held for sale | 0 | 5,372 | 0 |
Other, net | (48) | (93) | 63 |
Net cash used in investing activities | (77,138) | (41,174) | (41,875) |
Cash flows from financing activities: | |||
Borrowings under credit agreement | 749,500 | 828,000 | 150,000 |
Principal payments on credit agreement | (743,602) | (633,000) | (155,625) |
Dividends paid | (23,455) | (23,156) | (23,260) |
Employee taxes paid with shares withheld | (5,761) | (3,201) | (3,174) |
Proceeds from stock options exercised | 129 | 716 | 346 |
Debt issuance costs | (216) | (574) | (1,150) |
Principal payments on finance leases | (173) | (165) | (873) |
Share repurchases | 0 | (9,391) | (40,216) |
Net cash provided by (used in) financing activities | (23,578) | 159,229 | (73,952) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 2,205 | (4,907) | (5,792) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 75,783 | (64,319) | (124,241) |
Cash, cash equivalents and restricted cash at the beginning of the year | 207,430 | 271,749 | 395,990 |
Cash, cash equivalents and restricted cash at the end of the year | $ 283,213 | $ 207,430 | $ 271,749 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ 64,315 | $ 68,229 | $ 35,770 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 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 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1—Summary of Significant Accounting Policies (a) Business Benchmark Electronics, Inc. (the Company) is a Texas corporation that provides advanced manufacturing 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 (OEMs) since 1979. The Company serves the following market sectors: complex industrials, aerospace and defense (A&D), medical technologies, semiconductor capital equipment (semi-cap), advanced computing and next-generation communications. The Company has manufacturing operations located in the United States and Mexico (the Americas), Asia and Europe. (b) Principles of Consolidation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) and include the financial statements of Benchmark Electronics, Inc. and its wholly owned and majority owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. (c) Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid debt instruments with an original maturity at the date of purchase of three months or less to be cash equivalents. Cash equivalents of $ 121.2 million and $ 88.9 million at December 31, 2023 and 2022 , respectively, consisted primarily of money-market funds and time deposits with an initial term of less than three months. Restricted cash represents cash received from customers to settle invoices sold under trade accounts receivable sale program purchase agreements that is contractually required to be set aside until the cash is remitted to the purchaser. (d) Allowance for Doubtful Accounts Accounts receivable are recorded net of allowances for amounts not expected to be collected. In estimating the allowance, management considers a specific customer’s financial condition, payment history, current conditions, and various information or disclosures by the customer or other publicly available information. Accounts receivable are charged against the allowance after all reasonable efforts to collect the full amount (including litigation, where appropriate) have been exhausted. The following table summarizes the activity of the Company’s allowance for doubtful accounts: (in thousands) Balance as of Charges to Deductions Balance as of Year ended December 31, 2023: Allowance for doubtful accounts (1) $ 514 $ 1,321 $ ( 1,365 ) $ 470 Year ended December 31, 2022: Allowance for doubtful accounts (1) 788 489 ( 763 ) 514 Year ended December 31, 2021: Allowance for doubtful accounts (1) 1,371 — ( 583 ) 788 (1) Deductions in the allowance for doubtful accounts represent write-offs, net of recoveries, of amounts determined to be uncollectible. (e) Inventories Inventories are stated at the lower of cost (first-in, first-out method) and net realizable value. Costs included in inventories consist of materials, labor and overhead. The carrying amounts of inventories are adjusted for excess and obsolete inventory. Evaluation of excess inventory includes considering factors such as anticipated usage, inventory turnover, inventory levels and product demand levels. Evaluation for obsolete inventory includes considering factors such as the age of on-hand inventory, reduction in value due to damage and design changes. The Company also takes into consideration whether customer agreements specify for the customer to pay for such inventory. (f) Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets, which include 5 to 40 years for buildings and building improvements, 2 to 15 years for machinery and equipment, 2 to 12 years for furniture and fixtures and 2 to 8 years for vehicles. Leasehold improvements are amortized using the straight-line method over the shorter of the useful life of the improvement or the remainder of the lease term. (g) Leases Lease assets and liabilities are initially recognized based on the present value of lease payments over the lease term calculated using the Company’s incremental borrowing rate unless the implicit rate is readily determinable. Our incremental borrowing rate represents the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term in a similar economic environment. Lease assets also include any upfront lease payments made and exclude lease incentives. Lease terms include options to extend or terminate the lease when it is reasonably certain that those options will be exercised. Leases are classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the consolidated statement of income. Management elected the short-term lease recognition exemption for all of the Company’s leases that qualify, in addition to the practical expedient to not separate lease and non-lease components. (h) Goodwill and Other Intangible Assets Goodwill represents the excess of purchase price over fair value of net assets acquired. Goodwill and intangible assets acquired in a business combination and determined to have an indefinite useful life are not amortized, but instead assessed for impairment at least annually. Other assets, net, primarily consist of acquired identifiable intangible assets and capitalized purchased software costs. Intangible assets, including those acquired in a business combination, with estimable useful lives are amortized over their respective estimated useful lives to their estimated residual values. Customer relationships are amortized on a straight-line basis over a period of 10 to 14 years. Capitalized purchased software costs are amortized on a straight-line basis over the estimated useful life of the related software, which ranges from 2 to 14 years . Technology licenses are amortized over their estimated useful lives in proportion to the economic benefits consumed. (i) Impairment of Long-Lived Assets and Goodwill Long-lived assets, such as property, plant, and equipment, and purchased intangibles subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is evaluated by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds the estimated fair value of the asset. Assets to be disposed of are reported at the lower of the carrying amount or estimated fair value less costs to sell and are no longer depreciated. The Company evaluates goodwill for impairment on an annual basis, during the fourth quarter, and whenever events and changes in circumstances suggest that the carrying amount may be impaired. Circumstances that may lead to the impairment of goodwill include unforeseen decreases in future performance or industry demand or the restructuring of our operations as a result of a change in our business strategy. A qualitative assessment is allowed to determine if goodwill is potentially impaired. Based on this qualitative assessment, if the Company determines that it is more likely than not that the reporting unit’s fair value is less than its carrying value, then it performs a quantitative assessment, otherwise no further analysis is required. In connection with its annual qualitative goodwill impairment assessments as of December 31, 2023 and 2022 , the Company concluded that goodwill was not impaired. (j) Earnings Per Share Basic earnings per share is computed using the weighted-average number of common shares outstanding. Diluted earnings per share is computed using the weighted-average number of shares outstanding adjusted for the incremental shares attributed to outstanding stock equivalents. Stock equivalents include common shares issuable upon the exercise of stock options and other equity instruments and are computed using the treasury stock method. Under the treasury stock method, the exercise price of a share and the amount of compensation cost, if any, for future service that the Company has not yet recognized are assumed to be used to repurchase shares in the current period. The following table sets forth the calculation of basic and diluted earnings per share: Year Ended December 31, (in thousands, except per share data) 2023 2022 2021 Net income $ 64,315 $ 68,229 $ 35,770 Denominator for basic earnings per share 35,566 35,179 35,655 Incremental common shares attributable to outstanding restricted stock units 403 522 407 Incremental common shares attributable to exercise of dilutive options 4 17 39 Denominator for diluted earnings per share 35,973 35,718 36,101 Earnings per share: Basic $ 1.81 $ 1.94 $ 1.00 Diluted $ 1.79 $ 1.91 $ 0.99 There were no anti-dilutive stock options excluded from the computation of diluted earnings per share in 2023, 2022 and 2021. Restricted s tock units totaling less than 0.1 million common share equivalents for 2023 and 2021 were excluded from the computation of diluted earnings per share because their effect would have been anti-dilutive. There were no anti-dilutive restricted stock units in 2022 . (k) Revenue Recognition The Company recognizes revenue as the customer takes control of the manufactured products built to customer specifications. Under the majority of the Company’s manufacturing contracts with customers, the customer controls all of the work-in-progress as products are being built. Revenue under these contracts is 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 the goods are shipped. Revenue from design, development and engineering services is generally recognized over time as the services are performed. The Company’s performance obligations generally have an expected duration of one year or less. The Company applies the practical expedient related to short-term performance obligations and does not disclose information about remaining performance obligations that have original expected durations of one year or less or any significant financing components in the contracts. The Company recognizes the incremental costs, if any, of obtaining contracts as an expense when incurred since the amortization period of the assets that the Company otherwise would have recognized is one year or less. (l) Income Taxes Income taxes are accounted for under the asset and liability method. Deferred income taxes are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. The Company records a valuation allowance to reduce its deferred tax assets to the amounts that are more likely than not to be realized in the future. The Company considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in assessing the need for a valuation allowance. (m) Stock-Based Compensation All share-based payments to employees of the Company, including grants of employee stock options (last awarded in 2015), are recognized in the consolidated financial statements based on their grant date fair values. The total compensation costs recognized for stock-based awards were $ 15.3 million, $ 18.5 million and $ 15.3 million for 2023, 2022 and 2021, respectively. The future tax benefit of these stock-based awards as of the grant date was $ 3.5 million, $ 4.4 million and $ 3.6 million for 2023, 2022 and 2021, respectively. The fair value of stock option grants is estimated on the date of grant using the Black-Scholes option pricing model. The fair values of restricted stock units and performance-based restricted stock units are determined based on the closing market price of the Company’s common stock on the date of grant. For performance-based restricted stock units, compensation cost is calculated taking into consideration the probability that the underlying performance goals will be achieved, which is monitored by management throughout the requisite service period. When it becomes probable, based on management's expectation of the Company's performance during the measurement period, that more or less than the previous estimate of the awarded shares will vest, an adjustment to compensation cost is recognized as a change in accounting estimate in the period the change is determined. As of December 31, 2023, the unrecognized compensation costs and remaining weighted-average amortization periods related to stock-based awards were as follows: (in thousands) Restricted Performance- Unrecognized compensation cost $ 21,869 $ 4,813 Remaining weighted-average amortization period 2.5 years 1.8 years (1) Based on the probable achievement of the performance goals identified in each award. The total cash received as a result of stock option exercises in 2023, 2022 and 2021 was $ 0.1 million, $ 0.7 million and $ 0.3 million, respectively. The actual tax benefit realized as a result of stock option exercises and the vesting of other share-based awards during 2023, 2022 and 2021 was $ 2.7 million, $ 2.5 million and $ 2.7 million, respectively. For 2023, 2022 and 2021, the total intrinsic value of stock options exercised was $ 0.1 million, $ 0.5 million and $ 0.5 million, respectively. The Company awarded performance-based restricted stock units to employees during 2023, 2022 and 2021. 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 become available for issuance under the Company’s 2019 Omnibus Incentive Compensation Plan (the 2019 Plan). (n) Use of Estimates Management of the Company has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these consolidated financial statements in accordance with U.S. GAAP. However, actual results could differ materially from these estimates. On an ongoing basis, management evaluates these estimates, including those related to accounts receivable, inventories, income taxes, long-lived assets, leases, goodwill, stock-based compensation expense, contingencies and litigation. Actual results could differ from those estimates. (o) Fair Values of Financial Instruments Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A three-tier fair value hierarchy of inputs is employed to determine fair value measurements as follows: • Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets and liabilities; • Level 2 inputs are observable prices that are not quoted on active exchanges, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; and model-derived valuations in which inputs are observable or in which significant value drivers are observable; and • Level 3 inputs are unobservable inputs employed for measuring the fair value of assets or liabilities. This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. The Company’s financial instruments include cash equivalents, accounts receivable, other receivables, accounts payable, accrued liabilities, long-term debt, interest rate swaps and foreign currency hedges. For cash equivalents, accounts receivable, other receivables, accounts payable and accrued liabilities, the Company believes that the carrying values of its financial instruments approximate the fair values because of their short-term nature. For borrowings under the credit facility in long-term debt, the Company believes that the fair value approximates the carrying value because the interest rates are variable. As of December 31, 2023 , the fair value estimates for the Company's interest rate swap agreement and were based on Level 2 inputs of the fair value hierarchy. See Note 10. (p) Foreign Currency For foreign subsidiaries of the Company using the local currency as their functional currency, assets and liabilities are translated at exchange rates in effect at the balance sheet date and income and expenses are translated at average exchange rates. The effects of these translation adjustments are recognized in other comprehensive income (loss). Exchange gains and losses arising from transactions denominated in a currency other than the functional currency of the entity involved are included in other (expense) income, net. For 2023, 2022 and 2021, the Company recognized a loss of $ 3.4 million, a gain of $ 0.6 million and a loss of $ 0.3 million, respectively. These amounts include the gain (loss) recognized due to forward currency exchange contracts. (q) Derivative Instruments All derivative instruments are recorded on the balance sheet at fair value. The Company uses derivative instruments to manage the variability of foreign currency obligations and interest rates. The Company does not enter into derivative arrangements for speculative purposes. Generally, if a derivative instrument is designated as a cash flow hedge, the change in fair value of the derivative is recognized in other comprehensive income (loss) to the extent the derivative is effective and recognized in the consolidated statement of income when the hedged item affects earnings. Changes in the fair value of derivatives that are not designated as cash flow hedges are recognized in the consolidated statement of income. Cash receipts and cash payments related to derivative instruments are recorded in the same category as the cash flows from the items being hedged on the consolidated statement of cash flows. (r) Government Assistance Programs and Incentives The operation of our business is impacted by various government programs, incentives, and other arrangements. Government incentives are recorded in our consolidated financial statements in accordance with their purpose as a reduction of expense or an offset to the related capital asset. The benefit is generally recognized when all conditions attached to the incentive have been met or are expected to be met and there is reasonable assurance of their receipt. For 2023, 2022 and 2021 , the Company recognized government incentives of $ 1.7 million, $ 0.9 million and $ 0.5 million. These amounts are included in cost of sales and selling, general and administrative expense in the consolidated statement of income. As of December 31, 2023, the Company had government incentives of $ 0.9 million recogn ized in prepaid expenses and other assets. There were no unpaid government incentives as of December 31, 2022 . (s) New Accounting Pronouncements In September 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2022-04: Disclosure of Supplier Finance Program Obligations (Subtopic 405-50), which requires a buyer in a supplier finance program to disclose sufficient information about the program to allow a user of financial statements to understand the program's nature, activity during the period, changes from period to period, and potential magnitude. This update is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted. The adoption of ASU 2022-04 did not have a material impact on our consolidated financial statements. The Company has determined that other recently issued accounting standards will either not have a material impact on its consolidated financial position, results of operations or cash flows, or will not apply to its operations. Not Yet Adopted In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740) (ASU 2023-09), which improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the guidance and its impact to the financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), which requires public entities to disclose information about their reportable segments' oversight and significant expenses on an interim and annual basis. The ASU is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the guidance and its impact to the financial statements. In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to SEC's Disclosure Update and Simplification Initiative (ASU 2023-06), which amends a variety of disclosure requirements in the Accounting Standards Codification. The effective date for each amendment will be the date on with the SEC's removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective. Early adoption is prohibited. Upon adoption, this ASU is not expected to have a material impact to the Company's financial statements and related disclosures. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 2—Inventories Inventory costs are summarized as follows: December 31, (in thousands) 2023 2022 Raw materials $ 659,210 $ 710,494 Work in process 22,088 15,546 Finished goods 2,503 1,709 Total inventories $ 683,801 $ 727,749 |
Property, Plant And Equipment
Property, Plant And Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Note 3—Property, Plant and Equipment Property, plant and equipment consists of the following: December 31, (in thousands) 2023 2022 Land $ 5,867 $ 5,867 Buildings and building improvements 81,282 79,178 Machinery and equipment 553,468 542,034 Furniture and fixtures 12,897 11,430 Vehicles 1,115 1,099 Leasehold improvements 54,754 54,272 Construction in progress 24,658 3,147 Total property and equipment, at cost 734,041 697,027 Less: Accumulated depreciation ( 506,343 ) ( 485,549 ) Total property, plant and equipment, net $ 227,698 $ 211,478 |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets | 12 Months Ended |
Dec. 31, 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 operating segments follows: (in thousands) Americas Asia Total Goodwill as of December 31, 2023 and 2022 $ 154,014 $ 38,102 $ 192,116 A summary of the Company's acquired identifiable intangible assets and capitalized purchased software costs follows: (in thousands) Gross Accumulated Net Customer relationships $ 100,105 $ ( 71,947 ) $ 28,158 Capitalized purchased software costs 45,062 ( 30,463 ) 14,599 Technology licenses 15,500 ( 15,500 ) — Trade names and trademarks 7,800 — 7,800 Other 869 ( 404 ) 465 Total intangible assets as of December 31, 2023 $ 169,336 $ ( 118,314 ) $ 51,022 (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 During 2023, 2022 and 2021, additions to capitalized purchased software costs were $ 4.3 m illion, $ 3.4 million and $ 3.4 million, respectively. A summary of the components of amortization expense, as presented in the consolidated statements of cash flows, follows: Year Ended December 31, (in thousands) 2023 2022 2021 Amortization of intangible assets $ 5,979 $ 6,384 $ 6,384 Amortization of capitalized purchased software costs 4,564 4,113 2,128 Amortization of debt costs 499 416 637 Total amortization expense $ 11,042 $ 10,913 $ 9,149 A summary of the future amortization expense related to the Company's intangible assets held as of December 31, 2023 for each of the next five years follows (in thousands): Year ending December 31, Amortization 2024 $ 4,817 2025 4,817 2026 4,817 2027 4,817 2028 4,817 |
Borrowing Facilities
Borrowing Facilities | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Borrowing Facilities | Note 5—Borrowing Facilities A summary of the Company's long-term debt outstanding follows: December 31, (in thousands) 2023 2022 Revolving credit facility $ 205,000 $ 195,000 Term loan 127,148 131,250 Less: Unamortized debt issuance costs ( 1,546 ) ( 1,829 ) Total long-term debt, including current installments $ 330,602 $ 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 a L/C Issuer. The Prior Credit Agreement was comprised of a five-year $ 500 million revolving credit facility and a five-year $ 151 million term loan facility, both which had a maturity date of July 20, 2023 . The term loan facility proceeds were used to (i) refinance a portion of existing indebtedness and terminate all commitments under the Company’s prior $ 430 million credit agreement and (ii) pay the fees, costs and expenses associated with the foregoing and the negotiation, execution and delivery of the Prior Credit Agreement. On December 21, 2021, the Company amended and restated the Prior Credit Agreement by entering into a $ 381 million amended and restated credit agreement (the Amended and Restated Credit Agreement). The Amended and Restated Credit Agreement is comprised of a five-year $ 250 million revolving credit facility (the Revolving Credit Facility) and a five-year $ 131.3 million term loan facility (the Term Loan Facility), both extending the original revolving credit facility and term loan facility maturity dates from July 20, 2023 to December 21, 2026 . 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) Bloomberg Short Term Bank Yield Index (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 rate 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 receivable 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),which 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 through September 30, 2024 and is subject to quarterly principal installments equal to 1.25 % of the initial aggregate term loan advances to be paid from December 31, 2024 until the maturity date. As of December 31, 2023, a portion of the $ 127.1 million outstanding debt under the Credit Agreement is effectively at a fixed interest rate of 4.039 % as a result of a $ 127.1 million notional interest rate swap contract, which is discussed in Note 10. A commitment fee of 0.20 % to 0.30 % per annum (based on the debt to EBITDA ratio) on the unused portion of the Revolving Credit Facility is payable quarterly in arrears. The Credit Agreement is generally secured by a pledge of (a) all the capital stock of the Company’s domestic subsidiaries and 65 % of the capital stock of its directly owned foreign subsidiaries, (b) all or substantially all other personal property of Benchmark and its domestic subsidiaries (including, but not limited to, accounts receivable, contract assets, inventory, intellectual property and fixed assets of Benchmark and its domestic subsidiaries), in each case, subject to customary exceptions and limitations, and (c) all proceeds and products of the property and assets described in (a) and (b) above. The Credit Agreement contains certain financial covenants related to interest coverage and debt leverage, and certain customary affirmative and negative covenants, including restrictions on the Company’s ability to incur additional debt and liens, pay dividends, repurchase shares, sell assets and merge or consolidate with other persons. Amounts due under the Credit Agreement could be accelerated upon specified events of default, including a failure to pay amounts due, breach of a covenant, material inaccuracy of a representation, or occurrence of bankruptcy or insolvency, subject, in some cases, to cure periods. As of December 31, 2023, the Company had $ 127.1 million in borrowings outstanding under the Term Loan Facility, $ 205.0 million in borrowings outstanding under the Revolving Credit Facility and $ 4.4 million in letters of credit outstanding under the Revolving Credit Facility. As of December 31, 2023, the Company had $ 340.6 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. As of December 31, 2023, the Company's long-term debt matures as follows: $ 4.1 million in 2024, $ 6.6 million in 2025 and $ 321.5 million in 2026. The Company has no maturities after 2026. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | Note 6 – Leases The Company determines if a contract is or contains a lease at inception. The Company leases certain facilities, vehicles and other equipment. The Company’s leases primarily consist of operating leases which expire at various dates through 2036. Variable lease payments are generally expensed as incurred and primarily include certain index-based changes in rent and certain non-lease components, such as maintenance and other services provided by the lessor. The components of lease expense were as follows: Year Ended December 31, (in thousands) 2023 2022 2021 Finance lease costs: Amortization of right-of-use assets (included in depreciation expense) $ 48 $ 96 $ 444 Interest on lease liabilities 21 29 192 Operating lease costs 19,280 17,485 16,155 Short-term lease costs 618 307 339 Variable lease costs 1,770 1,892 1,737 Total lease costs $ 21,737 $ 19,809 $ 18,867 A summary of cash flow information related to leases follows: Year Ended December 31, (in thousands) 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used for operating leases $ 17,702 $ 17,277 $ 16,721 Operating cash flows used for finance leases 21 29 212 Financing cash flows used for finance leases 173 165 873 Right-of-use assets obtained in exchange for new operating lease liabilities 56,834 11,694 32,811 A summary of other information about our leases follows: 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 $ 130,830 $ 93,081 Finance lease liabilities, current (included in current installments of long-term debt) $ 181 $ 173 Finance lease liabilities, noncurrent (included in long-term debt) $ 174 $ 355 Operating lease liabilities, current (included in accrued liabilities) $ 15,486 $ 12,020 Operating lease liabilities, noncurrent $ 123,385 $ 86,687 Weighted average remaining lease term – finance leases 1.9 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 4.5 % 4.1 % A summary of the Company's future annual minimum lease payments as of December 31, 2023 follows (in thousands): Year ending December 31, Operating Finance 2024 $ 20,741 $ 194 2025 20,025 178 2026 16,613 — 2027 15,467 — 2028 14,719 — 2029 and thereafter 85,385 — Total minimum lease payments 172,950 372 Less: imputed interest ( 34,079 ) ( 17 ) Total present value of lease liabilities $ 138,871 $ 355 As of December 31, 2023 , the Company had no significant lease commitments that had not yet commenced. |
Common Stock and Stock-Based Aw
Common Stock and Stock-Based Awards | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Common Stock and Stock-Based Awards | Note 7—Common Stock and Stock-Based Awards Dividends The Company began declaring and paying quarterly dividends during the first quarter of 2018. During 2023, 2022 and 2021, cash dividends paid totaled $ 23.5 million, $ 23.2 million and $ 23.3 million, respectively. In February 2020, the Board of Directors approved a quarterly dividend increase, raising the quarterly dividend from $ 0.15 to $ 0.16 per common share. In May 2021, the Board of Directors approved another quarterly dividend increase, raising the quarterly dividend from $ 0.16 to $ 0.165 per common share. On December 13, 2023, the Company declared a quarterly cash dividend of $ 0.165 per share of the Company’s common stock to shareholders of record as of December 29, 2023 . The dividend of $ 5.9 million was paid on January 12, 2024. The Board of Directors currently intends to continue paying quarterly dividends. However, the Company’s future dividend policy is subject to the Company’s compliance with applicable laws, and depends on, among other things, the Company’s results of operations, financial condition, level of indebtedness, capital requirements, contractual restrictions, restrictions in the Company’s debt agreements, and other factors that the Board of Directors may deem relevant. Dividend payments are not mandatory or guaranteed and no assurance is made that the Company will continue to pay a dividend in the future. Share Repurchase Authorization On March 6, 2018, the Board of Directors approved an expanded share repurchase authorization granting the Company authority to repurchase up to $ 250 million in common stock in addition to the $ 100 million previously approved on December 7, 2015. On October 26, 2018 and February 19, 2020, the Board of Directors authorized the repurchase of an additional $ 100 million and $ 150 million of the Company’s common stock, respectively. Share purchases may be made in the open market, in privately negotiated transactions or block transactions, at the discretion of the Company’s management and as market conditions warrant. Purchases will be funded from available cash and may be commenced, suspended or discontinued at any time without prior notice. Shares repurchased under the program are retired. The Company did no t repurchase shares in 2023. During 2022 , the Company repurchased a total of 0.4 million common shares for an aggregate o f $ 9.4 mil lion at an average price o f $ 24.96 per share. During 2021 , the Company repurchased a total of 1.4 mill ion common shares for an aggregate of $ 40.2 million at an average price o f $ 29.11 per s hare. As of December 31, 2023 , the Company had $ 154.6 million remaining under the share repurchase authorization. Stock-Based Compensation Under the 2019 Plan, the Company, upon approval of the Compensation Committee of the Board of Directors, may grant stock options, restricted shares, restricted stock units (both time-based and performance-based) and certain other forms of equity awards, or any combination thereof, to any director, officer, employee or consultant (including any prospective director, officer, employee or consultant) of the Company. Stock options (which have not been awarded since 2015) are granted to employees with an exercise price equal to the market price of the Company’s common stock on the date of grant, generally vest over a four-year period from the date of grant and typically 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 and are subject to continued employment with 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 historically been in the form of restricted stock units, which vest annually, starting on the grant date. As of December 31, 2023 the Company had 1.7 million common shares available for issuance under the 2019 Plan. The following table summarizes the activities related to the Company's stock options: (in thousands, except per share data and years) Number of Weighted- Weighted- Aggregate Outstanding as of December 31, 2020 188 $ 19.98 Exercised ( 54 ) 19.77 Forfeited or expired ( 2 ) 20.16 Outstanding as of December 31, 2021 132 $ 20.06 Exercised ( 53 ) 17.16 Forfeited or expired ( 22 ) 22.36 Outstanding as of December 31, 2022 57 $ 21.85 Exercised ( 17 ) 19.52 Forfeited or expired ( 3 ) 20.11 Outstanding and exercisable as of December 31, 2023 37 $ 23.07 0.7 $ 169 The aggregate intrinsic value, as presented in the table above, is calculated before income taxes and is the difference between the exercise price of the underlying stock options and the Company’s closing stock price as of the last business day of 2023 for outstanding stock options that had exercise prices below the closing stock price. The following table summarizes the activities related to the Company’s time-based restricted stock units: (in thousands, except per share data) Number of Weighted- Non-vested awards outstanding as of December 31, 2020 1,026 $ 27.35 Granted 503 28.52 Vested ( 377 ) 26.77 Forfeited ( 95 ) 28.47 Non-vested awards outstanding as of December 31, 2021 1,057 $ 28.02 Granted 616 25.90 Vested ( 407 ) 28.08 Forfeited ( 81 ) 27.44 Non-vested awards outstanding as of December 31, 2022 1,185 $ 26.93 Granted 724 24.13 Vested ( 490 ) 26.92 Forfeited ( 173 ) 25.91 Non-vested awards outstanding as of December 31, 2023 1,246 $ 25.43 The following table summarizes the activities related to the Company’s performance-based restricted stock units: (in thousands, except per share data) Number of Weighted- Non-vested awards outstanding as of December 31, 2020 368 $ 27.93 Granted (1) 234 28.60 Forfeited ( 60 ) 29.38 Non-vested awards outstanding as of December 31, 2021 542 $ 28.06 Granted (1) 177 25.97 Forfeited ( 174 ) 27.29 Non-vested awards outstanding as of December 31, 2022 545 $ 27.62 Granted (1) 244 25.30 Vested ( 242 ) 28.30 Forfeited ( 105 ) 26.98 Non-vested awards outstanding as of December 31, 2023 442 $ 26.12 (1) Represents target number of awards that can vest based on the achievement of the performance goals. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 8—Income Taxes Income tax expense (benefit) consisted of the following: Year Ended December 31, (in thousands) 2023 2022 2021 Current: U.S. Federal $ 2,989 $ 903 $ 6 State and local 587 107 1,702 Foreign 28,321 22,351 14,812 Total current taxes 31,897 23,361 16,520 Deferred: U.S. Federal ( 6,206 ) ( 6,544 ) ( 6,179 ) State and local ( 1,612 ) ( 1,734 ) ( 1,380 ) Foreign ( 7,174 ) 1,030 676 Total deferred taxes ( 14,992 ) ( 7,248 ) ( 6,883 ) Total income tax expense $ 16,905 $ 16,113 $ 9,637 Income (loss) before income taxes consisted of the following: Year Ended December 31, (in thousands) 2023 2022 2021 United States $ ( 31,534 ) $ ( 45,390 ) $ ( 34,930 ) Foreign 112,754 129,732 80,337 Total income before income taxes $ 81,220 $ 84,342 $ 45,407 Income tax expense differed from the amounts computed by applying the U.S. Federal statutory income tax rate to income (loss) before income taxes as follows: Year Ended December 31, (in thousands) 2023 2022 2021 Tax at statutory rate $ 17,056 $ 17,713 $ 9,536 State taxes, net of federal tax effect ( 809 ) ( 1,285 ) ( 36 ) Effect of foreign operations and tax incentives ( 909 ) ( 3,907 ) ( 4,048 ) Change in valuation allowance ( 241 ) 41 ( 336 ) Stock-based compensation 623 447 ( 69 ) GILTI ( 450 ) 1,768 2,104 Foreign tax refund benefit — — ( 7,285 ) Losses in foreign jurisdictions for which no benefit has been provided 6 3 2,608 Change in uncertain tax benefit reserve 370 40 8,858 Other 1,259 1,293 ( 1,695 ) Total income tax expense $ 16,905 $ 16,113 $ 9,637 The U.S. Tax Cuts and Jobs Act (U.S. Tax Reform), which was signed into law on December 22, 2017, significantly changed U.S. tax law by, among other things, lowering corporate income tax rates, implementing a territorial tax system, adding a global intangible taxation regime and imposing a transition tax (Transition Tax) on deemed repatriated cumulative earnings of foreign subsidiaries. The U.S. Tax Reform reduced the U.S. corporate income tax rate from a maximum of 35 % to a flat 21 % rate which became effective on January 1, 2018. The Company recorded the effects of the changes in the corporate income tax rate in the Company’s deferred tax assets and liabilities as of December 31, 2017. To minimize tax base erosion with a territorial tax system, the U.S. Tax Reform enacted a new global intangible low-taxed income (GILTI) provision that requires the Company to include in its U.S. income tax return foreign subsidiary earnings in excess of an allowable return on the foreign subsidiaries' tangible assets. The taxable earnings can be offset by a limited deemed paid foreign tax credit with no carrybacks or carryforwards available. The Company is subject to the GILTI provisions. The Company elected to account for the GILTI as a period cost and include the effect in the period in which it is incurred and not include it as a factor in the determination of deferred taxes. The Company incurred a total Transition Tax liability of $ 80.5 million after reduction for net operating loss carryforwards, U.S. tax credit carryforwards and foreign tax credit carryforwards that were allowed to be utilized against its total tax liability as of December 31, 2017. The Company made an election to pay the net tax liability in installments. The Company has a total Transition Tax liability as of December 31, 2023 of $ 36.2 million. The Company intends to pay this liability over the remaining two-year payment period as prescribed by the U.S. Tax Reform and regulatory guidance issued by the Internal Revenue Service (IRS). As of December 31, 2023, $ 20.1 million of the Transition Tax liability is included in other long-term liabilities on the consolidated balance sheet. The Company expects its p ayments for years subsequent to December 31, 2023 will be $ 16.1 million in 2024 and $ 20.1 million in 2025. During 2023, 2022 and 2021, the Company repatriated $ 70.0 mi llion, $ 20.0 million and $ 35.0 million, respectively, of foreign earnings to the United States. As of December 31, 2023, the Company has approximately $ 477.2 million in cumulative undistributed foreign earnings related to its foreign subsidiaries. These earnings would not be subject to U.S. federal income tax if distributed to the Company. The Company changed its assertion during 2018 on its foreign subsidiaries earnings that are permanently reinvested. A certain amount of earnings from specific foreign subsidiaries are permanently reinvested, and certain foreign earnings from other specific foreign subsidiaries 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 earning s, including the 2017 Transition Tax, the U.S. tax on GILTI and any applicable foreign or local withholding taxes. The Company estimates that it has approximately $ 9.1 million of unrecognized deferred tax liabilities related to any remaining undistributed permanently reinvested foreign earnings that have not already been subject to the 2017 Transition Tax, the U.S. tax o n GILTI, and any applicable foreign income tax or local withholding tax on cash distributions. During 2021, the Company recorded a deferred tax asset of $ 7.3 million with respect to a refund claim of foreign cash taxes of $ 16.5 million that was filed in 2021. Previously in 2018, the Company recorded $ 9.2 million of this total refund claim. The tax effects of temporary differences that give rise to significant portions of the Company's deferred tax assets and liabilities were as follows: December 31, (in thousands) 2023 2022 Deferred tax assets: Carrying value of inventories $ 5,782 $ 4,809 Accrued liabilities and allowances deductible for tax purposes on a cash basis 10,213 7,811 Goodwill 554 937 Stock-based compensation 5,853 5,032 Operating lease liabilities 33,260 23,252 Net operating loss carryforwards 12,662 16,848 Tax credit carryforwards 7,372 5,805 Research and experimentation 15,861 10,691 Other 8,540 4,086 Total gross deferred tax assets 100,097 79,271 Less: valuation allowance ( 18,502 ) ( 18,743 ) Total net deferred tax assets 81,595 60,528 Deferred tax liabilities: Plant and equipment, due to differences in depreciation ( 10,652 ) ( 7,957 ) Operating lease right-of-use assets ( 32,999 ) ( 22,991 ) Intangible assets, due to differences in amortization ( 8,946 ) ( 10,502 ) Foreign withholding tax ( 898 ) ( 4,902 ) Interest rate swap ( 52 ) ( 263 ) Other ( 1,105 ) ( 2,173 ) Total gross deferred tax liabilities ( 54,652 ) ( 48,788 ) Total net deferred tax assets $ 26,943 $ 11,740 The net deferred tax assets are classified as follows: Long-term assets $ 26,943 $ 12,235 Long-term liabilities — ( 495 ) Total net deferred tax assets $ 26,943 $ 11,740 All of the Company's deferred tax assets and liabilities are classified as long-term on the consolidated balance sheets as of December 31, 2023 and 2022. Deferred tax assets and liabilities are offset for each tax jurisdiction and presented as a single net long-term amount on the consolidated balance sheet. During 2023 and 2022, the Company incurred and capitalized certain research and experimentation expenses that are required to be capitalized as an amortizable asset under Internal Revenue Code (IRC) Section 174 and to be amortized over a period of five years. This requirement is based on the implementation of the U.S. Tax Reform Act of 2017 and became effective on January 1, 2022. As of December 31, 2023, the Company's net deferred tax asset from capitalized research and experimentation expenses was $ 15.9 million. The net change in the Company's valuation allowance for 2023, 2022 and 2021 was a $ 0.2 million decrease, a less than $ 0.1 million increase and a $ 0.3 million decrease , respectively. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. As of December 31, 2023, based upon the level of historical taxable income and projections for future taxable income over the periods which the deferred tax assets are deductible, management believes it is more likely than not the Company will realize the benefits of these deductible differences, net of the existing valuation allowances. As of December 31, 2023 , the Company had no remaining U.S. federal operating loss carryforwards as the final balance was utilized in 2022. The Company has U.S. state operating loss carryforwards of approximately $ 18.7 million which will expire from 2037 to 2043 ; foreign operating loss carryforwards of approximately $ 11.7 million with indefinite carryforward periods; and foreign operating loss carryforwards of approximately $ 33.0 million which will expire at varying dates through 2031 . The utilization of these net operating loss carryforwards is limited to the future operations of the Company in the tax jurisdictions in which such carryforwards arose. The Company has state tax credit carryforwards of $ 1.6 million which will expire at varying dates through 2026 . The Company also has U.S. research and development tax credit carryforwards of $ 5.7 million w hich will expire from 2038 through 2043 . The Company has been granted certain tax incentives, including tax holidays, for its subsidiaries in Thailand, China and Malaysia that expire at various dates, unless extended or otherwise renegotiated and are subject to certain conditions with which the Company expects to comply. The tax incentives in Thailand will expire on December 31, 2030 . The tax incentives in China expired on December 31, 2023 and the tax incentives in Malaysia expired on March 31, 2021 . The Company has applied for a continuation of the Malaysia tax holiday, which will extend the tax incentive period for five to ten years if approved. The Company will also apply for a China tax holiday in 2024 . There is no guarantee of being awarded these tax incentives in the future. The net impact of the current tax incentives was to lower income tax expense for 2023, 2022, and 2021 by approxima tely $ 6.3 million (approximately $ 0.17 per dil uted share), $ 9.0 million (approximately $ 0.25 per diluted share) and $ 7.7 million (approximately $ 0.21 per diluted share), respectively, as follows: Year Ended December 31, (in thousands) 2023 2022 2021 Thailand $ 4,923 $ 8,362 $ 5,360 China 1,338 643 443 Malaysia — — 1,946 Total tax incentives $ 6,261 $ 9,005 $ 7,749 The Company must determine whether it is “more-likely-than-not” that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Once it is determined that a position meets the more-likely-than-not recognition threshold, the position is measured to determine the amount of benefit to recognize in the consolidated financial statements. As of December 31, 2023, the total amount of the reserve for uncertain tax benefits, including interest and penalties, was $ 9.9 million. A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest and penalties, is as follows: December 31, (in thousands) 2023 2022 2021 Balances as of the beginning of the year $ 9,061 $ 9,121 $ 499 Additions related to current year tax positions — — 7,424 Additions related to prior year tax positions — — 1,575 Decreases related to prior year tax positions — — ( 138 ) Decreases related to lapse of statutes — ( 60 ) ( 239 ) Balances as of the end of the year $ 9,061 $ 9,061 $ 9,121 During 2023, there were no uncertain tax position changes. During 2022, the Company released less than $ 0.1 million of uncertain tax benefits related to lapse of statutes. During 2021, the Company recorded additional uncertain tax benefits related to the prior year and current tax positions of $ 1.6 million and $ 7.4 million, respectively. The reserve is classified as a current or long-term liability on the consolidated balance sheet 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 tax benefits as a component of current income tax expense. As of December 31, 2023, the amount of accrued potential interest on unrecognized tax benefits included in the reserve was $ 0.8 million. The Company and its subsidiaries in Brazil, China, Ireland, Malaysia, Mexico, Netherlands, Romania, Singapore, Thailand and the United States remain open to examination by the various local taxing authorities, in total or in part, for fiscal years 2015 to 2023. During the course of such income tax examinations, disputes may occur as to matters of fact or law. Also, in most tax jurisdictions, the passage of time without examination will result in the expiration of applicable statutes of limitations thereby precluding examination of the tax period(s) for which such statute of limitation has expired. The Company believes that it has adequately provided for its tax liabilities. |
Major Customers
Major Customers | 12 Months Ended |
Dec. 31, 2023 | |
Major Customers [Abstract] | |
Major Customers | Note 9—Major Customers The Company’s customers operate in industries that are, to a varying extent, subject to rapid technological change, vigorous competition and short product life cycles. Developments adverse to the electronics industry, the Company’s customers or their products could impact the Company’s overall credit risk. The Company extends credit based on evaluation of its customers’ financial condition and generally does not require collateral or other security from its customers and would incur a loss equal to the carrying value of the accounts receivable if its customer failed to perform according to the terms of the credit arrangement. Sales to the Company's ten largest customers represented 52 % , 52 % and 47 % of our consolidated sales for 2023, 2022 and 2021 , respectively. The Company had sales to the following customer that exceeded 10 % of the Company's consolidated sales: Year Ended December 31, 2023 2022 2021 Applied Materials, Inc. and subsidiaries 12 % 15 % 16 % Sales attributable to this customer were reported in the Americas and Asia operating segments. As of December 31, 2023 and 2022, the Company had one customer whose gross accounts receivable exceeded 10 % of consolidated gross accounts receivable. This customer represented 16 % and 17 % of consolidated gross accounts receivable as of December 31, 2023 and 2022, respectively. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments | Note 10—Financial Instruments The Company’s financial instruments include cash equivalents, accounts receivable, other receivables, accounts payable, accrued liabilities, long-term debt, interest rate swaps and foreign currency hedges. For cash equivalents, accounts receivable, other receivables, accounts payable and accrued liabilities, the Company believes that the carrying values of its financial instruments approximate the fair values because of their short-term nature. For borrowings under the credit facility in long-term debt, the Company believes that the fair value approximates the carrying value because the interest rates are variable. 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 consolidated balance sheet until earnings are affected by the variability of the cash flows. During 2023, the Company recorded an unrealized gain of $ 2.3 million ($ 1.7 million net of tax) on the forward currency exchange contracts in other comprehensive income (loss) and transferred unrealized gains of $ 3.1 million to cost of sales. During 2022 , the Company recorded an unrealized gain of $ 0.6 million ($ 0.4 million net of tax) on the forward currency exchange contracts in other comprehensive income (loss) and transferred unrealized gains of $ 0.5 million to cost of sales. During 2021 , the Company recorded an unrealized loss of $ 0.2 million ($ 0.1 million net of tax) on the forward currency exchange contracts in other comprehensive income (loss) and transferred unrealized losses of $ 0.4 million to cost of sales. The Company also has forward currency exchange contracts in place as of December 31, 2023 that have not been designated as accounting hedges and, therefore, changes in fair value are recorded in other (expense) income, net in the consolidated statements of income. As of December 31, 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 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 Asia. 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 December 31, 2023, the notional amount of this interest rate swap agreement was $ 127.1 million. Under the interest rate swap agreement, the Company receives variable rate interest payments based on the one-month SOFR 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 consolidated balance sheet until earnings are affected by the variability of cash flows. 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 2023, the Company recorded an unrealized loss of $ 3.1 million ($ 2.3 million net of tax) on interest rate swaps in other comprehensive income (loss). During 2022, the Company recorded an unrealized gain of $ 5.0 million ($ 3.7 million net of tax) on the previous interest rate swap in other comprehensive income (loss). During 2021 , the Company recorded an unrealized gain of $ 4.7 million ($ 3.5 million net of tax) on the previous interest rate swap in other comprehensive income (loss). See Note 19. As of December 31, 2023 and 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 interest rate swap agreements is primarily measured through various pricing models and discounted cash flow analysis that incorporate observable market parameters, such as interest rate yield curves and volatility. The fair values of the Company's derivative instruments were as follows: December 31, (in thousands) Balance Sheet Location 2023 2022 Derivatives designated as Forward currency exchange Other current assets $ 2,664 $ 407 Interest rate swap agreement Other long-term liabilities and ( 2,458 ) 639 Financial instruments that subject the Company to credit risk consist of cash and cash equivalents, restricted cash and trade accounts receivable. The Company maintains cash and cash equivalents with recognized financial institutions. One of the most significant credit risks is the ultimate realization of accounts receivable. This risk is mitigated by (i) sales generally are to well established companies, (ii) performing ongoing credit evaluation of customers, and (iii) engaging in frequent contact with customers, thus enabling management to monitor current changes in their business operations and respond accordingly. Management believes its allowance for doubtful accounts is adequate as of December 31, 2023 . Concentrations of credit risk related to trade accounts receivable resulting from sales to major customers are discussed in Note 9. |
Concentrations of Business Risk
Concentrations of Business Risk | 12 Months Ended |
Dec. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
Concentrations of Business Risk | Note 11—Concentrations of Business Risk Substantially all of the Company’s sales are derived from manufacturing services in which the Company purchases components specified by its customers. The Company uses numerous suppliers of electronic components and other materials for its operations. Some components used by the Company have been subject to industry-wide shortages, and suppliers have been forced to allocate available quantities among their customers. The Company’s inability to obtain needed components during periods of allocation could cause delays in manufacturing and could adversely affect the results of operations. |
Accounts Receivable Sale Progra
Accounts Receivable Sale Program | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Accounts Receivable Sale Program | Note 12—Accounts Receivable Sale Program As of December 31, 2023, in connection with a trade accounts receivable sale program with unaffiliated financial institutions, the Company may elect to sell, at a discount, on an ongoing basis, up to a maximum of $ 200.0 million of specific accounts receivable at any one time. During 2023, 2022 and 2021, the Company sold $ 565.4 million, $ 445.4 million and $ 394.6 million, respectively, of accounts receivable under this program, and in exchange, the Company received cash proceeds of $ 560.9 million, $ 443.6 million and $ 394.0 million, respectively, net of the discount. The Company' recognizes the loss on sale resulting from the discount in other (expense) income, net in its consolidated statements of income. |
Segment And Geographic Informat
Segment And Geographic Information | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment And Geographic Information | Note 13—Segment and Geographic Information The Company currently has manufacturing facilities in the Americas, Asia and Europe to serve its customers. The Company is operated and managed geographically, and management evaluates performance and allocates the Company’s resources on a geographic basis. Intersegment sales are generally recorded at prices that approximate arm’s length transactions. Operating segments’ measure of profitability is based on income from operations. Corporate and intersegment eliminations include (1) corporate expenses not allocated to the Company’s three reporting 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 reporting 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 the Company's operating segments follows: Year Ended December 31, (in thousands) 2023 2022 2021 Sales: Americas $ 1,611,783 $ 1,475,929 $ 1,203,544 Asia 1,055,938 1,251,475 912,560 Europe 299,835 284,103 228,834 Elimination of intersegment sales ( 128,580 ) ( 125,176 ) ( 89,619 ) Total sales $ 2,838,976 $ 2,886,331 $ 2,255,319 Depreciation and amortization: Americas $ 20,940 $ 19,574 $ 20,589 Asia 9,746 10,192 10,660 Europe 3,226 3,289 2,878 Corporate 11,498 11,197 10,025 Total depreciation and amortization $ 45,410 $ 44,252 $ 44,152 Income from operations: Americas $ 63,484 $ 55,202 $ 45,807 Asia 124,279 134,649 90,725 Europe 17,380 16,889 11,054 Corporate and intersegment eliminations ( 95,479 ) ( 116,671 ) ( 94,524 ) Total income from operations 109,664 90,069 53,062 Interest expense ( 31,875 ) ( 12,894 ) ( 8,472 ) Interest income 6,256 1,730 540 Other (expense) income, net ( 2,825 ) 5,437 277 Income before income taxes $ 81,220 $ 84,342 $ 45,407 Capital expenditures: Americas $ 38,627 $ 30,105 $ 28,673 Asia 25,286 10,534 4,253 Europe 7,098 4,509 6,072 Corporate 6,728 1,626 3,179 Total capital expenditures $ 77,739 $ 46,774 $ 42,177 December 31, (in thousands) 2023 2022 Assets: Americas $ 1,064,047 $ 1,055,533 Asia 769,744 764,164 Europe 222,591 183,443 Corporate 218,373 224,191 Total assets $ 2,274,755 $ 2,227,331 Geographic sales information about the Company's sales is determined based on the destination of the product shipped. Long-lived assets information is determined based on the physical location of the assets and includes property, plant and equipment, net, operating lease right-of-use assets and other long-term assets, net. A summary of the Company's geographic sales and long-lived assets follows: Year Ended December 31, (in thousands) 2023 2022 2021 Geographic sales: United States $ 1,737,144 $ 1,569,232 $ 1,328,754 Singapore 383,914 457,889 326,688 Other Asia 210,927 332,144 202,792 Europe 402,514 387,276 285,017 Other 104,477 139,790 112,068 Total sales $ 2,838,976 $ 2,886,331 $ 2,255,319 December 31, (in thousands) 2023 2022 Long-lived assets: United States $ 231,740 $ 249,409 Asia 79,203 68,283 Europe 42,934 29,338 Other 66,072 23,801 Total long-lived assets $ 419,949 $ 370,831 |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Note 14 – 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. Customers are generally billed when the product is shipped or as services are performed. Under the majority of the Company’s manufacturing contracts with customers, the customer controls all of the work-in-progress as products are being built. Revenues under these contracts are recognized progressively based on the cost-to-cost method. For other manufacturing contracts, the customer does not take control of the product until it is completed. Under these contracts, the Company recognizes revenue upon transfer of control of the product to the customer, which is generally when goods are shipped. Revenue from design, development and engineering services is recognized over time as the services are performed. The Company assumes no significant obligations after shipment as it typically warrants workmanship only. Therefore, the warranty provisions are generally not significant. If the Company records revenue, but does not issue an invoice, a contract asset is recognized. The contract asset is transferred to trade accounts receivable when the entitlement to payment becomes unconditional. Taxes assessed by governmental authorities that are imposed on and concurrent with a specific revenue-producing transaction and collected by the Company from a customer, are excluded from revenue. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as fulfillment costs and are included in cost of sales. Disaggregation of Revenue The following tables provide a summary of the Company's revenue disaggregated by market sector and a reconciliation of the disaggregated revenue to the Company's revenue by reportable operating segment: Year Ended December 31, 2023 (in thousands) Americas Asia Europe Total Market sector: Complex Industrials $ 127,491 $ 345,465 $ 123,522 $ 596,478 A&D 304,932 29,153 27,446 361,531 Medical 329,816 182,532 44,204 556,552 Semi-Cap 262,117 283,870 100,305 646,292 Advanced Computing 311,742 25,988 — 337,730 Next-Generation Communications 197,889 142,448 56 340,393 External revenue 1,533,987 1,009,456 295,533 2,838,976 Elimination of intersegment sales 77,796 46,482 4,302 128,580 Segment revenue $ 1,611,783 $ 1,055,938 $ 299,835 $ 2,967,556 Year Ended December 31, 2022 (in thousands) Americas Asia Europe Total Market sector: Complex Industrials $ 89,949 $ 363,398 $ 140,258 $ 593,605 A&D 286,230 43,701 17,654 347,585 Medical 319,823 228,571 44,500 592,894 Semi-Cap 286,322 357,634 78,146 722,102 Advanced Computing 258,206 52,301 2 310,509 Next-Generation Communications 170,424 148,772 440 319,636 External revenue 1,410,954 1,194,377 281,000 2,886,331 Elimination of intersegment sales 64,976 57,100 3,100 125,176 Segment revenue $ 1,475,930 $ 1,251,477 $ 284,100 $ 3,011,507 Year Ended December 31, 2021 (in thousands) Americas Asia Europe Total Market sector: Complex Industrials $ 79,726 $ 262,546 $ 86,174 $ 428,446 A&D 360,030 1,692 20,009 381,731 Medical 220,635 189,614 51,585 461,834 Semi-Cap 215,596 266,065 67,640 549,301 Advanced Computing 163,423 35,842 140 199,405 Next-Generation Communications 120,739 112,684 1,179 234,602 External revenue 1,160,149 868,443 226,727 2,255,319 Elimination of intersegment sales 43,395 44,117 2,107 89,619 Segment revenue $ 1,203,544 $ 912,560 $ 228,834 $ 2,344,938 The timing of revenue recognition, billings and cash collections result in billed accounts receivable, contract assets and advance payments from customers. During 2023, 2022 and 2021, 87.9 % , 90.8 % and 90.3 % , respectively, of the Company’s revenue was recognized as products and services were transferred over time. Contract assets primarily relate to the Company’s right to consideration for work completed but not billed to the customer as of period end. Contract asset balances are transferred to trade accounts receivable when the rights become unconditional. A summary of activity related to the Company's contract assets follows: Year Ended December 31, (in thousands) 2023 2022 Balance as of the beginning of the year $ 183,613 $ 155,243 Revenue recognized 2,495,298 2,623,585 Amounts collected or invoiced ( 2,503,932 ) ( 2,595,215 ) Balance as of the end of the year $ 174,979 $ 183,613 As of December 31, 2023 and 2022, the Company had $ 204.9 million and $ 197.9 million, respectively, in advance payments from customers. Of those amounts $ 191.6 million and $ 178.9 million, respectively, were related to both customer deposits and prepayments of inventory and $ 13.3 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. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Note 15—Employee Benefit Plans The Company has defined contribution plans qualified under Section 401(k) of the Internal Revenue Code for the benefit of all its U.S. employees. The Company’s contributions to the plans are based on employee contributions and compensation. During 2023, 2022 and 2021, the Company made contributions to the U.S. plans of approximately $ 7.3 million, $ 6.5 million and $ 3.3 million, respectively. The Company also has defined contribution plans for certain of its international employees primarily dictated by the customs of the regions in which it operates. During 2023, 2022 and 2021, the Company made contributions to the international plans of approximately $ 0.1 million each year. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Note 16—Contingencies The Company is involved in various legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Company’s consolidated financial position or results of operations. |
Restructuring Charges and Other
Restructuring Charges and Other Costs | 12 Months Ended |
Dec. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges and Other Costs | Note 17—Restructuring Charges and Other Costs 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 Company's restructuring process entails moving production between facilities, reducing staff levels, realigning business processes, reorganizing management and other activities. During 2023, 2022 and 2021, the Company recognized $ 7.3 million, $ 5.7 million and $ 9.3 million of restructuring charges primarily related to the previously announced closures of its sites in San Jose, California, Angleton, Texas, and Moorpark, California in the Americas, and other smaller activities involving capacity reductions and reductions in workforce in certain facilities across various regions. San Jose, California operations ceased, and all restructuring activity was complete as of March 31, 2022. Angleton, Texas operations ceased, and all restructuring activity was complete as of June 30, 2022 upon the disposition of the facility. Moorpark, California operations ceased as of March 31, 2023 with restructuring activity substantially complete by the end 2023. Accrued restructuring costs are included in accrued liabilities on the consolidated balance sheet. The following table summarizes the 2023 activity in accrued restructuring costs: (in thousands) Balances as of Restructuring Cash Non-Cash Balances as of Severance $ 3,683 $ 4,508 $ ( 8,156 ) $ — $ 35 Lease facility costs 17 176 ( 184 ) — 9 Other exit costs 81 2,643 ( 2,643 ) — 81 Total accrued restructuring costs $ 3,781 $ 7,327 $ ( 10,983 ) $ — $ 125 The components of restructuring charges during 2023 were as follows: Year Ended December 31, 2023 (in thousands) Americas Asia Europe Total Severance costs $ 4,226 $ — $ 282 $ 4,508 Lease facility costs 176 — — 176 Other exit costs 2,640 — 3 2,643 Total restructuring charges $ 7,042 $ — $ 285 $ 7,327 The following table summarizes the 2022 activity in accrued restructuring costs: (in thousands) Balances as of Restructuring Cash Non-Cash Balances as of Severance $ 3,257 $ 2,428 $ ( 1,713 ) $ ( 289 ) $ 3,683 Lease facility costs 17 1,261 ( 1,261 ) — 17 Other exit costs 237 2,021 ( 2,056 ) ( 121 ) 81 Total accrued restructuring costs $ 3,511 $ 5,710 $ ( 5,030 ) $ ( 410 ) $ 3,781 The components of restructuring charges during 2022 were as follows: Year Ended December 31, 2022 (in thousands) Americas Asia Europe Total Severance costs $ 2,298 $ 130 $ — $ 2,428 Lease facility costs 1,261 — — 1,261 Other exit costs 2,021 — — 2,021 Total restructuring charges $ 5,580 $ 130 $ — $ 5,710 The following table summarizes the 2021 activity in accrued restructuring costs: (in thousands) Balances as of Restructuring Cash Non-Cash Balances as of Severance $ 3,996 $ 4,130 $ ( 4,685 ) $ ( 184 ) $ 3,257 Lease facility costs 50 2,745 ( 2,618 ) ( 160 ) 17 Other exit costs 408 2,470 ( 2,252 ) ( 389 ) 237 Total accrued restructuring costs $ 4,454 $ 9,345 $ ( 9,555 ) $ ( 733 ) $ 3,511 The components of restructuring charges during 2021 were as follows: Year Ended December 31, 2021 (in thousands) Americas Asia Europe Total Severance costs $ 4,084 $ 46 $ — $ 4,130 Lease facility costs 2,581 164 — 2,745 Other exit costs 2,470 — — 2,470 Total restructuring charges $ 9,135 $ 210 $ — $ 9,345 During 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 a s a result of that assessment. The asset impairment charges are included in restructuring charges and other costs in the consolidated statement of income for 2023. During 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 restructuring charges and other costs in the consolidated statements of income for 2021. During 2022, the Company completed the sale of the related equipment for $ 1.3 million and recorded a loss on assets held for sale of $ 2.0 million, which is included in restructuring charges and other costs in the consolidated statement of income. Additionally, during 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 which is also included in restructuring charges and other costs. Furthermore, during 2022, the Company agreed to $ 3.3 million in legal settlements that are included in restructuring charges and other costs. |
Ransomware Incident
Ransomware Incident | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Text Block Supplement [Abstract] | |
Ransomware Incident | Note 18—Ransomware Incident During the fourth quarter ended December 31, 2019, some of the Company’s systems were affected by a ransomware incident that encrypted information on its systems and disrupted customer and employee access to its applications and services. The Company immediately took steps to isolate the impact and implemented measures to prevent additional systems from being affected, including taking its network offline as a precaution. In connection with this incident, third party consultants and forensic experts were engaged to assist with the restoration and remediation of the Company’s systems and, with the assistance of law enforcement, to investigate the incident. The Company has found no evidence that customer or employee data was exfiltrated from its network. The Company restored connectivity and resumed operations quickly following the ransomware incident. However, fourth quarter 2019 operations were adversely affected by the inefficiencies caused by taking the network offline for a period of time. As a result, the Company’s fourth quarter 2019 revenue was also adversely affected as the Company was unable to fulfill a portion of customer demand during the quarter. The Company maintains insurance coverage, including cybersecurity insurance, and worked diligently with its insurance carriers on claims to recover costs incurred. During 2021, the Company collected $ 3.9 million of insurance recoveries related to the incident described above. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | Note 19—Accumulated Other Comprehensive Loss The changes in accumulated other comprehensive loss by component were as follows: (in thousands) Foreign Derivative Other Total Balances, December 31, 2020 $ ( 8,375 ) $ ( 6,742 ) $ ( 1,534 ) $ ( 16,651 ) Other comprehensive gain (loss) before reclassifications ( 4,354 ) 3,018 477 ( 859 ) Amounts reclassified from accumulated — 352 — 352 Total other comprehensive income (loss) ( 4,354 ) 3,370 477 ( 507 ) Balances, December 31, 2021 $ ( 12,729 ) $ ( 3,372 ) $ ( 1,057 ) $ ( 17,158 ) Other comprehensive gain (loss) before reclassifications ( 3,148 ) 4,641 ( 87 ) 1,406 Amounts reclassified from accumulated — ( 481 ) — ( 481 ) Total other comprehensive income (loss) ( 3,148 ) 4,160 ( 87 ) 925 Balances, December 31, 2022 $ ( 15,877 ) $ 788 $ ( 1,144 ) $ ( 16,233 ) Other comprehensive gain (loss) before reclassifications 2,119 2,444 37 4,600 Amounts reclassified from accumulated 845 ( 3,072 ) — ( 2,227 ) Total other comprehensive income (loss) 2,964 ( 628 ) 37 2,373 Balances, December 31, 2023 $ ( 12,913 ) $ 160 $ ( 1,107 ) $ ( 13,860 ) See Note 10 for further discussion about the Company's derivative instruments. |
Supplemental Cash Flow and Non-
Supplemental Cash Flow and Non-Cash Information | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow and Non-Cash Information | Note 20—Supplemental Cash Flow and Non-Cash Information The following table includes supplemental cash flow disclosures: Year Ended December 31, (in thousands) 2023 2022 2021 Supplemental cash flow information: Income taxes paid, net $ 37,659 $ 28,478 $ 20,558 Interest paid 30,551 11,627 8,207 Non-cash investing activity: Unpaid purchases of property, plant and equipment at the end of the period 1,558 23,734 8,614 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Business | (a) Business Benchmark Electronics, Inc. (the Company) is a Texas corporation that provides advanced manufacturing 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 (OEMs) since 1979. The Company serves the following market sectors: complex industrials, aerospace and defense (A&D), medical technologies, semiconductor capital equipment (semi-cap), advanced computing and next-generation communications. The Company has manufacturing operations located in the United States and Mexico (the Americas), Asia and Europe. |
Principles of Consolidation | (b) Principles of Consolidation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) and include the financial statements of Benchmark Electronics, Inc. and its wholly owned and majority owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. |
Cash, Cash Equivalents and Restricted Cash | (c) Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid debt instruments with an original maturity at the date of purchase of three months or less to be cash equivalents. Cash equivalents of $ 121.2 million and $ 88.9 million at December 31, 2023 and 2022 , respectively, consisted primarily of money-market funds and time deposits with an initial term of less than three months. Restricted cash represents cash received from customers to settle invoices sold under trade accounts receivable sale program purchase agreements that is contractually required to be set aside until the cash is remitted to the purchaser. |
Allowance for Doubtful Accounts | (d) Allowance for Doubtful Accounts Accounts receivable are recorded net of allowances for amounts not expected to be collected. In estimating the allowance, management considers a specific customer’s financial condition, payment history, current conditions, and various information or disclosures by the customer or other publicly available information. Accounts receivable are charged against the allowance after all reasonable efforts to collect the full amount (including litigation, where appropriate) have been exhausted. The following table summarizes the activity of the Company’s allowance for doubtful accounts: (in thousands) Balance as of Charges to Deductions Balance as of Year ended December 31, 2023: Allowance for doubtful accounts (1) $ 514 $ 1,321 $ ( 1,365 ) $ 470 Year ended December 31, 2022: Allowance for doubtful accounts (1) 788 489 ( 763 ) 514 Year ended December 31, 2021: Allowance for doubtful accounts (1) 1,371 — ( 583 ) 788 (1) Deductions in the allowance for doubtful accounts represent write-offs, net of recoveries, of amounts determined to be uncollectible. |
Inventories | (e) Inventories Inventories are stated at the lower of cost (first-in, first-out method) and net realizable value. Costs included in inventories consist of materials, labor and overhead. The carrying amounts of inventories are adjusted for excess and obsolete inventory. Evaluation of excess inventory includes considering factors such as anticipated usage, inventory turnover, inventory levels and product demand levels. Evaluation for obsolete inventory includes considering factors such as the age of on-hand inventory, reduction in value due to damage and design changes. The Company also takes into consideration whether customer agreements specify for the customer to pay for such inventory. |
Property, Plant and Equipment | (f) Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets, which include 5 to 40 years for buildings and building improvements, 2 to 15 years for machinery and equipment, 2 to 12 years for furniture and fixtures and 2 to 8 years for vehicles. Leasehold improvements are amortized using the straight-line method over the shorter of the useful life of the improvement or the remainder of the lease term. |
Leases | (g) Leases Lease assets and liabilities are initially recognized based on the present value of lease payments over the lease term calculated using the Company’s incremental borrowing rate unless the implicit rate is readily determinable. Our incremental borrowing rate represents the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term in a similar economic environment. Lease assets also include any upfront lease payments made and exclude lease incentives. Lease terms include options to extend or terminate the lease when it is reasonably certain that those options will be exercised. Leases are classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the consolidated statement of income. Management elected the short-term lease recognition exemption for all of the Company’s leases that qualify, in addition to the practical expedient to not separate lease and non-lease components. |
Goodwill and Other Intangible Assets | (h) Goodwill and Other Intangible Assets Goodwill represents the excess of purchase price over fair value of net assets acquired. Goodwill and intangible assets acquired in a business combination and determined to have an indefinite useful life are not amortized, but instead assessed for impairment at least annually. Other assets, net, primarily consist of acquired identifiable intangible assets and capitalized purchased software costs. Intangible assets, including those acquired in a business combination, with estimable useful lives are amortized over their respective estimated useful lives to their estimated residual values. Customer relationships are amortized on a straight-line basis over a period of 10 to 14 years. Capitalized purchased software costs are amortized on a straight-line basis over the estimated useful life of the related software, which ranges from 2 to 14 years . Technology licenses are amortized over their estimated useful lives in proportion to the economic benefits consumed. |
Impairment of Long-Lived Assets and Goodwill | (i) Impairment of Long-Lived Assets and Goodwill Long-lived assets, such as property, plant, and equipment, and purchased intangibles subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is evaluated by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds the estimated fair value of the asset. Assets to be disposed of are reported at the lower of the carrying amount or estimated fair value less costs to sell and are no longer depreciated. The Company evaluates goodwill for impairment on an annual basis, during the fourth quarter, and whenever events and changes in circumstances suggest that the carrying amount may be impaired. Circumstances that may lead to the impairment of goodwill include unforeseen decreases in future performance or industry demand or the restructuring of our operations as a result of a change in our business strategy. A qualitative assessment is allowed to determine if goodwill is potentially impaired. Based on this qualitative assessment, if the Company determines that it is more likely than not that the reporting unit’s fair value is less than its carrying value, then it performs a quantitative assessment, otherwise no further analysis is required. In connection with its annual qualitative goodwill impairment assessments as of December 31, 2023 and 2022 , the Company concluded that goodwill was not impaired. |
Earnings Per Share | (j) Earnings Per Share Basic earnings per share is computed using the weighted-average number of common shares outstanding. Diluted earnings per share is computed using the weighted-average number of shares outstanding adjusted for the incremental shares attributed to outstanding stock equivalents. Stock equivalents include common shares issuable upon the exercise of stock options and other equity instruments and are computed using the treasury stock method. Under the treasury stock method, the exercise price of a share and the amount of compensation cost, if any, for future service that the Company has not yet recognized are assumed to be used to repurchase shares in the current period. The following table sets forth the calculation of basic and diluted earnings per share: Year Ended December 31, (in thousands, except per share data) 2023 2022 2021 Net income $ 64,315 $ 68,229 $ 35,770 Denominator for basic earnings per share 35,566 35,179 35,655 Incremental common shares attributable to outstanding restricted stock units 403 522 407 Incremental common shares attributable to exercise of dilutive options 4 17 39 Denominator for diluted earnings per share 35,973 35,718 36,101 Earnings per share: Basic $ 1.81 $ 1.94 $ 1.00 Diluted $ 1.79 $ 1.91 $ 0.99 There were no anti-dilutive stock options excluded from the computation of diluted earnings per share in 2023, 2022 and 2021. Restricted s tock units totaling less than 0.1 million common share equivalents for 2023 and 2021 were excluded from the computation of diluted earnings per share because their effect would have been anti-dilutive. There were no anti-dilutive restricted stock units in 2022 . |
Revenue Recognition | (k) Revenue Recognition The Company recognizes revenue as the customer takes control of the manufactured products built to customer specifications. Under the majority of the Company’s manufacturing contracts with customers, the customer controls all of the work-in-progress as products are being built. Revenue under these contracts is 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 the goods are shipped. Revenue from design, development and engineering services is generally recognized over time as the services are performed. The Company’s performance obligations generally have an expected duration of one year or less. The Company applies the practical expedient related to short-term performance obligations and does not disclose information about remaining performance obligations that have original expected durations of one year or less or any significant financing components in the contracts. The Company recognizes the incremental costs, if any, of obtaining contracts as an expense when incurred since the amortization period of the assets that the Company otherwise would have recognized is one year or less. |
Income Taxes | (l) Income Taxes Income taxes are accounted for under the asset and liability method. Deferred income taxes are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. The Company records a valuation allowance to reduce its deferred tax assets to the amounts that are more likely than not to be realized in the future. The Company considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in assessing the need for a valuation allowance. |
Stock-Based Compensation | (m) Stock-Based Compensation All share-based payments to employees of the Company, including grants of employee stock options (last awarded in 2015), are recognized in the consolidated financial statements based on their grant date fair values. The total compensation costs recognized for stock-based awards were $ 15.3 million, $ 18.5 million and $ 15.3 million for 2023, 2022 and 2021, respectively. The future tax benefit of these stock-based awards as of the grant date was $ 3.5 million, $ 4.4 million and $ 3.6 million for 2023, 2022 and 2021, respectively. The fair value of stock option grants is estimated on the date of grant using the Black-Scholes option pricing model. The fair values of restricted stock units and performance-based restricted stock units are determined based on the closing market price of the Company’s common stock on the date of grant. For performance-based restricted stock units, compensation cost is calculated taking into consideration the probability that the underlying performance goals will be achieved, which is monitored by management throughout the requisite service period. When it becomes probable, based on management's expectation of the Company's performance during the measurement period, that more or less than the previous estimate of the awarded shares will vest, an adjustment to compensation cost is recognized as a change in accounting estimate in the period the change is determined. As of December 31, 2023, the unrecognized compensation costs and remaining weighted-average amortization periods related to stock-based awards were as follows: (in thousands) Restricted Performance- Unrecognized compensation cost $ 21,869 $ 4,813 Remaining weighted-average amortization period 2.5 years 1.8 years (1) Based on the probable achievement of the performance goals identified in each award. The total cash received as a result of stock option exercises in 2023, 2022 and 2021 was $ 0.1 million, $ 0.7 million and $ 0.3 million, respectively. The actual tax benefit realized as a result of stock option exercises and the vesting of other share-based awards during 2023, 2022 and 2021 was $ 2.7 million, $ 2.5 million and $ 2.7 million, respectively. For 2023, 2022 and 2021, the total intrinsic value of stock options exercised was $ 0.1 million, $ 0.5 million and $ 0.5 million, respectively. The Company awarded performance-based restricted stock units to employees during 2023, 2022 and 2021. 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 become available for issuance under the Company’s 2019 Omnibus Incentive Compensation Plan (the 2019 Plan). |
Use of Estimates | (n) Use of Estimates Management of the Company has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these consolidated financial statements in accordance with U.S. GAAP. However, actual results could differ materially from these estimates. On an ongoing basis, management evaluates these estimates, including those related to accounts receivable, inventories, income taxes, long-lived assets, leases, goodwill, stock-based compensation expense, contingencies and litigation. Actual results could differ from those estimates. |
Fair Values of Financial Instruments | (o) Fair Values of Financial Instruments Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A three-tier fair value hierarchy of inputs is employed to determine fair value measurements as follows: • Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets and liabilities; • Level 2 inputs are observable prices that are not quoted on active exchanges, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; and model-derived valuations in which inputs are observable or in which significant value drivers are observable; and • Level 3 inputs are unobservable inputs employed for measuring the fair value of assets or liabilities. This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. The Company’s financial instruments include cash equivalents, accounts receivable, other receivables, accounts payable, accrued liabilities, long-term debt, interest rate swaps and foreign currency hedges. For cash equivalents, accounts receivable, other receivables, accounts payable and accrued liabilities, the Company believes that the carrying values of its financial instruments approximate the fair values because of their short-term nature. For borrowings under the credit facility in long-term debt, the Company believes that the fair value approximates the carrying value because the interest rates are variable. As of December 31, 2023 , the fair value estimates for the Company's interest rate swap agreement and were based on Level 2 inputs of the fair value hierarchy. See Note 10. |
Foreign Currency | (p) Foreign Currency For foreign subsidiaries of the Company using the local currency as their functional currency, assets and liabilities are translated at exchange rates in effect at the balance sheet date and income and expenses are translated at average exchange rates. The effects of these translation adjustments are recognized in other comprehensive income (loss). Exchange gains and losses arising from transactions denominated in a currency other than the functional currency of the entity involved are included in other (expense) income, net. For 2023, 2022 and 2021, the Company recognized a loss of $ 3.4 million, a gain of $ 0.6 million and a loss of $ 0.3 million, respectively. These amounts include the gain (loss) recognized due to forward currency exchange contracts. |
Derivative Instruments | (q) Derivative Instruments All derivative instruments are recorded on the balance sheet at fair value. The Company uses derivative instruments to manage the variability of foreign currency obligations and interest rates. The Company does not enter into derivative arrangements for speculative purposes. Generally, if a derivative instrument is designated as a cash flow hedge, the change in fair value of the derivative is recognized in other comprehensive income (loss) to the extent the derivative is effective and recognized in the consolidated statement of income when the hedged item affects earnings. Changes in the fair value of derivatives that are not designated as cash flow hedges are recognized in the consolidated statement of income. Cash receipts and cash payments related to derivative instruments are recorded in the same category as the cash flows from the items being hedged on the consolidated statement of cash flows. |
Government Assistance Programs and Incentives | (r) Government Assistance Programs and Incentives The operation of our business is impacted by various government programs, incentives, and other arrangements. Government incentives are recorded in our consolidated financial statements in accordance with their purpose as a reduction of expense or an offset to the related capital asset. The benefit is generally recognized when all conditions attached to the incentive have been met or are expected to be met and there is reasonable assurance of their receipt. For 2023, 2022 and 2021 , the Company recognized government incentives of $ 1.7 million, $ 0.9 million and $ 0.5 million. These amounts are included in cost of sales and selling, general and administrative expense in the consolidated statement of income. As of December 31, 2023, the Company had government incentives of $ 0.9 million recogn ized in prepaid expenses and other assets. There were no unpaid government incentives as of December 31, 2022 . |
New Accounting Pronouncements | (s) New Accounting Pronouncements In September 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2022-04: Disclosure of Supplier Finance Program Obligations (Subtopic 405-50), which requires a buyer in a supplier finance program to disclose sufficient information about the program to allow a user of financial statements to understand the program's nature, activity during the period, changes from period to period, and potential magnitude. This update is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted. The adoption of ASU 2022-04 did not have a material impact on our consolidated financial statements. The Company has determined that other recently issued accounting standards will either not have a material impact on its consolidated financial position, results of operations or cash flows, or will not apply to its operations. Not Yet Adopted In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740) (ASU 2023-09), which improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the guidance and its impact to the financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), which requires public entities to disclose information about their reportable segments' oversight and significant expenses on an interim and annual basis. The ASU is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the guidance and its impact to the financial statements. In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to SEC's Disclosure Update and Simplification Initiative (ASU 2023-06), which amends a variety of disclosure requirements in the Accounting Standards Codification. The effective date for each amendment will be the date on with the SEC's removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective. Early adoption is prohibited. Upon adoption, this ASU is not expected to have a material impact to the Company's financial statements and related disclosures. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Allowance for Doubtful Accounts | The following table summarizes the activity of the Company’s allowance for doubtful accounts: (in thousands) Balance as of Charges to Deductions Balance as of Year ended December 31, 2023: Allowance for doubtful accounts (1) $ 514 $ 1,321 $ ( 1,365 ) $ 470 Year ended December 31, 2022: Allowance for doubtful accounts (1) 788 489 ( 763 ) 514 Year ended December 31, 2021: Allowance for doubtful accounts (1) 1,371 — ( 583 ) 788 (1) Deductions in the allowance for doubtful accounts represent write-offs, net of recoveries, of amounts determined to be uncollectible. |
Calculation of Basic and Diluted Earnings per Share | The following table sets forth the calculation of basic and diluted earnings per share: Year Ended December 31, (in thousands, except per share data) 2023 2022 2021 Net income $ 64,315 $ 68,229 $ 35,770 Denominator for basic earnings per share 35,566 35,179 35,655 Incremental common shares attributable to outstanding restricted stock units 403 522 407 Incremental common shares attributable to exercise of dilutive options 4 17 39 Denominator for diluted earnings per share 35,973 35,718 36,101 Earnings per share: Basic $ 1.81 $ 1.94 $ 1.00 Diluted $ 1.79 $ 1.91 $ 0.99 |
Schedule of Unrecognized Compensation Costs and Remaining Weighted-Average Amortization Stock-Based Awards | As of December 31, 2023, the unrecognized compensation costs and remaining weighted-average amortization periods related to stock-based awards were as follows: (in thousands) Restricted Performance- Unrecognized compensation cost $ 21,869 $ 4,813 Remaining weighted-average amortization period 2.5 years 1.8 years (1) Based on the probable achievement of the performance goals identified in each award. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule Of Inventory Costs | Inventory costs are summarized as follows: December 31, (in thousands) 2023 2022 Raw materials $ 659,210 $ 710,494 Work in process 22,088 15,546 Finished goods 2,503 1,709 Total inventories $ 683,801 $ 727,749 |
Property, Plant And Equipment (
Property, Plant And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule Of Property, Plant And Equipment | Property, plant and equipment consists of the following: December 31, (in thousands) 2023 2022 Land $ 5,867 $ 5,867 Buildings and building improvements 81,282 79,178 Machinery and equipment 553,468 542,034 Furniture and fixtures 12,897 11,430 Vehicles 1,115 1,099 Leasehold improvements 54,754 54,272 Construction in progress 24,658 3,147 Total property and equipment, at cost 734,041 697,027 Less: Accumulated depreciation ( 506,343 ) ( 485,549 ) Total property, plant and equipment, net $ 227,698 $ 211,478 |
Goodwill And Other Intangible_2
Goodwill And Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill Rollforward | Goodwill allocated to the Company’s reportable operating segments follows: (in thousands) Americas Asia Total Goodwill as of December 31, 2023 and 2022 $ 154,014 $ 38,102 $ 192,116 |
Schedule of Acquired Identifiable Intangible Assets and Capitalized Purchased Software Costs | A summary of the Company's acquired identifiable intangible assets and capitalized purchased software costs follows: (in thousands) Gross Accumulated Net Customer relationships $ 100,105 $ ( 71,947 ) $ 28,158 Capitalized purchased software costs 45,062 ( 30,463 ) 14,599 Technology licenses 15,500 ( 15,500 ) — Trade names and trademarks 7,800 — 7,800 Other 869 ( 404 ) 465 Total intangible assets as of December 31, 2023 $ 169,336 $ ( 118,314 ) $ 51,022 (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 | A summary of the components of amortization expense, as presented in the consolidated statements of cash flows, follows: Year Ended December 31, (in thousands) 2023 2022 2021 Amortization of intangible assets $ 5,979 $ 6,384 $ 6,384 Amortization of capitalized purchased software costs 4,564 4,113 2,128 Amortization of debt costs 499 416 637 Total amortization expense $ 11,042 $ 10,913 $ 9,149 |
Schedule of Future Amortization Expense | A summary of the future amortization expense related to the Company's intangible assets held as of December 31, 2023 for each of the next five years follows (in thousands): Year ending December 31, Amortization 2024 $ 4,817 2025 4,817 2026 4,817 2027 4,817 2028 4,817 |
Borrowing Facilities (Tables)
Borrowing Facilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule Of Debt | A summary of the Company's long-term debt outstanding follows: December 31, (in thousands) 2023 2022 Revolving credit facility $ 205,000 $ 195,000 Term loan 127,148 131,250 Less: Unamortized debt issuance costs ( 1,546 ) ( 1,829 ) Total long-term debt, including current installments $ 330,602 $ 324,421 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Components of Lease Expense, and Lease Assets and Liabilities | The components of lease expense were as follows: Year Ended December 31, (in thousands) 2023 2022 2021 Finance lease costs: Amortization of right-of-use assets (included in depreciation expense) $ 48 $ 96 $ 444 Interest on lease liabilities 21 29 192 Operating lease costs 19,280 17,485 16,155 Short-term lease costs 618 307 339 Variable lease costs 1,770 1,892 1,737 Total lease costs $ 21,737 $ 19,809 $ 18,867 A summary of other information about our leases follows: 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 $ 130,830 $ 93,081 Finance lease liabilities, current (included in current installments of long-term debt) $ 181 $ 173 Finance lease liabilities, noncurrent (included in long-term debt) $ 174 $ 355 Operating lease liabilities, current (included in accrued liabilities) $ 15,486 $ 12,020 Operating lease liabilities, noncurrent $ 123,385 $ 86,687 Weighted average remaining lease term – finance leases 1.9 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 4.5 % 4.1 % |
Summary of Operating And Finance Lease Supplemental Cash Flow Information | A summary of cash flow information related to leases follows: Year Ended December 31, (in thousands) 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used for operating leases $ 17,702 $ 17,277 $ 16,721 Operating cash flows used for finance leases 21 29 212 Financing cash flows used for finance leases 173 165 873 Right-of-use assets obtained in exchange for new operating lease liabilities 56,834 11,694 32,811 |
Future Annual Minimum Operating Lease Payments and Finance Lease Commitments | A summary of the Company's future annual minimum lease payments as of December 31, 2023 follows (in thousands): Year ending December 31, Operating Finance 2024 $ 20,741 $ 194 2025 20,025 178 2026 16,613 — 2027 15,467 — 2028 14,719 — 2029 and thereafter 85,385 — Total minimum lease payments 172,950 372 Less: imputed interest ( 34,079 ) ( 17 ) Total present value of lease liabilities $ 138,871 $ 355 |
Common Stock and Stock-Based _2
Common Stock and Stock-Based Awards (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Employee Stock Option | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Stock Options | The following table summarizes the activities related to the Company's stock options: (in thousands, except per share data and years) Number of Weighted- Weighted- Aggregate Outstanding as of December 31, 2020 188 $ 19.98 Exercised ( 54 ) 19.77 Forfeited or expired ( 2 ) 20.16 Outstanding as of December 31, 2021 132 $ 20.06 Exercised ( 53 ) 17.16 Forfeited or expired ( 22 ) 22.36 Outstanding as of December 31, 2022 57 $ 21.85 Exercised ( 17 ) 19.52 Forfeited or expired ( 3 ) 20.11 Outstanding and exercisable as of December 31, 2023 37 $ 23.07 0.7 $ 169 |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Stock-Based Awards | The following table summarizes the activities related to the Company’s time-based restricted stock units: (in thousands, except per share data) Number of Weighted- Non-vested awards outstanding as of December 31, 2020 1,026 $ 27.35 Granted 503 28.52 Vested ( 377 ) 26.77 Forfeited ( 95 ) 28.47 Non-vested awards outstanding as of December 31, 2021 1,057 $ 28.02 Granted 616 25.90 Vested ( 407 ) 28.08 Forfeited ( 81 ) 27.44 Non-vested awards outstanding as of December 31, 2022 1,185 $ 26.93 Granted 724 24.13 Vested ( 490 ) 26.92 Forfeited ( 173 ) 25.91 Non-vested awards outstanding as of December 31, 2023 1,246 $ 25.43 |
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: (in thousands, except per share data) Number of Weighted- Non-vested awards outstanding as of December 31, 2020 368 $ 27.93 Granted (1) 234 28.60 Forfeited ( 60 ) 29.38 Non-vested awards outstanding as of December 31, 2021 542 $ 28.06 Granted (1) 177 25.97 Forfeited ( 174 ) 27.29 Non-vested awards outstanding as of December 31, 2022 545 $ 27.62 Granted (1) 244 25.30 Vested ( 242 ) 28.30 Forfeited ( 105 ) 26.98 Non-vested awards outstanding as of December 31, 2023 442 $ 26.12 (1) Represents target number of awards that can vest based on the achievement of the performance goals. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Expense (Benefit) | Income tax expense (benefit) consisted of the following: Year Ended December 31, (in thousands) 2023 2022 2021 Current: U.S. Federal $ 2,989 $ 903 $ 6 State and local 587 107 1,702 Foreign 28,321 22,351 14,812 Total current taxes 31,897 23,361 16,520 Deferred: U.S. Federal ( 6,206 ) ( 6,544 ) ( 6,179 ) State and local ( 1,612 ) ( 1,734 ) ( 1,380 ) Foreign ( 7,174 ) 1,030 676 Total deferred taxes ( 14,992 ) ( 7,248 ) ( 6,883 ) Total income tax expense $ 16,905 $ 16,113 $ 9,637 |
Schedule of Income (Loss) Before Income Taxes | Income (loss) before income taxes consisted of the following: Year Ended December 31, (in thousands) 2023 2022 2021 United States $ ( 31,534 ) $ ( 45,390 ) $ ( 34,930 ) Foreign 112,754 129,732 80,337 Total income before income taxes $ 81,220 $ 84,342 $ 45,407 |
Schedule of Federal Statutory Income Tax Rate to Income (Loss) Before Income Tax | Income tax expense differed from the amounts computed by applying the U.S. Federal statutory income tax rate to income (loss) before income taxes as follows: Year Ended December 31, (in thousands) 2023 2022 2021 Tax at statutory rate $ 17,056 $ 17,713 $ 9,536 State taxes, net of federal tax effect ( 809 ) ( 1,285 ) ( 36 ) Effect of foreign operations and tax incentives ( 909 ) ( 3,907 ) ( 4,048 ) Change in valuation allowance ( 241 ) 41 ( 336 ) Stock-based compensation 623 447 ( 69 ) GILTI ( 450 ) 1,768 2,104 Foreign tax refund benefit — — ( 7,285 ) Losses in foreign jurisdictions for which no benefit has been provided 6 3 2,608 Change in uncertain tax benefit reserve 370 40 8,858 Other 1,259 1,293 ( 1,695 ) Total income tax expense $ 16,905 $ 16,113 $ 9,637 |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the Company's deferred tax assets and liabilities were as follows: December 31, (in thousands) 2023 2022 Deferred tax assets: Carrying value of inventories $ 5,782 $ 4,809 Accrued liabilities and allowances deductible for tax purposes on a cash basis 10,213 7,811 Goodwill 554 937 Stock-based compensation 5,853 5,032 Operating lease liabilities 33,260 23,252 Net operating loss carryforwards 12,662 16,848 Tax credit carryforwards 7,372 5,805 Research and experimentation 15,861 10,691 Other 8,540 4,086 Total gross deferred tax assets 100,097 79,271 Less: valuation allowance ( 18,502 ) ( 18,743 ) Total net deferred tax assets 81,595 60,528 Deferred tax liabilities: Plant and equipment, due to differences in depreciation ( 10,652 ) ( 7,957 ) Operating lease right-of-use assets ( 32,999 ) ( 22,991 ) Intangible assets, due to differences in amortization ( 8,946 ) ( 10,502 ) Foreign withholding tax ( 898 ) ( 4,902 ) Interest rate swap ( 52 ) ( 263 ) Other ( 1,105 ) ( 2,173 ) Total gross deferred tax liabilities ( 54,652 ) ( 48,788 ) Total net deferred tax assets $ 26,943 $ 11,740 The net deferred tax assets are classified as follows: Long-term assets $ 26,943 $ 12,235 Long-term liabilities — ( 495 ) Total net deferred tax assets $ 26,943 $ 11,740 |
Schedule of Tax Incentives | The net impact of the current tax incentives was to lower income tax expense for 2023, 2022, and 2021 by approxima tely $ 6.3 million (approximately $ 0.17 per dil uted share), $ 9.0 million (approximately $ 0.25 per diluted share) and $ 7.7 million (approximately $ 0.21 per diluted share), respectively, as follows: Year Ended December 31, (in thousands) 2023 2022 2021 Thailand $ 4,923 $ 8,362 $ 5,360 China 1,338 643 443 Malaysia — — 1,946 Total tax incentives $ 6,261 $ 9,005 $ 7,749 |
Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest and penalties, is as follows: December 31, (in thousands) 2023 2022 2021 Balances as of the beginning of the year $ 9,061 $ 9,121 $ 499 Additions related to current year tax positions — — 7,424 Additions related to prior year tax positions — — 1,575 Decreases related to prior year tax positions — — ( 138 ) Decreases related to lapse of statutes — ( 60 ) ( 239 ) Balances as of the end of the year $ 9,061 $ 9,061 $ 9,121 |
Major Customers (Tables)
Major Customers (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Major Customers [Abstract] | |
Schedule Of Sales To Largest Customers | The Company had sales to the following customer that exceeded 10 % of the Company's consolidated sales: Year Ended December 31, 2023 2022 2021 Applied Materials, Inc. and subsidiaries 12 % 15 % 16 % |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary of Fair Values of Derivative Instruments | The fair values of the Company's derivative instruments were as follows: December 31, (in thousands) Balance Sheet Location 2023 2022 Derivatives designated as Forward currency exchange Other current assets $ 2,664 $ 407 Interest rate swap agreement Other long-term liabilities and ( 2,458 ) 639 |
Segment And Geographic Inform_2
Segment And Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Operating Segments | Information about the Company's operating segments follows: Year Ended December 31, (in thousands) 2023 2022 2021 Sales: Americas $ 1,611,783 $ 1,475,929 $ 1,203,544 Asia 1,055,938 1,251,475 912,560 Europe 299,835 284,103 228,834 Elimination of intersegment sales ( 128,580 ) ( 125,176 ) ( 89,619 ) Total sales $ 2,838,976 $ 2,886,331 $ 2,255,319 Depreciation and amortization: Americas $ 20,940 $ 19,574 $ 20,589 Asia 9,746 10,192 10,660 Europe 3,226 3,289 2,878 Corporate 11,498 11,197 10,025 Total depreciation and amortization $ 45,410 $ 44,252 $ 44,152 Income from operations: Americas $ 63,484 $ 55,202 $ 45,807 Asia 124,279 134,649 90,725 Europe 17,380 16,889 11,054 Corporate and intersegment eliminations ( 95,479 ) ( 116,671 ) ( 94,524 ) Total income from operations 109,664 90,069 53,062 Interest expense ( 31,875 ) ( 12,894 ) ( 8,472 ) Interest income 6,256 1,730 540 Other (expense) income, net ( 2,825 ) 5,437 277 Income before income taxes $ 81,220 $ 84,342 $ 45,407 Capital expenditures: Americas $ 38,627 $ 30,105 $ 28,673 Asia 25,286 10,534 4,253 Europe 7,098 4,509 6,072 Corporate 6,728 1,626 3,179 Total capital expenditures $ 77,739 $ 46,774 $ 42,177 December 31, (in thousands) 2023 2022 Assets: Americas $ 1,064,047 $ 1,055,533 Asia 769,744 764,164 Europe 222,591 183,443 Corporate 218,373 224,191 Total assets $ 2,274,755 $ 2,227,331 |
Schedule of Geographic Sales and Long-Lived Assets | A summary of the Company's geographic sales and long-lived assets follows: Year Ended December 31, (in thousands) 2023 2022 2021 Geographic sales: United States $ 1,737,144 $ 1,569,232 $ 1,328,754 Singapore 383,914 457,889 326,688 Other Asia 210,927 332,144 202,792 Europe 402,514 387,276 285,017 Other 104,477 139,790 112,068 Total sales $ 2,838,976 $ 2,886,331 $ 2,255,319 December 31, (in thousands) 2023 2022 Long-lived assets: United States $ 231,740 $ 249,409 Asia 79,203 68,283 Europe 42,934 29,338 Other 66,072 23,801 Total long-lived assets $ 419,949 $ 370,831 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following tables provide a summary of the Company's revenue disaggregated by market sector and a reconciliation of the disaggregated revenue to the Company's revenue by reportable operating segment: Year Ended December 31, 2023 (in thousands) Americas Asia Europe Total Market sector: Complex Industrials $ 127,491 $ 345,465 $ 123,522 $ 596,478 A&D 304,932 29,153 27,446 361,531 Medical 329,816 182,532 44,204 556,552 Semi-Cap 262,117 283,870 100,305 646,292 Advanced Computing 311,742 25,988 — 337,730 Next-Generation Communications 197,889 142,448 56 340,393 External revenue 1,533,987 1,009,456 295,533 2,838,976 Elimination of intersegment sales 77,796 46,482 4,302 128,580 Segment revenue $ 1,611,783 $ 1,055,938 $ 299,835 $ 2,967,556 Year Ended December 31, 2022 (in thousands) Americas Asia Europe Total Market sector: Complex Industrials $ 89,949 $ 363,398 $ 140,258 $ 593,605 A&D 286,230 43,701 17,654 347,585 Medical 319,823 228,571 44,500 592,894 Semi-Cap 286,322 357,634 78,146 722,102 Advanced Computing 258,206 52,301 2 310,509 Next-Generation Communications 170,424 148,772 440 319,636 External revenue 1,410,954 1,194,377 281,000 2,886,331 Elimination of intersegment sales 64,976 57,100 3,100 125,176 Segment revenue $ 1,475,930 $ 1,251,477 $ 284,100 $ 3,011,507 Year Ended December 31, 2021 (in thousands) Americas Asia Europe Total Market sector: Complex Industrials $ 79,726 $ 262,546 $ 86,174 $ 428,446 A&D 360,030 1,692 20,009 381,731 Medical 220,635 189,614 51,585 461,834 Semi-Cap 215,596 266,065 67,640 549,301 Advanced Computing 163,423 35,842 140 199,405 Next-Generation Communications 120,739 112,684 1,179 234,602 External revenue 1,160,149 868,443 226,727 2,255,319 Elimination of intersegment sales 43,395 44,117 2,107 89,619 Segment revenue $ 1,203,544 $ 912,560 $ 228,834 $ 2,344,938 |
Changes In Contract Assets | A summary of activity related to the Company's contract assets follows: Year Ended December 31, (in thousands) 2023 2022 Balance as of the beginning of the year $ 183,613 $ 155,243 Revenue recognized 2,495,298 2,623,585 Amounts collected or invoiced ( 2,503,932 ) ( 2,595,215 ) Balance as of the end of the year $ 174,979 $ 183,613 |
Restructuring Charges and Oth_2
Restructuring Charges and Other Costs (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Schedule Of Restructuring Costs | The components of restructuring charges during 2023 were as follows: Year Ended December 31, 2023 (in thousands) Americas Asia Europe Total Severance costs $ 4,226 $ — $ 282 $ 4,508 Lease facility costs 176 — — 176 Other exit costs 2,640 — 3 2,643 Total restructuring charges $ 7,042 $ — $ 285 $ 7,327 The components of restructuring charges during 2022 were as follows: Year Ended December 31, 2022 (in thousands) Americas Asia Europe Total Severance costs $ 2,298 $ 130 $ — $ 2,428 Lease facility costs 1,261 — — 1,261 Other exit costs 2,021 — — 2,021 Total restructuring charges $ 5,580 $ 130 $ — $ 5,710 The components of restructuring charges during 2021 were as follows: Year Ended December 31, 2021 (in thousands) Americas Asia Europe Total Severance costs $ 4,084 $ 46 $ — $ 4,130 Lease facility costs 2,581 164 — 2,745 Other exit costs 2,470 — — 2,470 Total restructuring charges $ 9,135 $ 210 $ — $ 9,345 |
Schedule Of Restructuring Reserves | The following table summarizes the 2023 activity in accrued restructuring costs: (in thousands) Balances as of Restructuring Cash Non-Cash Balances as of Severance $ 3,683 $ 4,508 $ ( 8,156 ) $ — $ 35 Lease facility costs 17 176 ( 184 ) — 9 Other exit costs 81 2,643 ( 2,643 ) — 81 Total accrued restructuring costs $ 3,781 $ 7,327 $ ( 10,983 ) $ — $ 125 The following table summarizes the 2022 activity in accrued restructuring costs: (in thousands) Balances as of Restructuring Cash Non-Cash Balances as of Severance $ 3,257 $ 2,428 $ ( 1,713 ) $ ( 289 ) $ 3,683 Lease facility costs 17 1,261 ( 1,261 ) — 17 Other exit costs 237 2,021 ( 2,056 ) ( 121 ) 81 Total accrued restructuring costs $ 3,511 $ 5,710 $ ( 5,030 ) $ ( 410 ) $ 3,781 The following table summarizes the 2021 activity in accrued restructuring costs: (in thousands) Balances as of Restructuring Cash Non-Cash Balances as of Severance $ 3,996 $ 4,130 $ ( 4,685 ) $ ( 184 ) $ 3,257 Lease facility costs 50 2,745 ( 2,618 ) ( 160 ) 17 Other exit costs 408 2,470 ( 2,252 ) ( 389 ) 237 Total accrued restructuring costs $ 4,454 $ 9,345 $ ( 9,555 ) $ ( 733 ) $ 3,511 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 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: (in thousands) Foreign Derivative Other Total Balances, December 31, 2020 $ ( 8,375 ) $ ( 6,742 ) $ ( 1,534 ) $ ( 16,651 ) Other comprehensive gain (loss) before reclassifications ( 4,354 ) 3,018 477 ( 859 ) Amounts reclassified from accumulated — 352 — 352 Total other comprehensive income (loss) ( 4,354 ) 3,370 477 ( 507 ) Balances, December 31, 2021 $ ( 12,729 ) $ ( 3,372 ) $ ( 1,057 ) $ ( 17,158 ) Other comprehensive gain (loss) before reclassifications ( 3,148 ) 4,641 ( 87 ) 1,406 Amounts reclassified from accumulated — ( 481 ) — ( 481 ) Total other comprehensive income (loss) ( 3,148 ) 4,160 ( 87 ) 925 Balances, December 31, 2022 $ ( 15,877 ) $ 788 $ ( 1,144 ) $ ( 16,233 ) Other comprehensive gain (loss) before reclassifications 2,119 2,444 37 4,600 Amounts reclassified from accumulated 845 ( 3,072 ) — ( 2,227 ) Total other comprehensive income (loss) 2,964 ( 628 ) 37 2,373 Balances, December 31, 2023 $ ( 12,913 ) $ 160 $ ( 1,107 ) $ ( 13,860 ) |
Supplemental Cash Flow and No_2
Supplemental Cash Flow and Non-Cash Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule Of Supplemental Cash Flow and Non-Cash Information | The following table includes supplemental cash flow disclosures: Year Ended December 31, (in thousands) 2023 2022 2021 Supplemental cash flow information: Income taxes paid, net $ 37,659 $ 28,478 $ 20,558 Interest paid 30,551 11,627 8,207 Non-cash investing activity: Unpaid purchases of property, plant and equipment at the end of the period 1,558 23,734 8,614 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Summary Of Significant Accounting Policies [Line Items] | |||
Cash equivalents | $ 121,200 | $ 88,900 | |
Lease, Practical Expedients, Package [true false] | true | ||
Lessee Operating Lease Option To Extend | Lease terms include options to extend or terminate the lease when it is reasonably certain that those options will be exercised. | ||
Lessee, Operating Lease, Option to Terminate | Lease terms include options to extend or terminate the lease when it is reasonably certain that those options will be exercised. | ||
Lessee, Operating Lease, Existence of Option to Extend [true false] | true | ||
Lessee, Operating Lease, Existence of Option to Terminate [true false] | true | ||
Compensation cost recognized for stock-based awards | $ 15,300 | 18,500 | $ 15,300 |
Income tax benefit recognized in the income statement for stock-based awards | 3,500 | 4,400 | 3,600 |
Total cash received as a result of stock option exercises | 129 | 716 | 346 |
Tax benefit realized as a result of stock option exercises and the vesting of other share-based awards | 2,700 | 2,500 | 2,700 |
Total intrinsic value of stock options exercised | 100 | 500 | 500 |
Exchange gain (loss) related to foreign currency transactions | (3,400) | 600 | (300) |
Government incentives | $ 1,700 | $ 900 | $ 500 |
Government Assistance, Statement of Income or Comprehensive Income [Extensible Enumeration] | Selling, General and Administrative Expense | Selling, General and Administrative Expense | Selling, General and Administrative Expense |
Government Incentives [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Prepaid and other assets | $ 900 | $ 0 | |
Restricted Stock Units [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Anti-dilutive stock-based awards in computation of earnings per share | 0 | ||
Employee Stock Option [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Anti-dilutive stock-based awards in computation of earnings per share | 0 | 0 | 0 |
Leasehold Improvements [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration] | us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember | ||
Minimum [Member] | Customer Relationships [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Useful lives of the assets | 10 years | ||
Minimum [Member] | Capitalized Purchased Software Costs [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Useful lives of the assets | 2 years | ||
Minimum [Member] | Buildings And Building Improvements [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Useful lives of the assets | 5 years | ||
Minimum [Member] | Machinery And Equipment [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Useful lives of the assets | 2 years | ||
Minimum [Member] | Furniture And Fixtures [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Useful lives of the assets | 2 years | ||
Minimum [Member] | Vehicles [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Useful lives of the assets | 2 years | ||
Maximum [Member] | Customer Relationships [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Useful lives of the assets | 14 years | ||
Maximum [Member] | Capitalized Purchased Software Costs [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Useful lives of the assets | 14 years | ||
Maximum [Member] | Restricted Stock Units [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Anti-dilutive stock-based awards in computation of earnings per share | 100,000 | 100,000 | |
Maximum [Member] | Buildings And Building Improvements [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Useful lives of the assets | 40 years | ||
Maximum [Member] | Machinery And Equipment [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Useful lives of the assets | 15 years | ||
Maximum [Member] | Furniture And Fixtures [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Useful lives of the assets | 12 years | ||
Maximum [Member] | Vehicles [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Useful lives of the assets | 8 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Schedule Of Allowance For Doubtful Accounts) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance as of Beginning of Year | [1] | $ 514 | $ 788 | $ 1,371 |
Charges to Operations | [1] | 1,321 | 489 | 0 |
Deductions | [1] | (1,365) | (763) | (583) |
Balance as of End of Year | [1] | $ 470 | $ 514 | $ 788 |
[1] Deductions in the allowance for doubtful accounts represent write-offs, net of recoveries, of amounts determined to be uncollectible. |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Schedule Of Calculation Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share Reconciliation [Line Items] | |||
Net Income (Loss) | $ 64,315 | $ 68,229 | $ 35,770 |
Denominator for basic earnings per share | 35,566 | 35,179 | 35,655 |
Denominator for diluted earnings per share | 35,973 | 35,718 | 36,101 |
Earnings per share: | |||
Basic | $ 1.81 | $ 1.94 | $ 1 |
Diluted | $ 1.79 | $ 1.91 | $ 0.99 |
Employee Stock Option [Member] | |||
Earnings Per Share Reconciliation [Line Items] | |||
Incremental common shares attributable to exercise of dilutive options | 4 | 17 | 39 |
Restricted Stock Units [Member] | |||
Earnings Per Share Reconciliation [Line Items] | |||
Incremental common shares attributable to exercise of dilutive options | 403 | 522 | 407 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Schedule Of Unrecognized Compensation Costs Nonvested Awards) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) | ||
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation cost | $ 21,869 | |
Remaining weighted-average amortization period | 2 years 6 months | |
Performance-Based Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation cost | $ 4,813 | [1] |
Remaining weighted-average amortization period | 1 year 9 months 18 days | [1] |
[1] Based on the probable achievement of the performance goals identified in each award. |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventory Costs) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 659,210 | $ 710,494 |
Work in process | 22,088 | 15,546 |
Finished goods | 2,503 | 1,709 |
Total inventories | $ 683,801 | $ 727,749 |
Property, Plant And Equipment_2
Property, Plant And Equipment (Schedule Of Property, Plant And Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property Plant And Equipment [Line Items] | ||
Total property and equipment, at cost | $ 734,041 | $ 697,027 |
Less: Accumulated depreciation | (506,343) | (485,549) |
Total property, plant and equipment, net | 227,698 | 211,478 |
Land [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, at cost | 5,867 | 5,867 |
Buildings And Building Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, at cost | 81,282 | 79,178 |
Machinery And Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, at cost | 553,468 | 542,034 |
Furniture And Fixtures [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, at cost | 12,897 | 11,430 |
Vehicles [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, at cost | 1,115 | 1,099 |
Leasehold Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, at cost | 54,754 | 54,272 |
Construction In Progress[Member] | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, at cost | $ 24,658 | $ 3,147 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Schedule of Goodwill by Reportable Operating Segments) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Goodwill [Line Items] | ||
Goodwill | $ 192,116 | $ 192,116 |
Operating Segments [Member] | Americas [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 154,014 | 154,014 |
Operating Segments [Member] | Asia [Member] | ||
Goodwill [Line Items] | ||
Goodwill | $ 38,102 | $ 38,102 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Schedule of Acquired Identifiable Intangible Assets and Capitalized Purchased Software Costs) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 169,336 | $ 176,723 |
Accumulated amortization | (118,314) | (118,537) |
Net carrying amount | 51,022 | 58,186 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 100,105 | 100,072 |
Accumulated amortization | (71,947) | (65,958) |
Net carrying amount | 28,158 | 34,114 |
Capitalized Purchased Software Costs [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 45,062 | 52,483 |
Accumulated amortization | 30,463 | (36,702) |
Net carrying amount | 14,599 | 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 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 869 | 868 |
Accumulated amortization | (404) | (377) |
Net carrying amount | 465 | 491 |
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 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | |||
Purchased software costs, capitalized | $ 4,260 | $ 3,417 | $ 3,383 |
Purchased Software Costs [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Purchased software costs, capitalized | $ 4,300 | $ 3,400 | $ 3,400 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets (Schedule of Amortization Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of intangible assets | $ 5,979 | $ 6,384 | $ 6,384 |
Amortization of capitalized purchased software costs | 4,564 | 4,113 | 2,128 |
Amortization of debt costs | 499 | 416 | 637 |
Total amortization expense | $ 11,042 | $ 10,913 | $ 9,149 |
Goodwill and Other Intangible_7
Goodwill and Other Intangible Assets (Schedule of Future Amortization Expense) (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2024 | $ 4,817 |
2025 | 4,817 |
2026 | 4,817 |
2027 | 4,817 |
2028 | $ 4,817 |
Borrowing Facilities - Schedule
Borrowing Facilities - Schedule of Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Line of Credit Facility [Line Items] | ||
Less: Unamortized debt issuance costs | $ (1,546) | $ (1,829) |
Total long-term debt, including current installments | 330,602 | 324,421 |
Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Revolving credit facility | 205,000 | 195,000 |
Term loan [Member] | ||
Line of Credit Facility [Line Items] | ||
Principal amount | $ 127,148 | $ 131,250 |
Borrowing Facilities (Narrative
Borrowing Facilities (Narrative) (Details) - USD ($) | 12 Months Ended | |||||||
May 01, 2023 | Feb. 03, 2023 | May 20, 2022 | Dec. 21, 2021 | Jul. 20, 2018 | Dec. 31, 2023 | Dec. 31, 2022 | Jul. 19, 2018 | |
Line of Credit Facility [Line Items] | ||||||||
Maximum amount of trade accounts receivable sales permitted | $ 200,000,000 | $ 200,000,000 | ||||||
Credit agreement, secured by percentage of stock of the Company's domestic subsidiaries | 100% | |||||||
Credit agreement, secured by percentage of voting capital stock of each direct foreign subsidiary | 65% | |||||||
Aggregate maturities of long-term debt in 2024 | $ 4,100,000 | |||||||
Aggregate maturities of long-term debt in 2025 | 6,600,000 | |||||||
Aggregate maturities of long-term debt in 2026 | 321,500,000 | |||||||
Aggregate maturities of long-term debt in 2027 | 0 | |||||||
Aggregate maturities of long-term debt in 2028 | 0 | |||||||
Thereafter | 0 | |||||||
Interest Rate Swap [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Derivative Notional Amount | $ 127,100,000 | |||||||
Fixed interest rate | 4.039% | |||||||
Credit Agreement [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Credit Agreement description | On July 20, 2018, the Company entered into a $650 million credit agreement (the Prior Credit Agreement) by and among the Company, certain of its subsidiaries, the lenders party thereto and Bank of America, N.A., as Administrative Agent, Swingline Lender and a L/C Issuer. The Prior Credit Agreement was comprised of a five-year $500 million revolving credit facility and a five-year $151 million term loan facility, both which had a maturity date of July 20, 2023. The term loan facility proceeds were used to (i) refinance a portion of existing indebtedness and terminate all commitments under the Company’s prior $430 million credit agreement and (ii) pay the fees, costs and expenses associated with the foregoing and the negotiation, execution and delivery of the Prior Credit Agreement. | |||||||
Credit Agreement aggregate borrowing capacity | $ 381,000,000 | $ 650,000,000 | ||||||
Credit Agreement maturity date | Jul. 20, 2023 | |||||||
Revolving credit facility, available for future borrowings | $ 430,000,000 | |||||||
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) Bloomberg Short Term Bank Yield Index (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 rate plus 1.00% and (iv) 1.00%). | ||||||
Credit Agreement covenant terms | The Credit Agreement contains certain financial covenants related to interest coverage and debt leverage, and certain customary affirmative and negative covenants, including restrictions on the Company’s ability to incur additional debt and liens, pay dividends, repurchase shares, sell assets and merge or consolidate with other persons. Amounts due under the Credit Agreement could be accelerated upon specified events of default, including a failure to pay amounts due, breach of a covenant, material inaccuracy of a representation, or occurrence of bankruptcy or insolvency, subject, in some cases, to cure periods. | |||||||
Credit Agreement [Member] | Alternate Base Rate Plus [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt Instrument, variable rate | 1% | 1% | ||||||
Credit Agreement [Member] | Federal Funds Rate Plus [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt Instrument, variable rate | 0.50% | 0.50% | ||||||
Credit Agreement [Member] | Minimum [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
U.S. Credit facility, commitment fee | 0.20% | |||||||
Credit Agreement [Member] | Minimum [Member] | Bloomberg Short Term Bank Yield Index Rate Plus [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt Instrument, variable rate | 1% | |||||||
Credit Agreement [Member] | Minimum [Member] | Secured Overnight Financing Rate (SOFR) [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt Instrument, variable rate | 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] | Bloomberg Short Term Bank Yield Index Rate Plus [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt Instrument, variable rate | 2% | |||||||
Credit Agreement [Member] | Maximum [Member] | Secured Overnight Financing Rate (SOFR) [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt Instrument, variable rate | 2% | |||||||
Revolving Credit Facility [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Credit Agreement aggregate borrowing capacity | $ 550,000,000 | $ 450,000,000 | $ 250,000,000 | $ 500,000,000 | ||||
Term period | 5 years | 5 years | ||||||
Credit Agreement maturity date | Dec. 21, 2026 | Jul. 20, 2023 | ||||||
Revolving credit facility, available for future borrowings | $ 340,600,000 | |||||||
Long-Term Line of Credit | 205,000,000 | $ 195,000,000 | ||||||
Letters of credit outstanding amount | 4,400,000 | |||||||
Revolving Credit Facility [Member] | Minimum [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Possible increase to total commitments under Credit Agreement | 100,000,000 | |||||||
Revolving Credit Facility [Member] | Minimum [Member] | Secured Overnight Financing Rate (SOFR) [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt Instrument, variable rate | 0.10% | |||||||
Term Loan Facility [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Credit Agreement aggregate borrowing capacity | $ 131,300,000 | $ 151,000,000 | $ 127,100,000 | |||||
Term period | 5 years | 5 years | ||||||
Term Loan frequency of periodic payments | quarterly | |||||||
Term Loan Facility [Member] | December 31, 2022 Through September 30, 2024 [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Quarterly principal installments, Percentage | 0.625% | |||||||
Term Loan Facility [Member] | January 1, 2025 Through December 21, 2026 [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Quarterly principal installments, Percentage | 1.25% |
Leases - Components of Lease Ex
Leases - Components of Lease Expense, and Lease Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Lease Costs: | |||
Amortization of right-of-use assets (included in depreciation expense) | $ 48 | $ 96 | $ 444 |
Interest on lease liabilities | 21 | 29 | 192 |
Operating lease costs | 19,280 | 17,485 | 16,155 |
Short-term lease costs | 618 | 307 | 339 |
Variable lease costs | 1,770 | 1,892 | 1,737 |
Total lease costs | 21,737 | 19,809 | 18,867 |
Cash paid for amounts included in the measurement of lease liabilities | |||
Operating cash flows used for operating leases | 17,702 | 17,277 | 16,721 |
Operating cash flows used for finance leases | 21 | 29 | 212 |
Financing cash flows used for finance leases | 173 | 165 | 873 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 56,834 | 11,694 | $ 32,811 |
Assets and Liabilities, Lessee [Abstract] | |||
Finance lease right-of-use assets (included in other assets, net) | $ 0 | $ 664 | |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets, net | Other assets, net | |
Operating lease right-of-use assets | $ 130,830 | $ 93,081 | |
Finance lease liabilities, current (included in current installments of long-term debt) | $ 181 | $ 173 | |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Current installments of long-term debt | Current installments of long-term debt | |
Finance lease liabilities, noncurrent (included in long-term debt) | $ 174 | $ 355 | |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Long-term debt, net of current installments | Long-term debt, net of current installments | |
Operating lease liabilities, current (included in accrued liabilities) | $ 15,486 | $ 12,020 | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accrued liabilities | Accrued liabilities | |
Operating lease liabilities, noncurrent | $ 123,385 | $ 86,687 | |
Weighted average remaining lease term – finance leases | 1 year 10 months 24 days | 2 years 10 months 24 days | |
Weighted average remaining lease term – operating leases | 9 years 8 months 12 days | 9 years 9 months 18 days | |
Weighted average discount rate – finance leases | 4.80% | 4.80% | |
Weighted average discount rate – operating leases | 4.50% | 4.10% |
Leases - Future Annual Minimum
Leases - Future Annual Minimum Lease Payments and Finance Lease Commitments (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Operating Leases | |
2024 | $ 20,741 |
2025 | 20,025 |
2026 | 16,613 |
2027 | 15,467 |
2028 | 14,719 |
2029 and thereafter | 85,385 |
Finance Leases | |
2024 | 194 |
2025 | 178 |
2026 | 0 |
2027 | 0 |
2028 | 0 |
2029 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 | Dec. 31, 2023 USD ($) |
Lessee, Operating Lease, Liability, to be Paid, Gross Difference [Abstract] | |
Total minimum lease payments | $ 172,950 |
Less: imputed interest | (34,079) |
Total present value of lease liabilities | 138,871 |
Finance Lease, Liability, to be Paid, Gross Difference [Abstract] | |
Total minimum lease payments | 372 |
Less: imputed interest | (17) |
Present value of lease liabilities | $ 355 |
Common Stock and Stock-Based _3
Common Stock and Stock-Based Awards - Dividends and Share Repurchase Authorization (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||||
Jan. 12, 2024 | Dec. 13, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Feb. 19, 2020 | Oct. 26, 2018 | Mar. 06, 2018 | Dec. 07, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Dividends paid | $ 23,455 | $ 23,156 | $ 23,260 | ||||||
Quarterly cash dividend declared | $ 0.165 | ||||||||
Dividends payable, date of record | Dec. 29, 2023 | ||||||||
Repurchase of common shares remaining authorized amount | $ 154,600 | ||||||||
Repurchase of common Shares | 0 | 400,000 | 1,400,000 | ||||||
Repurchase of common shares, value | $ 9,400 | $ 40,200 | |||||||
Repurchase of common shares, average cost per share | $ 24.96 | $ 29.11 | |||||||
Quarterly Dividend Rate Q1 2018 Through January 2020 [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Quarterly cash dividend declared | $ 0.15 | ||||||||
Quarterly Dividend Rate February 2020 Through April 2020 [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Quarterly cash dividend declared | 0.16 | ||||||||
Quarterly Dividend Rate Since May 2021 [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Quarterly cash dividend declared | $ 0.165 | ||||||||
Subsequent Event [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Dividends paid | $ 5,900 | ||||||||
Maximum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Repurchase of common shares program authorized amount | $ 150,000 | $ 100,000 | $ 250,000 | $ 100,000 |
Common Stock and Stock-Based _4
Common Stock and Stock-Based Awards - Stock-Based Compensation (Narrative) (Details) shares in Millions | 12 Months Ended |
Dec. 31, 2023 shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Additional shares available for issuance | 1.7 |
Employee Stock Option | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 4 years |
Term of options | 10 years |
Performance-Based Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 3 years |
Time Based Restricted Stock Units [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 (Summary Of Stock Options) (Details) - Employee Stock Option - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Number of Options, Outstanding, Beginning balance | 57 | 132 | 188 |
Number of Options, Exercised | (17) | (53) | (54) |
Number of Options, Forfeited or expired | (3) | (22) | (2) |
Number of Options, Outstanding, Ending balance | 37 | 57 | 132 |
Weighted-Average Exercise Price, Outstanding, Beginning balance | $ 21.85 | $ 20.06 | $ 19.98 |
Weighted-Average Exercise Price, Exercised | 19.52 | 17.16 | 19.77 |
Weighted-Average Exercise Price, Forfeited or expired | 20.11 | 22.36 | 20.16 |
Weighted-Average Exercise Price, Outstanding, Ending balance | $ 23.07 | $ 21.85 | $ 20.06 |
Weighted-Average Remaining Contractual Term (Years), Outstanding | 8 months 12 days | ||
Aggregate Intrinsic Value, Outstanding | $ 169 |
Common Stock and Stock-Based _6
Common Stock and Stock-Based Awards (Summary Of Stock-Based Awards) (Details) - $ / shares shares in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Non-vested shares outstanding, shares or units, beginning balance | 1,185 | 1,057 | 1,026 | |
Granted, shares or units | 724 | 616 | 503 | |
Vested, shares or units | (490) | (407) | (377) | |
Forfeited, shares or units | (173) | (81) | (95) | |
Non-vested shares outstanding, shares or units, ending balance | 1,246 | 1,185 | 1,057 | |
Non-vested outstanding, weighted-average grant date fair value, beginning balance | $ 26.93 | $ 28.02 | $ 27.35 | |
Granted, weighted-average grant date fair value | 24.13 | 25.9 | 28.52 | |
Vested, weighted-average grant date fair value | 26.92 | 28.08 | 26.77 | |
Forfeited, weighted-average grant date fair value | 25.91 | 27.44 | 28.47 | |
Non-vested outstanding, weighted-average grant date fair value, ending balance | $ 25.43 | $ 26.93 | $ 28.02 | |
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 | 545 | 542 | 368 | |
Granted, shares or units | [1] | 244 | 177 | 234 |
Vested, shares or units | (242) | |||
Forfeited, shares or units | (105) | (174) | (60) | |
Non-vested shares outstanding, shares or units, ending balance | 442 | 545 | 542 | |
Non-vested outstanding, weighted-average grant date fair value, beginning balance | $ 27.62 | $ 28.06 | $ 27.93 | |
Granted, weighted-average grant date fair value | [1] | 25.3 | 25.97 | 28.6 |
Vested, weighted-average grant date fair value | 28.3 | |||
Forfeited, weighted-average grant date fair value | 26.98 | 27.29 | 29.38 | |
Non-vested outstanding, weighted-average grant date fair value, ending balance | $ 26.12 | $ 27.62 | $ 28.06 | |
[1] Represents target number of awards that can vest based on the achievement of the performance goals. |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
U.S. Federal, Current | $ 2,989 | $ 903 | $ 6 |
State and local, Current | 587 | 107 | 1,702 |
Foreign, Current | 28,321 | 22,351 | 14,812 |
Total current taxes | 31,897 | 23,361 | 16,520 |
U.S. Federal, Deferred | (6,206) | (6,544) | (6,179) |
State and local, Deferred | (1,612) | (1,734) | (1,380) |
Foreign, Deferred | (7,174) | 1,030 | 676 |
Total deferred taxes | (14,992) | (7,248) | (6,883) |
Total income tax expense | $ 16,905 | $ 16,113 | $ 9,637 |
Income Taxes - Schedule of In_2
Income Taxes - Schedule of Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
United States | $ (31,534) | $ (45,390) | $ (34,930) |
Foreign | 112,754 | 129,732 | 80,337 |
Income before income taxes | $ 81,220 | $ 84,342 | $ 45,407 |
Income Taxes - Schedule of Fede
Income Taxes - Schedule of Federal Statutory Income Tax Rate to Income (Loss) Before Income Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Tax at statutory rate | $ 17,056 | $ 17,713 | $ 9,536 |
State taxes, net of federal tax effect | (809) | (1,285) | (36) |
Effect of foreign operations and tax incentives | (909) | (3,907) | (4,048) |
Change in valuation allowance | (241) | 41 | (336) |
Stock-based compensation | 623 | 447 | (69) |
GILTI | (450) | 1,768 | 2,104 |
Foreign tax refund benefit | 0 | 0 | (7,285) |
Losses in foreign jurisdictions for which no benefit has been provided | 6 | 3 | 2,608 |
Change in uncertain tax benefit reserve | 370 | 40 | 8,858 |
Other | 1,259 | 1,293 | (1,695) |
Total income tax expense | $ 16,905 | $ 16,113 | $ 9,637 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Line Items] | |||||
Corporate income tax rate | 21% | 35% | |||
Effect Of Tax Cuts and Jobs Act [Abstract] | |||||
Tax Cuts and Jobs Act, Transition Tax for Accumulated Foreign Earnings Liability | $ 36,200,000 | $ 80,500,000 | |||
Tax Cuts and Jobs Act, transition tax for accumulated foreign earnings liability noncurrent | 20,100,000 | ||||
Foreign earnings repatriated | 70,000,000 | $ 20,000,000 | $ 35,000,000 | ||
Cumulative undistributed earnings of foreign subsidiaries | 477,200,000 | ||||
Unrecognized deferred tax liability | 9,100,000 | ||||
Foreign tax refund benefit | 7,300,000 | $ 9,200,000 | |||
Deferred tax asset | 100,097,000 | 79,271,000 | |||
2024 | 16,100,000 | ||||
2025 | 20,100,000 | ||||
Net change in total deferred tax asset valuation allowance | (200,000) | (300,000) | |||
Income tax incentives | $ 6,261,000 | $ 9,005,000 | $ 7,749,000 | ||
Net impact of tax incentives, per diluted share | $ 0.17 | $ 0.25 | $ 0.21 | ||
Unrecognized tax benefits including interest and penalties | $ 9,900,000 | ||||
Additions related to prior year tax positions | 0 | $ 0 | $ 1,575,000 | ||
Additions related to current year tax positions | 0 | 0 | 7,424,000 | ||
Decreases related to prior year tax positions | 138,000 | ||||
Decreases related to lapse of statutes | 0 | 60,000 | 239,000 | ||
Interest on unrecognized tax | 800,000 | ||||
Research and experimentation | 15,861,000 | 10,691,000 | |||
Maximum [Member] | |||||
Effect Of Tax Cuts and Jobs Act [Abstract] | |||||
Net change in total deferred tax asset valuation allowance | 100,000 | ||||
Malaysia [Member} | |||||
Effect Of Tax Cuts and Jobs Act [Abstract] | |||||
Income tax incentives | $ 0 | 0 | 1,946,000 | ||
Income tax holidays expiration date | March 31, 2021 | ||||
Malaysia [Member} | Maximum [Member] | |||||
Effect Of Tax Cuts and Jobs Act [Abstract] | |||||
Income Tax Holiday Extended Date | 10 years | ||||
Malaysia [Member} | Minimum [Member] | |||||
Effect Of Tax Cuts and Jobs Act [Abstract] | |||||
Income Tax Holiday Extended Date | 5 years | ||||
Thailand [Member] | |||||
Effect Of Tax Cuts and Jobs Act [Abstract] | |||||
Income tax incentives | $ 4,923,000 | 8,362,000 | 5,360,000 | ||
Income tax holidays expiration date | December 31, 2030 | ||||
China [Member] | |||||
Effect Of Tax Cuts and Jobs Act [Abstract] | |||||
Income tax incentives | $ 1,338,000 | $ 643,000 | $ 443,000 | ||
Income tax holidays expiration date | December 31, 2023 | ||||
Intended date to apply for tax holiday incentive | 2024 | ||||
Foreign [Member] | |||||
Effect Of Tax Cuts and Jobs Act [Abstract] | |||||
Operating loss carryforwards | $ 33,000,000 | ||||
Foreign operating loss with indefinite carry forward period | $ 11,700,000 | ||||
Operating loss carryforwards expiration Year | 2031 | ||||
U.S. Federal [Member] | |||||
Effect Of Tax Cuts and Jobs Act [Abstract] | |||||
Operating loss carryforwards | $ 0 | ||||
State and local [Member] | |||||
Effect Of Tax Cuts and Jobs Act [Abstract] | |||||
Operating loss carryforwards | $ 18,700,000 | ||||
Tax credit carryforward expiration year | 2026 | ||||
Tax credit carryforward | $ 1,600,000 | ||||
State and local [Member] | Earliest Tax Year [Member] | |||||
Effect Of Tax Cuts and Jobs Act [Abstract] | |||||
Operating loss carryforwards expiration Year | 2037 | ||||
State and local [Member] | Latest Tax Year [Member] | |||||
Effect Of Tax Cuts and Jobs Act [Abstract] | |||||
Operating loss carryforwards expiration Year | 2043 | ||||
Research Tax Credit Carryforward [Member] | |||||
Effect Of Tax Cuts and Jobs Act [Abstract] | |||||
Tax credit carryforward | $ 5,700,000 | ||||
Research Tax Credit Carryforward [Member] | Maximum [Member] | |||||
Effect Of Tax Cuts and Jobs Act [Abstract] | |||||
Tax credit carryforward expiration year | 2043 | ||||
Research Tax Credit Carryforward [Member] | Minimum [Member] | |||||
Effect Of Tax Cuts and Jobs Act [Abstract] | |||||
Tax credit carryforward expiration year | 2038 | ||||
Initial Amount of Foreign Tax Refund Benefit [Member] | |||||
Effect Of Tax Cuts and Jobs Act [Abstract] | |||||
Foreign tax refund benefit | $ 16,500,000 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Income Tax Disclosure [Abstract] | ||
Carrying value of inventories | $ 5,782 | $ 4,809 |
Accrued liabilities and allowances deductible for tax purposes on a cash basis | 10,213 | 7,811 |
Goodwill | 554 | 937 |
Stock-based compensation | 5,853 | 5,032 |
Operating lease liabilities | 33,260 | 23,252 |
Net operating loss carryforwards | 12,662 | 16,848 |
Tax credit carryforwards | 7,372 | 5,805 |
Research and experimentation | 15,861 | 10,691 |
Other | 8,540 | 4,086 |
Total gross deferred tax assets | 100,097 | 79,271 |
Less: valuation allowance | (18,502) | (18,743) |
Total net deferred tax assets | 81,595 | 60,528 |
Plant and equipment, due to differences in depreciation | (10,652) | (7,957) |
Operating lease right-of-use assets | (32,999) | (22,991) |
Intangible assets, due to differences in amortization | (8,946) | (10,502) |
Foreign withholding tax | (898) | (4,902) |
Interest rate swap | (52) | (263) |
Other | (1,105) | (2,173) |
Total gross deferred tax liabilities | (54,652) | (48,788) |
Total net deferred tax assets | 26,943 | 11,740 |
Long-term assets | 26,943 | 12,235 |
Long-term liabilities | 0 | (495) |
Total net deferred tax assets | $ 26,943 | $ 11,740 |
Income Taxes - Schedule of Tax
Income Taxes - Schedule of Tax Incentives (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes [Line Items] | |||
Total tax incentives | $ 6,261 | $ 9,005 | $ 7,749 |
Thailand [Member] | |||
Income Taxes [Line Items] | |||
Total tax incentives | 4,923 | 8,362 | 5,360 |
China [Member] | |||
Income Taxes [Line Items] | |||
Total tax incentives | 1,338 | 643 | 443 |
Malaysia [Member} | |||
Income Taxes [Line Items] | |||
Total tax incentives | $ 0 | $ 0 | $ 1,946 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Balances as of the beginning of the year | $ 9,061,000 | $ 9,121,000 | $ 499,000 |
Additions related to current year tax positions | 0 | 0 | 7,424,000 |
Additions related to prior year tax positions | 0 | 0 | 1,575,000 |
Decreases related to prior year tax positions | (138,000) | ||
Decreases related to lapse of statutes | 0 | (60,000) | (239,000) |
Balances as of the end of the year | $ 9,061,000 | $ 9,061,000 | $ 9,121,000 |
Major Customers (Narrative) (De
Major Customers (Narrative) (Details) - Number_of_largest_customers | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue, Major Customer [Line Items] | |||
Number of customers | 10 | 10 | 10 |
Customer Concentration Risk [Member] | Minimum [Member] | |||
Revenue, Major Customer [Line Items] | |||
Percentage threshhold for disclosing customer gross accounts receivable | 10% | 10% | |
Percentage threshhold for disclosing customer revenue | 10% | ||
Applied Materials, Inc. [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk, percentage | 12% | 15% | 16% |
Sales to Ten Largest Customers [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk, percentage | 52% | 52% | 47% |
Customers [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk, percentage | 16% | 17% |
Major Customers (Schedule Of Sa
Major Customers (Schedule Of Sales To Largest Customers) (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Applied Materials, Inc. [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | |||
Entity Wide Revenue Major Customer [Line Items] | |||
Applied Materials, Inc. and subsidiaries | 12% | 15% | 16% |
Financial Instruments - Narrati
Financial Instruments - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | |||
Concentration Risk Customer Accounts Receivable | One of the most significant credit risks is the ultimate realization of accounts receivable. This risk is mitigated by (i) sales generally are to well established companies, (ii) performing ongoing credit evaluation of customers, and (iii) engaging in frequent contact with customers, thus enabling management to monitor current changes in their business operations and respond accordingly. Management believes its allowance for doubtful accounts is adequate as of December 31, 2023. | ||
Interest Rate Swap [Member] | |||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | |||
Derivative Notional Amount | $ 127.1 | $ 121.9 | |
Fixed interest rate | 4.039% | 2.928% | |
Unrealized gain (loss) | $ (3.1) | $ 5 | $ 4.7 |
Unrealized gain (loss) on derivatives, net of tax | 2.3 | 3.7 | 3.5 |
Foreign Currency Exchange [Member] | |||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | |||
Unrealized gain (loss) | 2.3 | 0.6 | (0.2) |
Unrealized gain (loss) on derivatives, net of tax | 1.7 | 0.4 | 0.1 |
Amounts classified from accumulated other comprehensive income | $ 3.1 | $ 0.5 | $ (0.4) |
Financial Instruments - Summary
Financial Instruments - Summary of Fair Values of Derivative Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 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 | $ 2,664 | $ 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 Long-term Liabilities [Member] | Interest Rate Swap [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Fair value of interest rate swap | $ (2,458) |
Accounts Receivable Sale Prog_2
Accounts Receivable Sale Program (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Feb. 03, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Receivables [Abstract] | ||||
Maximum amount of trade accounts receivable sales permitted | $ 200 | $ 200 | ||
Trade accounts receivable sold | 565.4 | $ 445.4 | $ 394.6 | |
Amount Received From Trade Accounts Receivable Sold To Third Party | $ 560.9 | $ 443.6 | $ 394 |
Segment And Geographic Inform_3
Segment And Geographic Information (Operating Segments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Sales | $ 2,838,976 | $ 2,886,331 | $ 2,255,319 |
Depreciation and amortization | 45,410 | 44,252 | 44,152 |
Income from operations | 109,664 | 90,069 | 53,062 |
Interest expense | (31,875) | (12,894) | (8,472) |
Interest income | 6,256 | 1,730 | 540 |
Other (expense) income, net | (2,825) | 5,437 | 277 |
Income before income taxes | 81,220 | 84,342 | 45,407 |
Capital expenditures | 77,739 | 46,774 | 42,177 |
Total assets | 2,274,755 | 2,227,331 | |
Elimination Of Intersegment Sales [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | (128,580) | (125,176) | (89,619) |
Corporate And Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Income from operations | (95,479) | (116,671) | (94,524) |
Americas [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 1,611,783 | 1,475,929 | 1,203,544 |
Depreciation and amortization | 20,940 | 19,574 | 20,589 |
Income from operations | 63,484 | 55,202 | 45,807 |
Capital expenditures | 38,627 | 30,105 | 28,673 |
Total assets | 1,064,047 | 1,055,533 | |
Asia [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 1,055,938 | 1,251,475 | 912,560 |
Depreciation and amortization | 9,746 | 10,192 | 10,660 |
Income from operations | 124,279 | 134,649 | 90,725 |
Capital expenditures | 25,286 | 10,534 | 4,253 |
Total assets | 769,744 | 764,164 | |
Europe [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 299,835 | 284,103 | 228,834 |
Depreciation and amortization | 3,226 | 3,289 | 2,878 |
Income from operations | 17,380 | 16,889 | 11,054 |
Capital expenditures | 7,098 | 4,509 | 6,072 |
Total assets | 222,591 | 183,443 | |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 11,498 | 11,197 | 10,025 |
Capital expenditures | 6,728 | 1,626 | $ 3,179 |
Total assets | $ 218,373 | $ 224,191 |
Segment And Geographic Inform_4
Segment And Geographic Information (Schedule Of Geographic Sales And Long-Lived Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Geographic sales | $ 2,838,976 | $ 2,886,331 | $ 2,255,319 |
Long-lived assets | 419,949 | 370,831 | |
United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Geographic sales | 1,737,144 | 1,569,232 | 1,328,754 |
Long-lived assets | 231,740 | 249,409 | |
Asia [Member] | |||
Segment Reporting Information [Line Items] | |||
Long-lived assets | 79,203 | 68,283 | |
Singapore [Member] | |||
Segment Reporting Information [Line Items] | |||
Geographic sales | 383,914 | 457,889 | 326,688 |
Other Asia [Member] | |||
Segment Reporting Information [Line Items] | |||
Geographic sales | 210,927 | 332,144 | 202,792 |
Europe [Member] | |||
Segment Reporting Information [Line Items] | |||
Geographic sales | 402,514 | 387,276 | 285,017 |
Long-lived assets | 42,934 | 29,338 | |
Other Foreign [Member] | |||
Segment Reporting Information [Line Items] | |||
Geographic sales | 104,477 | 139,790 | $ 112,068 |
Long-lived assets | $ 66,072 | $ 23,801 |
Revenue (Disaggregation of Reve
Revenue (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 2,967,556 | $ 3,011,507 | $ 2,344,938 |
Complex Industrials Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 596,478 | 593,605 | 428,446 |
Aerospace And Defense Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 361,531 | 347,585 | 381,731 |
Medical Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 556,552 | 592,894 | 461,834 |
Semi-Cap Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 646,292 | 722,102 | 549,301 |
Advanced Computing Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 337,730 | 310,509 | 199,405 |
Next-Generation Communications Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 340,393 | 319,636 | 234,602 |
External Revenue [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,838,976 | 2,886,331 | 2,255,319 |
Elimination Of Intersegment Sales [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 128,580 | 125,176 | 89,619 |
Americas [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,611,783 | 1,475,930 | 1,203,544 |
Americas [Member] | Complex Industrials Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 127,491 | 89,949 | 79,726 |
Americas [Member] | Aerospace And Defense Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 304,932 | 286,230 | 360,030 |
Americas [Member] | Medical Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 329,816 | 319,823 | 220,635 |
Americas [Member] | Semi-Cap Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 262,117 | 286,322 | 215,596 |
Americas [Member] | Advanced Computing Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 311,742 | 258,206 | 163,423 |
Americas [Member] | Next-Generation Communications Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 197,889 | 170,424 | 120,739 |
Americas [Member] | External Revenue [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,533,987 | 1,410,954 | 1,160,149 |
Americas [Member] | Elimination Of Intersegment Sales [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 77,796 | 64,976 | 43,395 |
Asia [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,055,938 | 1,251,477 | 912,560 |
Asia [Member] | Complex Industrials Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 345,465 | 363,398 | 262,546 |
Asia [Member] | Aerospace And Defense Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 29,153 | 43,701 | 1,692 |
Asia [Member] | Medical Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 182,532 | 228,571 | 189,614 |
Asia [Member] | Semi-Cap Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 283,870 | 357,634 | 266,065 |
Asia [Member] | Advanced Computing Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 25,988 | 52,301 | 35,842 |
Asia [Member] | Next-Generation Communications Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 142,448 | 148,772 | 112,684 |
Asia [Member] | External Revenue [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,009,456 | 1,194,377 | 868,443 |
Asia [Member] | Elimination Of Intersegment Sales [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 46,482 | 57,100 | 44,117 |
Europe [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 299,835 | 284,100 | 228,834 |
Europe [Member] | Complex Industrials Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 123,522 | 140,258 | 86,174 |
Europe [Member] | Aerospace And Defense Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 27,446 | 17,654 | 20,009 |
Europe [Member] | Medical Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 44,204 | 44,500 | 51,585 |
Europe [Member] | Semi-Cap Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 100,305 | 78,146 | 67,640 |
Europe [Member] | Advanced Computing Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 2 | 140 |
Europe [Member] | Next-Generation Communications Sector [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 56 | 440 | 1,179 |
Europe [Member] | External Revenue [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 295,533 | 281,000 | 226,727 |
Europe [Member] | Elimination Of Intersegment Sales [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 4,302 | $ 3,100 | $ 2,107 |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation Of Revenue [Line Items] | |||
Advance payments from customers | $ 204,883 | $ 197,937 | |
Customer Deposits and Prepayments of Inventory [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Advance payments from customers | 191,600 | 178,900 | |
Contractual Timing of Payments [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Advance payments from customers | $ 13,300 | $ 18,900 | |
Transferred Over Time [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Percentage Of Revenue | 87.90% | 90.80% | 90.30% |
Revenue (Schedule of Changes in
Revenue (Schedule of Changes in Contract Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Change in Contract with Customer, Asset [Abstract] | ||
Balance as of the beginning of the year | $ 183,613 | $ 155,243 |
Revenue recognized | 2,495,298 | 2,623,585 |
Amounts collected or invoiced | (2,503,932) | (2,595,215) |
Balance as of the end of the year | $ 174,979 | $ 183,613 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Domestic Defined Contribution Plan [Member] | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Contributions to defined contribution plans | $ 7.3 | $ 6.5 | $ 3.3 |
Foreign Defined Contribution Plan [Member] | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Contributions to defined contribution plans | $ 0.1 | $ 0.1 | $ 0.1 |
Restructuring Charges and Oth_3
Restructuring Charges and Other Costs - (Schedule of Restructuring Reserve) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring Cost and Reserve [Line Items] | |||
Beginning Balance | $ 3,781 | $ 3,511 | $ 4,454 |
Restructuring Charges | 7,327 | 5,710 | 9,345 |
Cash payment | (10,983) | (5,030) | (9,555) |
Non-Cash Activity | 0 | (410) | (733) |
Ending Balance | 125 | 3,781 | 3,511 |
Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Beginning Balance | 3,683 | 3,257 | 3,996 |
Restructuring Charges | 4,508 | 2,428 | 4,130 |
Cash payment | (8,156) | (1,713) | (4,685) |
Non-Cash Activity | 0 | (289) | (184) |
Ending Balance | 35 | 3,683 | 3,257 |
Lease Facility Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Beginning Balance | 17 | 17 | 50 |
Restructuring Charges | 176 | 1,261 | 2,745 |
Cash payment | (184) | (1,261) | (2,618) |
Non-Cash Activity | 0 | 0 | (160) |
Ending Balance | 9 | 17 | 17 |
Other Exit Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Beginning Balance | 81 | 237 | 408 |
Restructuring Charges | 2,643 | 2,021 | 2,470 |
Cash payment | (2,643) | (2,056) | (2,252) |
Non-Cash Activity | 0 | (121) | (389) |
Ending Balance | $ 81 | $ 81 | $ 237 |
Restructuring Charges and Oth_4
Restructuring Charges and Other Costs (Schedule Of Restructuring Costs) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring Cost and Reserve [Line Items] | |||
Severance costs | $ 4,508 | $ 2,428 | $ 4,130 |
Lease facility costs | 176 | 1,261 | 2,745 |
Other exit costs | 2,643 | 2,021 | 2,470 |
Restructuring Charges | 7,327 | 5,710 | 9,345 |
Operating Segments [Member] | Americas [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance costs | 4,226 | 2,298 | 4,084 |
Lease facility costs | 176 | 1,261 | 2,581 |
Other exit costs | 2,640 | 2,021 | 2,470 |
Restructuring Charges | 7,042 | 5,580 | 9,135 |
Operating Segments [Member] | Asia [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance costs | 0 | 130 | 46 |
Lease facility costs | 0 | 0 | 164 |
Other exit costs | 0 | 0 | 0 |
Restructuring Charges | 0 | 130 | 210 |
Operating Segments [Member] | Europe [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance costs | 282 | 0 | 0 |
Lease facility costs | 0 | 0 | 0 |
Other exit costs | 3 | 0 | 0 |
Restructuring Charges | $ 285 | $ 0 | $ 0 |
Restructuring Charges and Oth_5
Restructuring Charges and Other Costs (Additional Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 7,327 | $ 5,710 | $ 9,345 |
Costs related to asset impairments | 1,075 | 0 | 4,357 |
Proceeds from the sale of property, plant and equipment | 649 | 321 | 239 |
Loss on assets held for sale | 0 | 393 | 0 |
Gain on assets held from sale | 101 | 289 | (148) |
Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Legal settlements | 3,300 | ||
Operating Segments [Member] | Americas [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 7,042 | 5,580 | 9,135 |
Costs related to asset impairments | 1,100 | 4,400 | |
Proceeds from the sale of property, plant and equipment | 1,300 | ||
Loss on assets held for sale | 2,000 | ||
Proceeds from sale of building | 4,300 | ||
Gain on assets held from sale | 2,400 | ||
Operating Segments [Member] | Asia [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 0 | $ 130 | $ 210 |
Ransomware incident (Narrative)
Ransomware incident (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Text Block Supplement [Abstract] | |||
Ransomware related incident costs, net | $ 0 | $ 0 | $ (3,944) |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Schedule Of Accumulated Other Comprehensive Loss By Component) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accumulated other comprehensive income loss [Line Items] | |||
Accumulated other comprehensive loss, net of tax, beginning balance | $ (16,233) | $ (17,158) | $ (16,651) |
Other comprehensive gain (loss) before reclassifications | 4,600 | 1,406 | (859) |
Amounts reclassified from accumulated other comprehensive loss | (2,227) | (481) | 352 |
Total other comprehensive income (loss) | 2,373 | 925 | (507) |
Accumulated other comprehensive loss, net of tax, ending balance | (13,860) | (16,233) | (17,158) |
Foreign currency translation adjustments [Member] | |||
Accumulated other comprehensive income loss [Line Items] | |||
Accumulated other comprehensive loss, net of tax, beginning balance | (15,877) | (12,729) | (8,375) |
Other comprehensive gain (loss) before reclassifications | 2,119 | (3,148) | (4,354) |
Amounts reclassified from accumulated other comprehensive loss | 845 | 0 | 0 |
Total other comprehensive income (loss) | 2,964 | (3,148) | (4,354) |
Accumulated other comprehensive loss, net of tax, ending balance | (12,913) | (15,877) | (12,729) |
Derivative instruments, net of tax [Member] | |||
Accumulated other comprehensive income loss [Line Items] | |||
Accumulated other comprehensive loss, net of tax, beginning balance | 788 | (3,372) | (6,742) |
Other comprehensive gain (loss) before reclassifications | 2,444 | 4,641 | 3,018 |
Amounts reclassified from accumulated other comprehensive loss | (3,072) | (481) | 352 |
Total other comprehensive income (loss) | (628) | 4,160 | 3,370 |
Accumulated other comprehensive loss, net of tax, ending balance | 160 | 788 | (3,372) |
Other, net of tax [Member] | |||
Accumulated other comprehensive income loss [Line Items] | |||
Accumulated other comprehensive loss, net of tax, beginning balance | (1,144) | (1,057) | (1,534) |
Other comprehensive gain (loss) before reclassifications | 37 | (87) | 477 |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | 0 |
Total other comprehensive income (loss) | 37 | (87) | 477 |
Accumulated other comprehensive loss, net of tax, ending balance | $ (1,107) | $ (1,144) | $ (1,057) |
Supplemental Cash Flow and No_3
Supplemental Cash Flow and Non-Cash Information (Schedule Of Supplemental Cash Flow and Non-Cash Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Supplemental Cash Flow Information [Abstract] | |||
Income taxes paid, net | $ 37,659 | $ 28,478 | $ 20,558 |
Interest paid | 30,551 | 11,627 | 8,207 |
Non-cash investing activity: | |||
Unpaid purchases of property, plant and equipment at the end of the period | $ 1,558 | $ 23,734 | $ 8,614 |