BENCHMARK ELECTRONICS INC, 10-Q filed on 7/31/2025
Quarterly Report
v3.25.2
Cover - shares
 6 Months Ended
Jun. 30, 2025
Jul. 29, 2025
Cover [Abstract]    
Entity Central Index Key 0000863436  
Document Type 10-Q  
Amendment Flag false  
Document Quarterly Report true  
Document Transition Report false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Current Fiscal Year End Date --12-31  
Document Period End Date Jun. 30, 2025  
Entity Registrant Name BENCHMARK ELECTRONICS, INC.  
Entity File Number 1-10560  
Entity Incorporation, State or Country Code TX  
Entity Tax Identification Number 74-2211011  
Entity Address, Address Line One 56 South Rockford Drive  
Entity Address, City or Town Tempe  
Entity Address, State or Province AZ  
Entity Address, Postal Zip Code 85288  
City Area Code 623  
Local Phone Number 300-7000  
Title of 12(b) Security Common Stock, par value $0.10 per share  
Trading Symbol BHE  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   35,910,705
v3.25.2
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Assets    
Cash and cash equivalents $ 264,647 $ 315,152
Restricted cash 0 12,875
Accounts receivable, net of allowance for doubtful accounts of $150 and $241, respectively 369,246 412,458
Contract assets 175,101 167,578
Inventories 531,986 553,654
Prepaid expenses and other current assets 56,010 42,512
Total current assets 1,396,990 1,504,229
Property, plant and equipment, net 223,809 225,097
Operating lease right-of-use assets 110,771 117,995
Goodwill 192,116 192,116
Deferred income taxes 37,425 33,892
Other long-term assets 69,734 66,135
Total assets 2,030,845 2,139,464
Current liabilities:    
Current installments of long-term debt 3,830 6,737
Accounts payable 354,715 354,218
Advance payments from customers 126,463 143,614
Income taxes payable 6,157 22,119
Accrued liabilities 100,985 122,411
Total current liabilities 592,150 649,099
Long-term debt, net of current installments 203,418 250,457
Operating lease liabilities 104,896 108,997
Other long-term liabilities 20,617 17,598
Deferred income taxes 2,894 0
Total liabilities 923,975 1,026,151
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 - 35,912 and 35,992, respectively 3,591 3,599
Additional paid-in capital 533,155 534,945
Retained earnings 577,185 596,010
Accumulated other comprehensive loss (7,061) (21,241)
Total shareholders’ equity 1,106,870 1,113,313
Total liabilities and shareholders' equity $ 2,030,845 $ 2,139,464
v3.25.2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
shares in Thousands, $ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Allowance for doubtful accounts, accounts receivable $ 150 $ 241
Preferred shares, par value $ 0.1 $ 0.1
Preferred shares, shares authorized 5,000 5,000
Preferred shares, issued 0 0
Common stock, par value $ 0.1 $ 0.1
Common stock, shares authorized 145,000 145,000
Common stock, issued 35,912 35,992
Common stock, outstanding 35,912 35,992
v3.25.2
Condensed Consolidated Statements of Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Statement [Abstract]        
Sales $ 642,335 $ 665,896 $ 1,274,099 $ 1,341,471
Cost of sales 577,563 597,946 1,146,147 1,206,113
Gross profit 64,772 67,950 127,952 135,358
Selling, general and administrative expenses 40,569 38,022 79,369 75,354
Amortization of intangible assets 1,204 1,204 2,408 2,408
Restructuring charges and other costs 2,513 1,471 13,930 4,814
Income from operations 20,486 27,253 32,245 52,782
Interest expense (6,348) (6,933) (11,643) (14,178)
Interest income 3,135 2,526 5,867 4,518
Other expense, net (666) (2,323) (1,468) (3,500)
Income before income taxes 16,607 20,523 25,001 39,622
Income tax expense 15,635 4,995 20,385 10,092
Net income $ 972 $ 15,528 $ 4,616 $ 29,530
Earnings per share:        
Basic $ 0.03 $ 0.43 $ 0.13 $ 0.82
Diluted $ 0.03 $ 0.43 $ 0.13 $ 0.81
Weighted-average number of shares outstanding:        
Basic 35,991 36,047 36,021 35,929
Diluted 36,258 36,497 36,427 36,388
v3.25.2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net income $ 972 $ 15,528 $ 4,616 $ 29,530
Other comprehensive income:        
Foreign currency translation adjustments 7,066 (523) 10,296 (2,060)
Unrealized gain (loss) on derivatives, net of tax 2,852 (3,425) 3,684 (691)
Other 120 66 200 109
Total other comprehensive income (loss) 10,038 (3,882) 14,180 (2,642)
Comprehensive income $ 11,010 $ 11,646 $ 18,796 $ 26,888
v3.25.2
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock [Member]
Additional Paid In Capital [Member]
Retained Earnings [Member]
Accumulated Other Comprehensive Loss [Member]
Beginning Balances, value at Dec. 31, 2023 $ 1,079,085 $ 3,566 $ 528,842 $ 560,537 $ (13,860)
Balances, shares at Dec. 31, 2023   35,664      
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 29,530     29,530  
Other comprehensive income (loss) (2,642)       (2,642)
Dividends declared (11,905)     (11,905)  
Stock-based compensation expense 6,361   6,361    
Stock options exercised, value 470 $ 2 468    
Stock options exercised, shares   23      
Vesting of restricted stock units, value   $ 59 (59)    
Vesting of restricted stock units, shares   586      
Shares withheld for taxes, value (5,795) $ (19) (5,776)    
Shares withheld for taxes, shares   (196)      
Ending Balances, value at Jun. 30, 2024 1,095,104 $ 3,608 529,836 578,162 (16,502)
End Balances, shares at Jun. 30, 2024   36,077      
Beginning Balances, value at Mar. 31, 2024 1,085,167 $ 3,601 525,596 568,590 (12,620)
Balances, shares at Mar. 31, 2024   36,014      
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 15,528     15,528  
Other comprehensive income (loss) (3,882)       (3,882)
Dividends declared (5,956)     (5,956)  
Stock-based compensation expense 4,185   4,185    
Stock options exercised, value 99   99    
Stock options exercised, shares   5      
Vesting of restricted stock units, value   $ 6 (6)    
Vesting of restricted stock units, shares   59      
Shares withheld for taxes, value (37) $ 1 (38)    
Shares withheld for taxes, shares   (1)      
Ending Balances, value at Jun. 30, 2024 1,095,104 $ 3,608 529,836 578,162 (16,502)
End Balances, shares at Jun. 30, 2024   36,077      
Beginning Balances, value at Dec. 31, 2024 $ 1,113,313 $ 3,599 534,945 596,010 (21,241)
Balances, shares at Dec. 31, 2024 35,992 35,992      
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income $ 4,616     4,616  
Other comprehensive income (loss) 14,180       14,180
Dividends declared (12,241)     (12,241)  
Shares repurchased and retired, Value $ (15,995) $ (43) (4,752) (11,200)  
Shares repurchased and retired, shares (400) (427)      
Stock-based compensation expense $ 9,732   9,732    
Stock options exercised, value 4   4    
Stock options exercised, shares   1      
Vesting of restricted stock units, value   $ 51 (51)    
Vesting of restricted stock units, shares   511      
Shares withheld for taxes, value (6,739) $ (16) (6,723)    
Shares withheld for taxes, shares   (165)      
Ending Balances, value at Jun. 30, 2025 $ 1,106,870 $ 3,591 533,155 577,185 (7,061)
End Balances, shares at Jun. 30, 2025 35,912 35,912      
Beginning Balances, value at Mar. 31, 2025 $ 1,104,698 $ 3,610 530,393 587,794 (17,099)
Balances, shares at Mar. 31, 2025   36,096      
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 972     972  
Other comprehensive income (loss) 10,038       10,038
Dividends declared (6,105)     (6,105)  
Shares repurchased and retired, Value $ (7,999) $ (23) (2,500) (5,476)  
Shares repurchased and retired, shares (200) (225)      
Stock-based compensation expense $ 5,335   5,335    
Vesting of restricted stock units, value   $ 4 (4)    
Vesting of restricted stock units, shares   43      
Shares withheld for taxes, value (69)   (69)    
Shares withheld for taxes, shares   (2)      
Ending Balances, value at Jun. 30, 2025 $ 1,106,870 $ 3,591 $ 533,155 $ 577,185 $ (7,061)
End Balances, shares at Jun. 30, 2025 35,912 35,912      
v3.25.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net income $ 4,616 $ 29,530
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation 18,524 17,905
Amortization 5,261 5,121
Stock-based compensation expense 9,732 6,361
Provision for doubtful accounts 0 671
Deferred income taxes (1,875) (3,021)
Loss on the sale of property, plant and equipment 121 7
Changes in operating assets and liabilities:    
Accounts receivable 46,794 71,346
Contract assets (7,523) (7,111)
Inventories 26,087 82,717
Prepaid expenses and other assets (15,621) (8,061)
Accounts payable (3,727) (25,550)
Advance payments from customers (17,150) (47,727)
Accrued liabilities (17,736) (22,598)
Operating leases 1,906 (761)
Income taxes (20,729) 5,445
Net cash provided by operating activities 28,680 104,274
Cash flows from investing activities:    
Additions to property, plant and equipment (14,387) (12,763)
Additions to capitalized purchased software (2,073) (1,644)
Proceeds from the disposal of property, plant and equipment 62 37
Other, net 0 (1,442)
Net cash used in investing activities (16,398) (15,812)
Cash flows from financing activities:    
Borrowings under credit agreement 398,594 320,000
Principal payments on credit agreement (446,641) (361,641)
Dividends paid (12,255) (11,836)
Employee taxes paid with shares withheld (6,739) (5,795)
Proceeds from stock options exercised 4 470
Debt issuance costs (2,289) 0
Principal payments on finance leases (94) (90)
Share repurchases (15,995) 0
Net cash used in financing activities (85,415) (58,892)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 9,753 (2,918)
Net (decrease) increase in cash, cash equivalents and restricted cash (63,380) 26,652
Cash, cash equivalents and restricted cash at the beginning of the year 328,027 283,213
Cash, cash equivalents and restricted cash at the end of the period 264,647 309,865
Supplemental cash flow information:    
Income taxes paid, net 49,308 6,124
Interest paid 11,021 15,306
Property, Plant and Equipment [Member]    
Non-cash investing activities:    
Unpaid purchases at the end of the period 1,889 4,981
Capitalized Purchased Software Costs [Member]    
Non-cash investing activities:    
Unpaid purchases at the end of the period $ 0 $ 1,320
v3.25.2
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Pay vs Performance Disclosure        
Net Income (Loss) $ 972 $ 15,528 $ 4,616 $ 29,530
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
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
v3.25.2
Basis of Presentation
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation

Note 1 – Basis of Presentation

Benchmark Electronics, Inc. (the Company) is a Texas corporation that provides advanced manufacturing services, 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: industrial, aerospace and defense (A&D), medical, semiconductor capital equipment (Semi-Cap), and advanced computing and communications (AC&C). The Company has manufacturing operations located in the United States and Mexico (the Americas), Asia and Europe.

The unaudited condensed consolidated financial statements included herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the SEC) relating to interim financial statements. The condensed consolidated financial statements reflect all normal and recurring adjustments necessary in the opinion of management for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. The results of operations for the periods presented are not necessarily indicative of the results to be expected for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10‑K for the year ended December 31, 2024 (the 2024 10-K).

Management has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these unaudited condensed consolidated financial statements in accordance with generally accepted accounting principles in the United States (U.S. GAAP) for interim financial statements. However, actual results could differ materially from these estimates.
v3.25.2
New Accounting Pronouncements
 6 Months Ended
Jun. 30, 2025
Accounting Standards Update and Change in Accounting Principle [Abstract]  
New Accounting Pronouncements

Note 2 – New Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (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. ASU 2023-09 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 2024, the FASB issued ASU 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (ASU 2024-03), which requires public entities to disclose specified information about certain costs and expenses. ASU 2024-03 is effective for annual periods beginning after December 15, 2026. Early adoption is permitted. The Company is currently evaluating the guidance and its impact to the financial statements.

 

The Company does not believe that any other recently issued accounting standards will have a material impact on its consolidated financial position, results of operations or cash flows, or will apply to its operations.
 
v3.25.2
Inventories
 6 Months Ended
Jun. 30, 2025
Inventory Disclosure [Abstract]  
Inventories

Note 3 – Inventories

Inventory costs are summarized as follows:

 

 

 

June 30,

 

 

December 31,

 

(in thousands)

 

2025

 

 

2024

 

Raw materials

 

$

509,158

 

 

$

528,424

 

Work in process

 

 

19,107

 

 

 

18,761

 

Finished goods

 

 

3,721

 

 

 

6,469

 

Total inventories

 

$

531,986

 

 

$

553,654

 

 
v3.25.2
Goodwill and Other Intangible Assets
 6 Months Ended
Jun. 30, 2025
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 June 30, 2025 and December 31, 2024

 

$

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
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net
Carrying
Amount

 

Customer relationships

 

$

100,176

 

 

$

(79,207

)

 

$

20,969

 

Capitalized purchased software costs

 

 

45,729

 

 

 

(33,913

)

 

 

11,816

 

Technology licenses

 

 

15,500

 

 

 

(15,500

)

 

 

—

 

Trade names and trademarks

 

 

7,800

 

 

 

—

 

 

 

7,800

 

Other

 

 

868

 

 

 

(440

)

 

 

428

 

Total intangible assets as of June 30, 2025

 

$

170,073

 

 

$

(129,060

)

 

$

41,013

 

 

(in thousands)

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net
Carrying
Amount

 

Customer relationships

 

$

100,041

 

 

$

(76,675

)

 

$

23,366

 

Capitalized purchased software costs

 

 

44,316

 

 

 

(31,525

)

 

 

12,791

 

Technology licenses

 

 

15,500

 

 

 

(15,500

)

 

 

—

 

Trade names and trademarks

 

 

7,800

 

 

 

—

 

 

 

7,800

 

Other

 

 

868

 

 

 

(428

)

 

 

440

 

Total intangible assets as of December 31, 2024

 

$

168,525

 

 

$

(124,128

)

 

$

44,397

 

 

A summary of the components of amortization expense, as presented in the consolidated statements of cash flows, follows:

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

(in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Amortization of intangible assets

 

$

1,204

 

 

$

1,204

 

 

$

2,408

 

 

$

2,408

 

Amortization of capitalized purchased software costs

 

 

1,097

 

 

 

1,247

 

 

 

2,369

 

 

 

2,454

 

Amortization of debt costs

 

 

354

 

 

 

130

 

 

 

484

 

 

 

259

 

Total amortization expense

 

$

2,655

 

 

$

2,581

 

 

$

5,261

 

 

$

5,121

 

 

A summary of the future amortization expense related to the Company’s intangible assets held as of June 30, 2025 for each of the next five years follows (in thousands):

 

Year ending December 31,

 

Amortization
Expense

 

Remaining six months of 2025

 

$

2,408

 

2026

 

 

4,817

 

2027

 

 

4,817

 

2028

 

 

4,817

 

2029

 

 

4,218

 

2030

 

 

23

 
v3.25.2
Borrowing Facilities
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Borrowing Facilities

Note 5 – Borrowing Facilities

Long-term debt consists of the following:

 

 

 

June 30,

 

 

December 31,

 

(in thousands)

 

2025

 

 

2024

 

Revolving credit facility

 

$

60,000

 

 

$

135,000

 

Term loan

 

 

150,000

 

 

 

123,047

 

Less: unamortized debt issuance costs

 

 

(2,832

)

 

 

(1,027

)

Total long-term debt, including current installments

 

$

207,168

 

 

$

257,020

 

 

On June 27, 2025, the Company entered into a $700 million second amended and restated credit agreement (the Credit Agreement) by and among the Company, certain of its subsidiaries (the Guarantors), the lenders party thereto and Bank of America, N.A., as Administrative Agent, Swingline Lender and an L/C Issuer (Bank of America). The Credit Agreement is comprised of a five-year $550 million revolving credit facility (the Revolving Credit Facility) and a five-year $150 million term loan facility (the Term Loan Facility), both with a maturity date of June 27, 2030. In addition, the Credit Agreement permits the Company’s Malaysian subsidiary to enter into a term loan facility in the future for an additional principal aggregate amount not to exceed $50 million.

 

The Credit Agreement amended and restated in its entirety the Company’s previous $681.25 million amended and restated credit agreement, dated as of December 21, 2021, by and among the Company, the Guarantors, the lenders party thereto and Bank of America, as amended by Amendment No. 1, dated as of May 20, 2022, Amendment No. 2, dated as of February 3, 2023, and Amendment No. 3, dated as of May 1, 2023. As part of the debt refinancing transaction, the Company repatriated net dividends of $136.4 million to the United States from its operations in China and Thailand. This amount represents gross dividends of $151.6 million, less $15.2 million in withholding taxes paid in those jurisdictions. See Note 9 for further discussion about the repatriated dividends and impact on income tax expense. Such net dividends were used to reduce outstanding borrowings under the Company’s prior revolving credit facility.

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 not exceeding $175 million, subject to the satisfaction of certain conditions and exceptions.

 

The Revolving Credit Facility is available for general corporate purposes. Principal under the Term Loan Facility will amortize in equal quarterly installments of 0.625% of the initial aggregate term loan advances, beginning on September 30, 2025, through June 30, 2028. Thereafter, quarterly installments will increase to 1.25% of the initial aggregate term loan advances, continuing until the maturity date.

 

Interest on outstanding borrowings under the Credit Agreement (other than swingline loans) will accrue, at the Company’s option, at (a) Term Secured Overnight Financing Rate (Term SOFR) plus the Applicable Rate (as defined in the Credit Agreement, approximately 1.00% to 2.125% 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%).

As of June 30, 2025, a portion of the $150.0 million outstanding debt under the Credit Agreement is effectively at a fixed interest rate of 4.039%, plus credit spread, resulting from a $119.8 million notional interest rate swap contract, which is discussed in Note 13. A commitment fee of 0.15% 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 of the present and future personal property and assets of the Company and the Guarantors (including, but not limited to, accounts receivable, inventory, intellectual property and fixed assets of the Company and the Guarantors), in each case, subject to customary exceptions and limitations, and (c) all proceeds and products of the property and assets described in clauses (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 may be accelerated upon customary 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 June 30, 2025, the Company was in compliance with all of these covenants and restrictions.

As of June 30, 2025, the Company had $150.0 million in borrowings outstanding under the Term Loan Facility, $60.0 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 June 30, 2025, the Company had $485.6 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.
v3.25.2
Leases
 6 Months Ended
Jun. 30, 2025
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:

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

(in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Finance lease costs:

 

 

 

 

 

 

 

 

 

 

 

 

Interest on lease liabilities

 

$

1

 

 

$

3

 

 

$

3

 

 

$

7

 

Operating lease costs

 

 

5,800

 

 

 

5,555

 

 

 

11,857

 

 

 

11,065

 

Short-term lease costs

 

 

143

 

 

 

202

 

 

 

278

 

 

 

428

 

Variable lease costs

 

 

551

 

 

 

490

 

 

 

1,044

 

 

 

963

 

Total lease costs

 

$

6,495

 

 

$

6,250

 

 

$

13,182

 

 

$

12,463

 

 

A summary of cash flow information related to leases follows:

 

 

Six Months Ended
June 30,

 

(in thousands)

2025

 

 

2024

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

Operating cash flows used for operating leases

$

11,407

 

 

$

10,650

 

Operating cash flows used for finance leases

 

3

 

 

 

7

 

Financing cash flows used for finance leases

 

94

 

 

 

90

 

Right-of-use assets obtained in exchange for new operating lease liabilities

 

464

 

 

 

3,044

 

 

A summary of other information about the Company's leases follows:

 

 

 

June 30,

 

 

December 31,

 

(dollars in thousands)

 

2025

 

 

2024

 

Operating lease right-of-use assets

 

$

110,771

 

 

$

117,995

 

Finance lease liabilities, current (included in current installments of long-term debt)

 

$

80

 

 

$

174

 

Operating lease liabilities, current (included in accrued liabilities)

 

$

15,952

 

 

$

17,170

 

Operating lease liabilities, noncurrent

 

$

104,896

 

 

$

108,997

 

Weighted average remaining lease term – finance leases

 

0.4 years

 

 

0.9 yrs

 

Weighted average remaining lease term – operating leases

 

8.6 years

 

 

8.9 yrs

 

Weighted average discount rate – finance leases

 

 

4.8

%

 

 

4.8

%

Weighted average discount rate – operating leases

 

 

4.6

%

 

 

4.6

%

 

A summary of the Company's future annual minimum lease payments as of June 30, 2025 follows (in thousands):

 

Year ending December 31,

 

Operating
Leases

 

 

Finance
Leases

 

Remaining six months of 2025

 

$

11,346

 

 

$

81

 

2026

 

 

18,444

 

 

 

—

 

2027

 

 

16,375

 

 

 

—

 

2028

 

 

15,431

 

 

 

—

 

2029

 

 

14,975

 

 

 

—

 

2030 and thereafter

 

 

70,526

 

 

 

—

 

Total minimum lease payments

 

 

147,097

 

 

 

81

 

Less: imputed interest

 

 

(26,249

)

 

 

(1

)

Total present value of lease liabilities

 

$

120,848

 

 

$

80

 
v3.25.2
Common Stock and Stock-Based Awards
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Common Stock and Stock-Based Awards

Note 7 – Common Stock and Stock-Based Awards

Dividends

For the three and six months ended June 30, 2025, cash dividends paid totaled $6.1 million and $12.3 million, respectively. For the three and six months ended June 30, 2024, cash dividends paid totaled $5.9 million and $11.8 million, respectively.

On June 9, 2025, the Company declared a quarterly cash dividend of $0.17 per share of the Company’s common stock to shareholders of record as of June 30, 2025. The dividend of $6.1 million was paid on July 11, 2025.

The Board of Directors currently intends to continue to pay 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 February 19, 2020, the Board of Directors approved an expanded share repurchase authorization granting the Company authority to repurchase up to $150 million in common stock.

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 repurchased 0.2 million shares and 0.4 million shares during the three and six months ended June 30, 2025, respectively, for an aggregate of $8.0 and $16.0 million, respectively, at an average price of $35.58 and $37.43 per share, respectively. As of June 30, 2025, the Company had $133.5 million remaining under share repurchase authorizations.

Stock-Based Compensation

Under the 2019 Omnibus Incentive Compensation Plan (as amended, 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 three-year or 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 June 30, 2025, the Company had 1.3 million common shares available for issuance under the 2019 Plan.

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 $5.3 million and $9.7 million for the three and six months ended June 30, 2025, respectively. The total compensation costs recognized for stock-based awards were $4.2 million and $6.4 million for the three and six months ended June 30, 2024, respectively. The future tax benefit of these stock-based awards as of the grant date was $0.6 million and $1.0 million for the three and six months ended June 30, 2025, respectively. The future tax benefit of these stock-based awards as of the grant date was $1.0 million and $1.5 million for the three and six months ended June 30, 2024, 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 June 30, 2025, the unrecognized compensation costs and remaining weighted-average amortization periods related to stock-based awards were as follows:

 

(in thousands)

 

Time-
Based Restricted
Stock Units

 

 

Performance-
Based Restricted
Stock Units(1)

 

Unrecognized compensation cost

 

$

31,751

 

 

$

8,230

 

Remaining weighted-average amortization period

 

2.1 years

 

 

2.3 years

 

 

(1) Based on the probable achievement of the performance goals identified in each award.

 

The total cash received by the Company as a result of stock option exercises for the six months ended June 30, 2025 and 2024 was less than $0.1 million and $0.5 million, respectively. The actual tax benefit realized as a result of stock option exercises and the vesting of other share-based awards for the six months ended June 30, 2025 and 2024 were $2.6 million and $3.2 million, respectively. For the six months ended June 30, 2025 and 2024, the total intrinsic value of stock options exercised were less than $0.1 million and $0.3 million, respectively.

For performance-based restricted stock units granted during the six months ended June 30, 2025 and 2024, the number of performance-based restricted stock units that will ultimately be earned will not be determined until the end of the respective performance periods, and may vary from as low as zero to as high as 2.5 times the target number depending on the level of achievement of certain performance goals. The level of achievement of these goals is based upon the financial results of the Company for the last full calendar year within the performance period. The performance goals consist of certain levels of achievement using the following financial metrics: revenue, operating income margin, and return on invested capital. If the performance goals are not met based on the Company’s financial results, the applicable performance-based restricted stock units will not vest and will be forfeited. Shares subject to forfeited performance-based restricted stock units will be available for re-issuance under the Company’s 2019 Plan.

The following table summarizes activities relating to the Company’s stock options:

 

(in thousands, except per share data and years)

 

Number of
Options

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Term (Years)

 

 

Aggregate
Intrinsic
Value

 

Outstanding as of December 31, 2024

 

 

1

 

 

$

23.14

 

 

 

 

 

 

 

Exercised

 

 

(1

)

 

 

23.14

 

 

 

 

 

 

 

Outstanding and exercisable as of June 30, 2025

 

 

—

 

 

 

—

 

 

 

—

 

 

$

—

 

 

The following table summarizes the activities related to the Company’s time-based restricted stock units:

 

(in thousands, except per share data)

 

Number of
Units

 

 

Weighted-
Average
Grant Date
Fair Value

 

Non-vested awards outstanding as of December 31, 2024

 

 

1,188

 

 

$

28.30

 

Granted

 

 

447

 

 

 

41.74

 

Vested

 

 

(464

)

 

 

28.59

 

Forfeited

 

 

(42

)

 

 

30.68

 

Non-vested awards outstanding as of June 30, 2025

 

 

1,129

 

 

 

33.79

 

 

The following table summarizes the activities related to the Company’s performance-based restricted stock units:

 

(in thousands, except per share data)

 

Number of
Units

 

 

Weighted-
Average
Grant Date
Fair Value

 

Non-vested awards outstanding as of December 31, 2024

 

 

414

 

 

$

25.82

 

Granted(1)

 

 

141

 

 

 

42.21

 

Vested

 

 

(47

)

 

 

25.97

 

Forfeited

 

 

(60

)

 

 

25.97

 

Non-vested awards outstanding as of June 30, 2025

 

 

448

 

 

 

32.50

 

 

(1) Represents target number of units that can vest based on the achievement of the performance goals.
v3.25.2
Earnings Per Share
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Earnings Per Share

Note 8 – 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 common 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 the Company’s basic and diluted earnings per share:

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

(in thousands, except per share data)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Net income

 

$

972

 

 

$

15,528

 

 

$

4,616

 

 

$

29,530

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator for basic earnings per share

 

 

35,991

 

 

 

36,047

 

 

 

36,021

 

 

 

35,929

 

Incremental common shares attributable to outstanding restricted stock units

 

 

267

 

 

 

448

 

 

 

406

 

 

 

455

 

Incremental common shares attributable to exercise of dilutive options

 

 

—

 

 

 

2

 

 

 

—

 

 

 

4

 

Denominator for diluted earnings per share

 

 

36,258

 

 

 

36,497

 

 

 

36,427

 

 

 

36,388

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.03

 

 

$

0.43

 

 

$

0.13

 

 

$

0.82

 

Diluted

 

$

0.03

 

 

$

0.43

 

 

$

0.13

 

 

$

0.81

 

 

Restricted stock units totaling less than 0.1 million common shares for both the three and six months ended June 30, 2025 were excluded from the computation of diluted earnings per share as their effect would have been anti-dilutive. Restricted stock units totaling less than 0.1 million common shares for both the three and six months ended June 30, 2024 were excluded from the computation of diluted earnings per share as their effect would have been anti-dilutive.
v3.25.2
Income Taxes
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes

Note 9 – Income Taxes

Income tax expense consists of the following:

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

(in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Income before income taxes

 

$

16,607

 

 

$

20,523

 

 

$

25,001

 

 

$

39,622

 

Income tax expense

 

$

15,635

 

 

$

4,995

 

 

$

20,385

 

 

$

10,092

 

Effective tax rate

 

 

94.1

%

 

 

24.3

%

 

 

81.5

%

 

 

25.5

%

 

During the three months ended June 30, 2025, the Company, as part of its ongoing assessment of global liquidity needs, evaluated the cash balances held in foreign jurisdictions relative to anticipated operational and investment requirements. Driven by a time-sensitive opportunity to recover foreign withholding taxes, along with the Company’s debt refinancing and cash diversification objectives, the Company repatriated gross dividends of $151.6 million from its operations in China and Thailand during the quarter. These dividends were subject to foreign withholding taxes paid totaling $15.2 million.

As part of this evaluation, the Company determined that current and projected cash balances in China exceeded the levels required to fund local business activities. As a result, management changed its assertion with respect to remaining unremitted earnings from China, which are now considered available for distribution. There was no change to the Company’s indefinite reinvestment assertion with respect to Thailand.

Accordingly, during the three months ended June 30, 2025, the Company recorded discrete tax charges totaling $10.4 million. This amount includes (i) foreign withholding taxes paid on the repatriated dividends, net of anticipated recoveries, and (ii) the recognition of deferred tax liabilities on the remaining earnings in China, consistent with the change in reinvestment assertion.

 

The Company’s effective income tax rate was 94.1% and 81.5% for the three and six months ended June 30, 2025, respectively, and differed from the U.S. federal statutory income tax rate of 21% primarily due to the discrete tax expense recorded for the foreign withholding taxes on the repatriated dividends and recognition of deferred tax liabilities on China unremitted earnings and losses generated in a jurisdiction where no tax benefit can be realized.

 

The Company’s effective income tax rate was 24.3% and 25.5% for the three and six months ended June 30, 2024, respectively, and differed from the U.S. federal statutory income tax rate of 21% primarily due to losses generated in a jurisdiction where no tax benefit can be recognized, the U.S. tax under the global intangible low-taxed income (GILTI) provisions, and the Global Minimum Tax (GMT) as defined under the Pillar Two directives of the Organization of Economic Co-operation and Development, partially offset by the benefit of tax incentives and tax holidays in foreign locations.

The Company has been granted certain tax incentives, including tax holidays, for its subsidiaries in Thailand and China 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 at various dates through December 31, 2030. In the fourth quarter of 2024, the Company was awarded a China tax holiday retroactive to January 1, 2024 through December 31, 2026. The tax holiday reduces the statutory tax rate from 25% to 15%. The net impact of these tax incentives was to lower foreign income tax expense for the six months ended June 30, 2025 and 2024 by approximately $3.0 million (approximately $0.08 per diluted share) and $1.8 million (approximately $0.05 per diluted share), respectively.

A summary of the Company’s tax incentives follows:

 

 

 

Six Months Ended
June 30,

 

(in thousands)

 

2025

 

 

2024

 

Thailand

 

$

2,115

 

 

$

1,801

 

China

 

 

859

 

 

 

—

 

Total tax incentives

 

$

2,974

 

 

$

1,801

 

 

In April 2025, the Company fully paid its remaining transition tax liability of $20.1 million from the U.S. Tax Cuts and Jobs Act enacted in December 2017.

On July 4, 2025, the U.S. government enacted The One Big Beautiful Bill Act of 2025 which includes, among other provisions, changes to the U.S. corporate income tax system including the allowance of immediate expensing of qualifying research and

development expenses and permanent extensions of certain provisions within the Tax Cuts and Jobs Act. The legislation has multiple effective dates, with certain provisions effective in 2025. The Company is evaluating the future impact of these tax law changes on its financial statements.

Determining the consolidated income tax expense, income tax liabilities and deferred tax assets and liabilities involves judgment. The Company calculates and provides for income taxes in each of the tax jurisdictions in which the Company operates, which involves estimating current tax exposures as well as making judgments regarding the recoverability of deferred tax assets in each jurisdiction. The estimates used could differ from actual results, which may have a significant impact on operating results in future periods.
v3.25.2
Revenue
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue

Note 10 – 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:

 

 

 

Three Months Ended June 30, 2025

 

(in thousands)

 

Americas

 

 

Asia

 

 

Europe

 

 

Total

 

Market sector:

 

 

 

 

 

 

 

 

 

 

 

 

Semi-Cap

 

$

47,415

 

 

$

119,134

 

 

$

23,833

 

 

$

190,382

 

Industrial

 

 

28,181

 

 

 

84,789

 

 

 

28,659

 

 

 

141,629

 

A&D

 

 

105,031

 

 

 

5,044

 

 

 

16,180

 

 

 

126,255

 

Medical

 

 

60,743

 

 

 

35,936

 

 

 

12,891

 

 

 

109,570

 

AC&C

 

 

42,840

 

 

 

31,659

 

 

 

—

 

 

 

74,499

 

External revenue

 

 

284,210

 

 

 

276,562

 

 

 

81,563

 

 

 

642,335

 

Elimination of intersegment sales

 

 

11,007

 

 

 

10,504

 

 

 

1,836

 

 

 

23,347

 

Segment revenue

 

$

295,217

 

 

$

287,066

 

 

$

83,399

 

 

$

665,682

 

 

 

 

Six Months Ended June 30, 2025

 

(in thousands)

 

Americas

 

 

Asia

 

 

Europe

 

 

Total

 

Market sector:

 

 

 

 

 

 

 

 

 

 

 

 

Semi-Cap

 

$

91,497

 

 

$

243,376

 

 

$

50,576

 

 

$

385,449

 

Industrial

 

 

56,068

 

 

 

164,040

 

 

 

58,268

 

 

 

278,376

 

A&D

 

 

208,539

 

 

 

8,672

 

 

 

30,900

 

 

 

248,111

 

Medical

 

 

115,229

 

 

 

72,255

 

 

 

25,723

 

 

 

213,207

 

AC&C

 

 

87,003

 

 

 

61,953

 

 

 

—

 

 

 

148,956

 

External revenue

 

 

558,336

 

 

 

550,296

 

 

 

165,467

 

 

 

1,274,099

 

Elimination of intersegment sales

 

 

21,159

 

 

 

20,809

 

 

 

4,211

 

 

 

46,179

 

Segment revenue

 

$

579,495

 

 

$

571,105

 

 

$

169,678

 

 

$

1,320,278

 

 

 

 

Three Months Ended June 30, 2024

 

(in thousands)

 

Americas

 

 

Asia

 

 

Europe

 

 

Total

 

Market sector:

 

 

 

 

 

 

 

 

 

 

 

 

Semi-Cap

 

$

54,471

 

 

$

85,258

 

 

$

32,135

 

 

$

171,864

 

Industrial

 

 

35,671

 

 

 

79,276

 

 

 

26,756

 

 

 

141,703

 

A&D

 

 

94,262

 

 

 

2,680

 

 

 

11,898

 

 

 

108,840

 

Medical

 

 

56,014

 

 

 

42,952

 

 

 

12,585

 

 

 

111,551

 

AC&C

 

 

92,648

 

 

 

39,288

 

 

 

2

 

 

 

131,938

 

External revenue

 

 

333,066

 

 

 

249,454

 

 

 

83,376

 

 

 

665,896

 

Elimination of intersegment sales

 

 

10,075

 

 

 

8,216

 

 

 

2,480

 

 

 

20,771

 

Segment revenue

 

$

343,141

 

 

$

257,670

 

 

$

85,856

 

 

$

686,667

 

 

 

 

Six Months Ended June 30, 2024

 

(in thousands)

 

Americas

 

 

Asia

 

 

Europe

 

 

Total

 

Market sector:

 

 

 

 

 

 

 

 

 

 

 

 

Semi-Cap

 

$

108,129

 

 

$

167,157

 

 

$

62,517

 

 

$

337,803

 

Industrial

 

 

65,321

 

 

 

163,487

 

 

 

53,927

 

 

 

282,735

 

A&D

 

 

181,125

 

 

 

11,802

 

 

 

21,747

 

 

 

214,674

 

Medical

 

 

117,877

 

 

 

85,178

 

 

 

23,223

 

 

 

226,278

 

AC&C

 

 

209,280

 

 

 

70,682

 

 

 

19

 

 

 

279,981

 

External revenue

 

 

681,732

 

 

 

498,306

 

 

 

161,433

 

 

 

1,341,471

 

Elimination of intersegment sales

 

 

33,738

 

 

 

17,180

 

 

 

4,919

 

 

 

55,837

 

Segment revenue

 

$

715,470

 

 

$

515,486

 

 

$

166,352

 

 

$

1,397,308

 

 

The timing of revenue recognition, billings and cash collections results in billed accounts receivable, contract assets and advance payments from customers. During the six months ended June 30, 2025 and 2024, 87.3% and 86.0%, respectively, of the Company’s revenue was recognized as products and services that 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:

 

 

 

Six Months Ended
June 30,

 

(in thousands)

 

2025

 

 

2024

 

Balance as of the beginning of the year

 

$

167,578

 

 

$

174,979

 

Revenue recognized

 

 

1,112,985

 

 

 

1,153,907

 

Amounts collected or invoiced

 

 

(1,105,462

)

 

 

(1,146,796

)

Balance as of the end of the period

 

$

175,101

 

 

$

182,090

 

 

As of June 30, 2025 and December 31, 2024, the Company had $126.5 million and $143.6 million, respectively, in advance payments from customers. Of those amounts, $108.4 million and $132.5 million, respectively, were customer deposits and prepayments of inventory and $18.1 million and $11.1 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.
v3.25.2
Segment and Geographic Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment and Geographic Information

Note 11 – Segment and Geographic Information

The Company’s Chief Executive Officer is our Chief Operating Decision Maker (CODM) who evaluates how resources are allocated, assesses performance and makes strategic and operational decisions. 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. We provide manufacturing services, design and engineering services, and technology solutions in the Americas, Asia and Europe. 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:

 

 

 

Three Months Ended June 30, 2025

 

(in thousands)

 

Americas

 

 

Asia

 

 

Europe

 

 

Total

 

Sales from external customers

 

$

284,210

 

 

$

276,562

 

 

$

81,563

 

 

$

642,335

 

Intersegment sales

 

 

11,007

 

 

 

10,504

 

 

 

1,836

 

 

 

23,347

 

 

 

$

295,217

 

 

$

287,066

 

 

$

83,399

 

 

$

665,682

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of sales

 

 

 

 

 

 

 

 

 

 

 

 

Elimination of intersegment sales

 

 

 

 

 

 

 

 

 

 

 

(23,347

)

Sales

 

 

 

 

 

 

 

 

 

 

$

642,335

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

263,884

 

 

 

238,874

 

 

 

72,474

 

 

 

 

Selling, general and administrative expenses

 

 

7,349

 

 

 

3,850

 

 

 

2,440

 

 

 

 

Other(1)

 

 

2,200

 

 

 

6

 

 

 

—

 

 

 

 

Segment income from operations

 

$

10,777

 

 

$

33,832

 

 

$

6,649

 

 

$

51,258

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of income before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

Other - corporate and eliminations(2)

 

 

 

 

 

 

 

 

 

 

 

(30,772

)

Interest expense

 

 

 

 

 

 

 

 

 

 

 

(6,348

)

Interest income

 

 

 

 

 

 

 

 

 

 

 

3,135

 

Other expense, net

 

 

 

 

 

 

 

 

 

 

 

(666

)

Income before income taxes

 

 

 

 

 

 

 

 

 

 

$

16,607

 

 

 

 

Six Months Ended June 30, 2025

 

(in thousands)

 

Americas

 

 

Asia

 

 

Europe

 

 

Total

 

Sales from external customers

 

$

558,336

 

 

$

550,296

 

 

$

165,467

 

 

$

1,274,099

 

Intersegment sales

 

 

21,159

 

 

 

20,809

 

 

 

4,211

 

 

 

46,179

 

 

 

$

579,495

 

 

$

571,105

 

 

$

169,678

 

 

$

1,320,278

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of sales

 

 

 

 

 

 

 

 

 

 

 

 

Elimination of intersegment sales

 

 

 

 

 

 

 

 

 

 

 

(46,179

)

Sales

 

 

 

 

 

 

 

 

 

 

$

1,274,099

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

523,541

 

 

 

470,431

 

 

 

146,106

 

 

 

 

Selling, general and administrative expenses

 

 

14,829

 

 

 

7,384

 

 

 

4,709

 

 

 

 

Other(1)

 

 

13,617

 

 

 

12

 

 

 

—

 

 

 

 

Segment income from operations

 

$

6,349

 

 

$

72,469

 

 

$

14,652

 

 

$

93,470

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of income before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

Other - corporate and eliminations(2)

 

 

 

 

 

 

 

 

 

 

 

(61,225

)

Interest expense

 

 

 

 

 

 

 

 

 

 

 

(11,643

)

Interest income

 

 

 

 

 

 

 

 

 

 

 

5,867

 

Other expense, net

 

 

 

 

 

 

 

 

 

 

 

(1,468

)

Income before income taxes

 

 

 

 

 

 

 

 

 

 

$

25,001

 

 

 

 

 

Three Months Ended June 30, 2024

 

(in thousands)

 

Americas

 

 

Asia

 

 

Europe

 

 

Total

 

Sales from external customers

 

$

333,066

 

 

$

249,454

 

 

$

83,376

 

 

$

665,896

 

Intersegment sales

 

 

10,075

 

 

 

8,216

 

 

 

2,480

 

 

 

20,771

 

 

 

$

343,141

 

 

$

257,670

 

 

$

85,856

 

 

$

686,667

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of sales

 

 

 

 

 

 

 

 

 

 

 

 

Elimination of intersegment sales

 

 

 

 

 

 

 

 

 

 

 

(20,771

)

Sales

 

 

 

 

 

 

 

 

 

 

$

665,896

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

310,768

 

 

 

213,875

 

 

 

74,278

 

 

 

 

Selling, general and administrative expenses

 

 

8,024

 

 

 

3,452

 

 

 

2,466

 

 

 

 

Other(1)

 

 

1,088

 

 

 

(2

)

 

 

4

 

 

 

 

Segment income from operations

 

$

13,186

 

 

$

32,129

 

 

$

6,628

 

 

$

51,943

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of income before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

Other - corporate and eliminations(2)

 

 

 

 

 

 

 

 

 

 

 

(24,690

)

Interest expense

 

 

 

 

 

 

 

 

 

 

 

(6,933

)

Interest income

 

 

 

 

 

 

 

 

 

 

 

2,526

 

Other expense, net

 

 

 

 

 

 

 

 

 

 

 

(2,323

)

Income before income taxes

 

 

 

 

 

 

 

 

 

 

$

20,523

 

 

 

 

Six Months Ended June 30, 2024

 

(in thousands)

 

Americas

 

 

Asia

 

 

Europe

 

 

Total

 

Sales from external customers

 

$

681,732

 

 

$

498,306

 

 

$

161,433

 

 

$

1,341,471

 

Intersegment sales

 

 

33,738

 

 

 

17,180

 

 

 

4,919

 

 

 

55,837

 

 

 

$

715,470

 

 

$

515,486

 

 

$

166,352

 

 

$

1,397,308

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of sales

 

 

 

 

 

 

 

 

 

 

 

 

Elimination of intersegment sales

 

 

 

 

 

 

 

 

 

 

 

(55,837

)

Sales

 

 

 

 

 

 

 

 

 

 

$

1,341,471

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

638,556

 

 

 

425,535

 

 

 

143,338

 

 

 

 

Selling, general and administrative expenses

 

 

15,995

 

 

 

6,490

 

 

 

4,686

 

 

 

 

Other(1)

 

 

3,828

 

 

 

375

 

 

 

4

 

 

 

 

Segment income from operations

 

$

23,353

 

 

$

65,906

 

 

$

13,405

 

 

$

102,664

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of income before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

Other - corporate and eliminations(2)

 

 

 

 

 

 

 

 

 

 

 

(49,882

)

Interest expense

 

 

 

 

 

 

 

 

 

 

 

(14,178

)

Interest income

 

 

 

 

 

 

 

 

 

 

 

4,518

 

Other expense, net

 

 

 

 

 

 

 

 

 

 

 

(3,500

)

Income before income taxes

 

 

 

 

 

 

 

 

 

 

$

39,622

 

 

(1) Includes expenses for amortization of intangible assets and restructuring charges and other costs.

(2) Includes corporate expenses for unallocated expenses, amortization of intangible assets, restructuring charges and other costs and elimination of intersegment cost of sales.

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

(in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Depreciation and amortization:

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

5,255

 

 

$

5,254

 

 

$

10,467

 

 

$

10,679

 

Asia

 

 

2,865

 

 

 

2,513

 

 

 

5,608

 

 

 

5,037

 

Europe

 

 

1,006

 

 

 

862

 

 

 

1,989

 

 

 

1,743

 

Corporate

 

 

2,891

 

 

 

2,803

 

 

 

5,721

 

 

 

5,567

 

Total depreciation and amortization

 

$

12,017

 

 

$

11,432

 

 

$

23,785

 

 

$

23,026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures:

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

5,241

 

 

$

3,833

 

 

$

6,360

 

 

$

5,616

 

Asia

 

 

4,243

 

 

 

2,365

 

 

 

5,862

 

 

 

4,870

 

Europe

 

 

1,722

 

 

 

1,037

 

 

 

2,224

 

 

 

2,061

 

Corporate

 

 

1,098

 

 

 

1,269

 

 

 

2,014

 

 

 

1,860

 

Total capital expenditures

 

$

12,304

 

 

$

8,504

 

 

$

16,460

 

 

$

14,407

 

 

 

 

 

 

 

 

June 30,

 

 

December 31,

 

(in thousands)

 

 

 

 

 

2025

 

 

2024

 

Assets:

 

 

 

 

 

 

 

 

 

 

Americas

 

 

 

 

 

$

813,697

 

 

$

866,595

 

Asia

 

 

 

 

 

 

708,695

 

 

 

821,252

 

Europe

 

 

 

 

 

 

245,037

 

 

 

225,872

 

Corporate

 

 

 

 

 

 

263,416

 

 

 

225,745

 

Total assets

 

 

 

 

 

$

2,030,845

 

 

$

2,139,464

 

 

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 Company’s 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:

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

(in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Geographic sales:

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

331,161

 

 

$

387,720

 

 

$

657,803

 

 

$

784,139

 

Singapore

 

 

130,788

 

 

 

105,070

 

 

 

270,747

 

 

 

206,308

 

Other Asia

 

 

61,841

 

 

 

44,880

 

 

 

113,285

 

 

 

104,776

 

Europe

 

 

101,884

 

 

 

103,278

 

 

 

199,636

 

 

 

201,300

 

Other

 

 

16,661

 

 

 

24,948

 

 

 

32,628

 

 

 

44,948

 

Total sales

 

$

642,335

 

 

$

665,896

 

 

$

1,274,099

 

 

$

1,341,471

 

 

 

 

 

 

 

 

June 30,

 

 

December 31,

 

(in thousands)

 

 

 

 

 

2025

 

 

2024

 

Long-lived assets:

 

 

 

 

 

 

 

 

 

 

United States

 

 

 

 

 

$

213,219

 

 

$

215,536

 

Asia

 

 

 

 

 

 

89,424

 

 

 

89,249

 

Europe

 

 

 

 

 

 

41,267

 

 

 

39,936

 

Other

 

 

 

 

 

 

60,404

 

 

 

64,506

 

Total long-lived assets

 

 

 

 

 

$

404,314

 

 

$

409,227

 
v3.25.2
Accounts Receivable Sale Programs
 6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
Accounts Receivable Sale Programs

Note 12 – Accounts Receivable Sale Programs

As of June 30, 2025, in connection with trade accounts receivable sale programs with unaffiliated financial institutions, the Company may elect to sell, at a discount, on an ongoing basis, up to a maximum of $200.0 million of specific accounts receivable at any one time.

During the three months ended June 30, 2025 and 2024, the Company sold $143.6 million and $158.5 million, respectively, of accounts receivable under these programs, and in exchange, the Company received cash proceeds of $142.7 million and $157.3 million, respectively, net of the discount.

During the six months ended June 30, 2025 and 2024, the Company sold $328.6 million and $293.6 million, respectively, of accounts receivable under these programs, and in exchange, the Company received cash proceeds of $326.5 million and $291.4 million, respectively, net of the discount.

The Company recognizes the loss on sale resulting from the discount in other expense, net in its consolidated statements of income.
v3.25.2
Financial Instruments
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Financial Instruments

Note 13 – 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 Agreement 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 fair value of the Company’s derivative instruments follows:

 

 

 

 

 

June 30,

 

 

December 31,

 

(in thousands)

 

Balance Sheet Location

 

2025

 

 

2024

 

Derivatives designated as hedging instruments:

 

 

 

 

 

 

 

 

Forward currency exchange contracts

 

Other long-term assets

 

$

3,289

 

 

$

—

 

Forward currency exchange contracts

 

Other long-term liabilities

 

 

—

 

 

 

3,745

 

Interest rate swap agreement

 

Other long-term liabilities

 

 

2,227

 

 

 

114

 

 

Forward Currency Exchange Contracts

The Company utilizes forward currency exchange contracts to manage its foreign currency exposure. The Company enters into forward currency exchange contracts for its operations in Mexico, Europe and Asia. 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. The fair value estimates for the Company’s forward currency exchange contracts are 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.

During the three and six months ended June 30, 2025, the Company recorded an unrealized gain of $4.6 million ($3.4 million net of tax) and an unrealized gain of $7.0 million ($5.3 million net of tax), respectively, on its forward currency exchange contracts in other comprehensive income and transferred unrealized losses of $0.3 million and $1.2 million to cost of sales.

During the three and six months ended June 30, 2024, the Company recorded an unrealized loss of $5.0 million ($3.7 million net of tax) and an unrealized loss of $3.7 million (2.8 million net of tax), respectively, on its forward currency exchange contracts in other comprehensive income and transferred unrealized gains of $1.1 million and $2.1 million to cost of sales.

The Company also has forward currency exchange contracts that have not been designated as accounting hedges and, therefore, changes in fair value are recorded in other expense, net in the consolidated statements of income.

Interest Rate Swap Agreement

The Company utilizes an interest rate swap agreement to hedge a portion of its interest rate exposure on outstanding borrowings under the Credit Agreement. Under the interest rate swap agreement, the Company receives variable rate interest payments based on the one-month Term SOFR rate and pays fixed rate interest payments. 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 swap 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. 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 obtains 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 Company entered into an interest rate swap agreement on July 20, 2023 and the fixed interest rate for the contract is 4.039%. As of June 30, 2025, the notional amount of this interest rate swap was $119.8 million.

During the three and six months ended June 30, 2025, the Company recorded an unrealized loss of $0.8 million ($0.5 million net of tax) and an unrealized loss of $2.1 million ($1.6 million net of tax), respectively, on the interest rate swap in other comprehensive income (loss).

During the three and six months ended June 30, 2024, the Company recorded an unrealized gain of $0.4 million ($0.3 million net of tax) and an unrealized gain of $2.8 million ($2.0 million net of tax), respectively, on the interest rate swap in other comprehensive income (loss).
v3.25.2
Accumulated Other Comprehensive Loss
 6 Months Ended
Jun. 30, 2025
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Loss

Note 14 – Accumulated Other Comprehensive Loss

A summary of the changes in accumulated other comprehensive loss follows:

 

 

 

Three Months Ended June 30,

 

 

 

2025

 

 

2024

 

(in thousands)

 

Foreign
Currency
Translation
Adjustments

 

 

Derivative
Instruments,
Net of Tax

 

 

Other

 

 

Total

 

 

Foreign
Currency
Translation
Adjustments

 

 

Derivative
Instruments,
Net of Tax

 

 

Other

 

 

Total

 

Beginning balance

 

$

(14,216

)

 

$

(2,052

)

 

$

(831

)

 

$

(17,099

)

 

$

(14,450

)

 

$

2,894

 

 

$

(1,064

)

 

$

(12,620

)

Other comprehensive gain (loss) before reclassifications

 

 

7,066

 

 

 

2,586

 

 

 

120

 

 

 

9,772

 

 

 

(523

)

 

 

(2,292

)

 

 

66

 

 

 

(2,749

)

Amounts reclassified from accumulated other comprehensive loss

 

 

—

 

 

 

266

 

 

 

—

 

 

 

266

 

 

 

—

 

 

 

(1,133

)

 

 

—

 

 

 

(1,133

)

Total other comprehensive income

 

 

7,066

 

 

 

2,852

 

 

 

120

 

 

 

10,038

 

 

 

(523

)

 

 

(3,425

)

 

 

66

 

 

 

(3,882

)

Ending balance

 

$

(7,150

)

 

$

800

 

 

$

(711

)

 

$

(7,061

)

 

$

(14,973

)

 

$

(531

)

 

$

(998

)

 

$

(16,502

)

 

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

(in thousands)

 

Foreign
Currency
Translation
Adjustments

 

 

Derivative
Instruments,
Net of Tax

 

 

Other

 

 

Total

 

 

Foreign
Currency
Translation
Adjustments

 

 

Derivative
Instruments,
Net of Tax

 

 

Other

 

 

Total

 

Beginning balance

 

$

(17,446

)

 

$

(2,884

)

 

$

(911

)

 

$

(21,241

)

 

$

(12,913

)

 

$

160

 

 

$

(1,107

)

 

$

(13,860

)

Other comprehensive gain (loss) before reclassifications

 

 

10,296

 

 

 

2,454

 

 

 

200

 

 

 

12,950

 

 

 

(2,060

)

 

 

1,384

 

 

 

109

 

 

 

(567

)

Amounts reclassified from accumulated other comprehensive loss

 

 

—

 

 

 

1,230

 

 

 

—

 

 

 

1,230

 

 

 

—

 

 

 

(2,075

)

 

 

—

 

 

 

(2,075

)

Total other comprehensive income

 

 

10,296

 

 

 

3,684

 

 

 

200

 

 

 

14,180

 

 

 

(2,060

)

 

 

(691

)

 

 

109

 

 

 

(2,642

)

Ending balance

 

$

(7,150

)

 

$

800

 

 

$

(711

)

 

$

(7,061

)

 

$

(14,973

)

 

$

(531

)

 

$

(998

)

 

$

(16,502

)

 

See Note 13 for further discussion about the Company’s derivative instruments.
v3.25.2
Contingencies
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Contingencies

Note 15 – Contingencies

On January 7, 2025, our Guadalajara subsidiary Benchmark Electronics de Mexico S. de R.L. de C.V. (Benchmark Guadalajara) received a tax assessment from the Jalisco, Mexico office of customs and taxing authorities (Servicio de Administracion Tributaria (SAT)) asserting that Benchmark Guadalajara owed approximately $12.0 million in import duties, customs penalties, fees and surcharges relating to goods imported by Benchmark Guadalajara into Mexico in the first quarter of 2016. Benchmark Guadalajara challenged the findings in the tax assessment by taking an administrative appeal with the SAT on February 19, 2025. In April 2025, Benchmark Guadalajara and SAT reached an agreement to reduce the amount levied in the tax assessment to approximately $10.1 million and the Company accrued the expected settlement during the first quarter of 2025. Additionally, $0.6 million of other related costs were incurred in connection with the matter during the second quarter of 2025. Benchmark Guadalajara plans to continue pursuing all available reimbursement opportunities pertaining to the assessment such as recoverable value add taxes.

The Company is involved in various legal actions arising in the ordinary course of business. Although the outcome of these matters cannot be predicted with certainty, in the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Company’s consolidated financial position or results of operations.
v3.25.2
Restructuring Charges and Other Costs
 6 Months Ended
Jun. 30, 2025
Restructuring and Related Activities [Abstract]  
Restructuring Charges and Other Costs

Note 16 – 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 the six months ended June 30, 2025, the Company recognized $3.3 million of restructuring charges, which primarily related to capacity and workforce reductions at its sites in the Americas. Accrued restructuring costs are included in accrued liabilities on the consolidated balance sheet. Additionally, the Company agreed to a $10.7 million settlement related to a tax assessment in the Americas. See Note 15 for further information on the tax assessment.

 

The Company recognized $4.8 million of restructuring charges during the six months ended June 30, 2024 primarily related to capacity and workforce reductions at its sites in the Americas.

The components of restructuring charges were as follows:

 

 

 

Six Months Ended June 30, 2025

 

(in thousands)

 

Americas

 

 

Asia

 

 

Europe

 

 

Total

 

Severance costs

 

$

2,923

 

 

$

—

 

 

$

—

 

 

$

2,923

 

Other exit costs

 

 

358

 

 

 

—

 

 

 

—

 

 

 

358

 

Total restructuring charges

 

$

3,281

 

 

$

—

 

 

$

—

 

 

$

3,281

 

 

The changes in the Company’s accrued restructuring costs were as follows:

 

(in thousands)

 

Balances as of
December 31,
2024

 

 

Restructuring
Charges

 

 

Cash
Payments

 

 

Non-Cash
Activity

 

 

Balances as of
June 30,
2025

 

Severance costs

 

$

209

 

 

$

2,923

 

 

$

(2,804

)

 

$

—

 

 

$

328

 

Other exit costs

 

 

—

 

 

 

358

 

 

 

(358

)

 

 

—

 

 

 

—

 

Total accrued restructuring costs

 

$

209

 

 

$

3,281

 

 

$

(3,162

)

 

$

—

 

 

$

328

 
v3.25.2
New Accounting Pronouncements (Policies)
 6 Months Ended
Jun. 30, 2025
Accounting Standards Update and Change in Accounting Principle [Abstract]  
Basis of Presentation

The unaudited condensed consolidated financial statements included herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the SEC) relating to interim financial statements. The condensed consolidated financial statements reflect all normal and recurring adjustments necessary in the opinion of management for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. The results of operations for the periods presented are not necessarily indicative of the results to be expected for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10‑K for the year ended December 31, 2024 (the 2024 10-K).
Use of Estimates

Management has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these unaudited condensed consolidated financial statements in accordance with generally accepted accounting principles in the United States (U.S. GAAP) for interim financial statements. However, actual results could differ materially from these estimates.
New Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (ASU 2024-03), which requires public entities to disclose specified information about certain costs and expenses. ASU 2024-03 is effective for annual periods beginning after December 15, 2026. Early adoption is permitted. The Company is currently evaluating the guidance and its impact to the financial statements.

 

The Company does not believe that any other recently issued accounting standards will have a material impact on its consolidated financial position, results of operations or cash flows, or will apply to its operations.
v3.25.2
Inventories (Tables)
 6 Months Ended
Jun. 30, 2025
Inventory Disclosure [Abstract]  
Schedule Of Inventory Costs

Inventory costs are summarized as follows:

 

 

 

June 30,

 

 

December 31,

 

(in thousands)

 

2025

 

 

2024

 

Raw materials

 

$

509,158

 

 

$

528,424

 

Work in process

 

 

19,107

 

 

 

18,761

 

Finished goods

 

 

3,721

 

 

 

6,469

 

Total inventories

 

$

531,986

 

 

$

553,654

 

 
v3.25.2
Goodwill and Other Intangible Assets (Tables)
 6 Months Ended
Jun. 30, 2025
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 June 30, 2025 and December 31, 2024

 

$

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
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net
Carrying
Amount

 

Customer relationships

 

$

100,176

 

 

$

(79,207

)

 

$

20,969

 

Capitalized purchased software costs

 

 

45,729

 

 

 

(33,913

)

 

 

11,816

 

Technology licenses

 

 

15,500

 

 

 

(15,500

)

 

 

—

 

Trade names and trademarks

 

 

7,800

 

 

 

—

 

 

 

7,800

 

Other

 

 

868

 

 

 

(440

)

 

 

428

 

Total intangible assets as of June 30, 2025

 

$

170,073

 

 

$

(129,060

)

 

$

41,013

 

 

(in thousands)

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net
Carrying
Amount

 

Customer relationships

 

$

100,041

 

 

$

(76,675

)

 

$

23,366

 

Capitalized purchased software costs

 

 

44,316

 

 

 

(31,525

)

 

 

12,791

 

Technology licenses

 

 

15,500

 

 

 

(15,500

)

 

 

—

 

Trade names and trademarks

 

 

7,800

 

 

 

—

 

 

 

7,800

 

Other

 

 

868

 

 

 

(428

)

 

 

440

 

Total intangible assets as of December 31, 2024

 

$

168,525

 

 

$

(124,128

)

 

$

44,397

 
Schedule of Amortization Expense

A summary of the components of amortization expense, as presented in the consolidated statements of cash flows, follows:

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

(in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Amortization of intangible assets

 

$

1,204

 

 

$

1,204

 

 

$

2,408

 

 

$

2,408

 

Amortization of capitalized purchased software costs

 

 

1,097

 

 

 

1,247

 

 

 

2,369

 

 

 

2,454

 

Amortization of debt costs

 

 

354

 

 

 

130

 

 

 

484

 

 

 

259

 

Total amortization expense

 

$

2,655

 

 

$

2,581

 

 

$

5,261

 

 

$

5,121

 
Schedule of Future Amortization Expense

A summary of the future amortization expense related to the Company’s intangible assets held as of June 30, 2025 for each of the next five years follows (in thousands):

 

Year ending December 31,

 

Amortization
Expense

 

Remaining six months of 2025

 

$

2,408

 

2026

 

 

4,817

 

2027

 

 

4,817

 

2028

 

 

4,817

 

2029

 

 

4,218

 

2030

 

 

23

 
v3.25.2
Borrowing Facilities (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Debt

Long-term debt consists of the following:

 

 

 

June 30,

 

 

December 31,

 

(in thousands)

 

2025

 

 

2024

 

Revolving credit facility

 

$

60,000

 

 

$

135,000

 

Term loan

 

 

150,000

 

 

 

123,047

 

Less: unamortized debt issuance costs

 

 

(2,832

)

 

 

(1,027

)

Total long-term debt, including current installments

 

$

207,168

 

 

$

257,020

 
v3.25.2
Leases (Tables)
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Components of Lease Expense

The components of lease expense were as follows:

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

(in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Finance lease costs:

 

 

 

 

 

 

 

 

 

 

 

 

Interest on lease liabilities

 

$

1

 

 

$

3

 

 

$

3

 

 

$

7

 

Operating lease costs

 

 

5,800

 

 

 

5,555

 

 

 

11,857

 

 

 

11,065

 

Short-term lease costs

 

 

143

 

 

 

202

 

 

 

278

 

 

 

428

 

Variable lease costs

 

 

551

 

 

 

490

 

 

 

1,044

 

 

 

963

 

Total lease costs

 

$

6,495

 

 

$

6,250

 

 

$

13,182

 

 

$

12,463

 
Summary of Operating And Finance Lease Supplemental Cash Flow Information

A summary of cash flow information related to leases follows:

 

 

Six Months Ended
June 30,

 

(in thousands)

2025

 

 

2024

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

Operating cash flows used for operating leases

$

11,407

 

 

$

10,650

 

Operating cash flows used for finance leases

 

3

 

 

 

7

 

Financing cash flows used for finance leases

 

94

 

 

 

90

 

Right-of-use assets obtained in exchange for new operating lease liabilities

 

464

 

 

 

3,044

 
Summary of Operating And Finance Lease Supplemental Balance Sheet Information

A summary of other information about the Company's leases follows:

 

 

 

June 30,

 

 

December 31,

 

(dollars in thousands)

 

2025

 

 

2024

 

Operating lease right-of-use assets

 

$

110,771

 

 

$

117,995

 

Finance lease liabilities, current (included in current installments of long-term debt)

 

$

80

 

 

$

174

 

Operating lease liabilities, current (included in accrued liabilities)

 

$

15,952

 

 

$

17,170

 

Operating lease liabilities, noncurrent

 

$

104,896

 

 

$

108,997

 

Weighted average remaining lease term – finance leases

 

0.4 years

 

 

0.9 yrs

 

Weighted average remaining lease term – operating leases

 

8.6 years

 

 

8.9 yrs

 

Weighted average discount rate – finance leases

 

 

4.8

%

 

 

4.8

%

Weighted average discount rate – operating leases

 

 

4.6

%

 

 

4.6

%

 
Future Annual Minimum Operating Lease Payments and Finance Lease Commitments

A summary of the Company's future annual minimum lease payments as of June 30, 2025 follows (in thousands):

 

Year ending December 31,

 

Operating
Leases

 

 

Finance
Leases

 

Remaining six months of 2025

 

$

11,346

 

 

$

81

 

2026

 

 

18,444

 

 

 

—

 

2027

 

 

16,375

 

 

 

—

 

2028

 

 

15,431

 

 

 

—

 

2029

 

 

14,975

 

 

 

—

 

2030 and thereafter

 

 

70,526

 

 

 

—

 

Total minimum lease payments

 

 

147,097

 

 

 

81

 

Less: imputed interest

 

 

(26,249

)

 

 

(1

)

Total present value of lease liabilities

 

$

120,848

 

 

$

80

 
v3.25.2
Common Stock and Stock-Based Awards (Tables)
 6 Months Ended
Jun. 30, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule Of Unrecognized Compensation Cost And Remaining Weighted-Average Amortization Stock-Based Awards

As of June 30, 2025, the unrecognized compensation costs and remaining weighted-average amortization periods related to stock-based awards were as follows:

 

(in thousands)

 

Time-
Based Restricted
Stock Units

 

 

Performance-
Based Restricted
Stock Units(1)

 

Unrecognized compensation cost

 

$

31,751

 

 

$

8,230

 

Remaining weighted-average amortization period

 

2.1 years

 

 

2.3 years

 

 

(1) Based on the probable achievement of the performance goals identified in each award.
Employee Stock Options [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of Stock Options

The following table summarizes activities relating to the Company’s stock options:

 

(in thousands, except per share data and years)

 

Number of
Options

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Term (Years)

 

 

Aggregate
Intrinsic
Value

 

Outstanding as of December 31, 2024

 

 

1

 

 

$

23.14

 

 

 

 

 

 

 

Exercised

 

 

(1

)

 

 

23.14

 

 

 

 

 

 

 

Outstanding and exercisable as of June 30, 2025

 

 

—

 

 

 

—

 

 

 

—

 

 

$

—

 

 
Time-Based 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
Units

 

 

Weighted-
Average
Grant Date
Fair Value

 

Non-vested awards outstanding as of December 31, 2024

 

 

1,188

 

 

$

28.30

 

Granted

 

 

447

 

 

 

41.74

 

Vested

 

 

(464

)

 

 

28.59

 

Forfeited

 

 

(42

)

 

 

30.68

 

Non-vested awards outstanding as of June 30, 2025

 

 

1,129

 

 

 

33.79

 
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
Units

 

 

Weighted-
Average
Grant Date
Fair Value

 

Non-vested awards outstanding as of December 31, 2024

 

 

414

 

 

$

25.82

 

Granted(1)

 

 

141

 

 

 

42.21

 

Vested

 

 

(47

)

 

 

25.97

 

Forfeited

 

 

(60

)

 

 

25.97

 

Non-vested awards outstanding as of June 30, 2025

 

 

448

 

 

 

32.50

 

 

(1) Represents target number of units that can vest based on the achievement of the performance goals.
v3.25.2
Earnings Per Share (Tables)
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Calculation of Basic and Diluted Earnings per Share

The following table sets forth the calculation of the Company’s basic and diluted earnings per share:

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

(in thousands, except per share data)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Net income

 

$

972

 

 

$

15,528

 

 

$

4,616

 

 

$

29,530

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator for basic earnings per share

 

 

35,991

 

 

 

36,047

 

 

 

36,021

 

 

 

35,929

 

Incremental common shares attributable to outstanding restricted stock units

 

 

267

 

 

 

448

 

 

 

406

 

 

 

455

 

Incremental common shares attributable to exercise of dilutive options

 

 

—

 

 

 

2

 

 

 

—

 

 

 

4

 

Denominator for diluted earnings per share

 

 

36,258

 

 

 

36,497

 

 

 

36,427

 

 

 

36,388

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.03

 

 

$

0.43

 

 

$

0.13

 

 

$

0.82

 

Diluted

 

$

0.03

 

 

$

0.43

 

 

$

0.13

 

 

$

0.81

 
v3.25.2
Income Taxes (Tables)
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Expense

Income tax expense consists of the following:

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

(in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Income before income taxes

 

$

16,607

 

 

$

20,523

 

 

$

25,001

 

 

$

39,622

 

Income tax expense

 

$

15,635

 

 

$

4,995

 

 

$

20,385

 

 

$

10,092

 

Effective tax rate

 

 

94.1

%

 

 

24.3

%

 

 

81.5

%

 

 

25.5

%

 

During the three months ended June 30, 2025, the Company, as part of its ongoing assessment of global liquidity needs, evaluated the cash balances held in foreign jurisdictions relative to anticipated operational and investment requirements. Driven by a time-sensitive opportunity to recover foreign withholding taxes, along with the Company’s debt refinancing and cash diversification objectives, the Company repatriated gross dividends of $151.6 million from its operations in China and Thailand during the quarter. These dividends were subject to foreign withholding taxes paid totaling $15.2 million.

As part of this evaluation, the Company determined that current and projected cash balances in China exceeded the levels required to fund local business activities. As a result, management changed its assertion with respect to remaining unremitted earnings from China, which are now considered available for distribution. There was no change to the Company’s indefinite reinvestment assertion with respect to Thailand.

Accordingly, during the three months ended June 30, 2025, the Company recorded discrete tax charges totaling $10.4 million. This amount includes (i) foreign withholding taxes paid on the repatriated dividends, net of anticipated recoveries, and (ii) the recognition of deferred tax liabilities on the remaining earnings in China, consistent with the change in reinvestment assertion.
Schedule of Tax Incentives

A summary of the Company’s tax incentives follows:

 

 

 

Six Months Ended
June 30,

 

(in thousands)

 

2025

 

 

2024

 

Thailand

 

$

2,115

 

 

$

1,801

 

China

 

 

859

 

 

 

—

 

Total tax incentives

 

$

2,974

 

 

$

1,801

 
v3.25.2
Revenue (Tables)
 6 Months Ended
Jun. 30, 2025
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:

 

 

 

Three Months Ended June 30, 2025

 

(in thousands)

 

Americas

 

 

Asia

 

 

Europe

 

 

Total

 

Market sector:

 

 

 

 

 

 

 

 

 

 

 

 

Semi-Cap

 

$

47,415

 

 

$

119,134

 

 

$

23,833

 

 

$

190,382

 

Industrial

 

 

28,181

 

 

 

84,789

 

 

 

28,659

 

 

 

141,629

 

A&D

 

 

105,031

 

 

 

5,044

 

 

 

16,180

 

 

 

126,255

 

Medical

 

 

60,743

 

 

 

35,936

 

 

 

12,891

 

 

 

109,570

 

AC&C

 

 

42,840

 

 

 

31,659

 

 

 

—

 

 

 

74,499

 

External revenue

 

 

284,210

 

 

 

276,562

 

 

 

81,563

 

 

 

642,335

 

Elimination of intersegment sales

 

 

11,007

 

 

 

10,504

 

 

 

1,836

 

 

 

23,347

 

Segment revenue

 

$

295,217

 

 

$

287,066

 

 

$

83,399

 

 

$

665,682

 

 

 

 

Six Months Ended June 30, 2025

 

(in thousands)

 

Americas

 

 

Asia

 

 

Europe

 

 

Total

 

Market sector:

 

 

 

 

 

 

 

 

 

 

 

 

Semi-Cap

 

$

91,497

 

 

$

243,376

 

 

$

50,576

 

 

$

385,449

 

Industrial

 

 

56,068

 

 

 

164,040

 

 

 

58,268

 

 

 

278,376

 

A&D

 

 

208,539

 

 

 

8,672

 

 

 

30,900

 

 

 

248,111

 

Medical

 

 

115,229

 

 

 

72,255

 

 

 

25,723

 

 

 

213,207

 

AC&C

 

 

87,003

 

 

 

61,953

 

 

 

—

 

 

 

148,956

 

External revenue

 

 

558,336

 

 

 

550,296

 

 

 

165,467

 

 

 

1,274,099

 

Elimination of intersegment sales

 

 

21,159

 

 

 

20,809

 

 

 

4,211

 

 

 

46,179

 

Segment revenue

 

$

579,495

 

 

$

571,105

 

 

$

169,678

 

 

$

1,320,278

 

 

 

 

Three Months Ended June 30, 2024

 

(in thousands)

 

Americas

 

 

Asia

 

 

Europe

 

 

Total

 

Market sector:

 

 

 

 

 

 

 

 

 

 

 

 

Semi-Cap

 

$

54,471

 

 

$

85,258

 

 

$

32,135

 

 

$

171,864

 

Industrial

 

 

35,671

 

 

 

79,276

 

 

 

26,756

 

 

 

141,703

 

A&D

 

 

94,262

 

 

 

2,680

 

 

 

11,898

 

 

 

108,840

 

Medical

 

 

56,014

 

 

 

42,952

 

 

 

12,585

 

 

 

111,551

 

AC&C

 

 

92,648

 

 

 

39,288

 

 

 

2

 

 

 

131,938

 

External revenue

 

 

333,066

 

 

 

249,454

 

 

 

83,376

 

 

 

665,896

 

Elimination of intersegment sales

 

 

10,075

 

 

 

8,216

 

 

 

2,480

 

 

 

20,771

 

Segment revenue

 

$

343,141

 

 

$

257,670

 

 

$

85,856

 

 

$

686,667

 

 

 

 

Six Months Ended June 30, 2024

 

(in thousands)

 

Americas

 

 

Asia

 

 

Europe

 

 

Total

 

Market sector:

 

 

 

 

 

 

 

 

 

 

 

 

Semi-Cap

 

$

108,129

 

 

$

167,157

 

 

$

62,517

 

 

$

337,803

 

Industrial

 

 

65,321

 

 

 

163,487

 

 

 

53,927

 

 

 

282,735

 

A&D

 

 

181,125

 

 

 

11,802

 

 

 

21,747

 

 

 

214,674

 

Medical

 

 

117,877

 

 

 

85,178

 

 

 

23,223

 

 

 

226,278

 

AC&C

 

 

209,280

 

 

 

70,682

 

 

 

19

 

 

 

279,981

 

External revenue

 

 

681,732

 

 

 

498,306

 

 

 

161,433

 

 

 

1,341,471

 

Elimination of intersegment sales

 

 

33,738

 

 

 

17,180

 

 

 

4,919

 

 

 

55,837

 

Segment revenue

 

$

715,470

 

 

$

515,486

 

 

$

166,352

 

 

$

1,397,308

 
Changes In Contract Assets

A summary of activity related to the Company’s contract assets follows:

 

 

 

Six Months Ended
June 30,

 

(in thousands)

 

2025

 

 

2024

 

Balance as of the beginning of the year

 

$

167,578

 

 

$

174,979

 

Revenue recognized

 

 

1,112,985

 

 

 

1,153,907

 

Amounts collected or invoiced

 

 

(1,105,462

)

 

 

(1,146,796

)

Balance as of the end of the period

 

$

175,101

 

 

$

182,090

 

 
v3.25.2
Segment and Geographic Information (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Operating Segments

Information about the Company’s operating segments follows:

 

 

 

Three Months Ended June 30, 2025

 

(in thousands)

 

Americas

 

 

Asia

 

 

Europe

 

 

Total

 

Sales from external customers

 

$

284,210

 

 

$

276,562

 

 

$

81,563

 

 

$

642,335

 

Intersegment sales

 

 

11,007

 

 

 

10,504

 

 

 

1,836

 

 

 

23,347

 

 

 

$

295,217

 

 

$

287,066

 

 

$

83,399

 

 

$

665,682

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of sales

 

 

 

 

 

 

 

 

 

 

 

 

Elimination of intersegment sales

 

 

 

 

 

 

 

 

 

 

 

(23,347

)

Sales

 

 

 

 

 

 

 

 

 

 

$

642,335

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

263,884

 

 

 

238,874

 

 

 

72,474

 

 

 

 

Selling, general and administrative expenses

 

 

7,349

 

 

 

3,850

 

 

 

2,440

 

 

 

 

Other(1)

 

 

2,200

 

 

 

6

 

 

 

—

 

 

 

 

Segment income from operations

 

$

10,777

 

 

$

33,832

 

 

$

6,649

 

 

$

51,258

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of income before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

Other - corporate and eliminations(2)

 

 

 

 

 

 

 

 

 

 

 

(30,772

)

Interest expense

 

 

 

 

 

 

 

 

 

 

 

(6,348

)

Interest income

 

 

 

 

 

 

 

 

 

 

 

3,135

 

Other expense, net

 

 

 

 

 

 

 

 

 

 

 

(666

)

Income before income taxes

 

 

 

 

 

 

 

 

 

 

$

16,607

 

 

 

 

Six Months Ended June 30, 2025

 

(in thousands)

 

Americas

 

 

Asia

 

 

Europe

 

 

Total

 

Sales from external customers

 

$

558,336

 

 

$

550,296

 

 

$

165,467

 

 

$

1,274,099

 

Intersegment sales

 

 

21,159

 

 

 

20,809

 

 

 

4,211

 

 

 

46,179

 

 

 

$

579,495

 

 

$

571,105

 

 

$

169,678

 

 

$

1,320,278

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of sales

 

 

 

 

 

 

 

 

 

 

 

 

Elimination of intersegment sales

 

 

 

 

 

 

 

 

 

 

 

(46,179

)

Sales

 

 

 

 

 

 

 

 

 

 

$

1,274,099

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

523,541

 

 

 

470,431

 

 

 

146,106

 

 

 

 

Selling, general and administrative expenses

 

 

14,829

 

 

 

7,384

 

 

 

4,709

 

 

 

 

Other(1)

 

 

13,617

 

 

 

12

 

 

 

—

 

 

 

 

Segment income from operations

 

$

6,349

 

 

$

72,469

 

 

$

14,652

 

 

$

93,470

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of income before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

Other - corporate and eliminations(2)

 

 

 

 

 

 

 

 

 

 

 

(61,225

)

Interest expense

 

 

 

 

 

 

 

 

 

 

 

(11,643

)

Interest income

 

 

 

 

 

 

 

 

 

 

 

5,867

 

Other expense, net

 

 

 

 

 

 

 

 

 

 

 

(1,468

)

Income before income taxes

 

 

 

 

 

 

 

 

 

 

$

25,001

 

 

 

 

 

Three Months Ended June 30, 2024

 

(in thousands)

 

Americas

 

 

Asia

 

 

Europe

 

 

Total

 

Sales from external customers

 

$

333,066

 

 

$

249,454

 

 

$

83,376

 

 

$

665,896

 

Intersegment sales

 

 

10,075

 

 

 

8,216

 

 

 

2,480

 

 

 

20,771

 

 

 

$

343,141

 

 

$

257,670

 

 

$

85,856

 

 

$

686,667

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of sales

 

 

 

 

 

 

 

 

 

 

 

 

Elimination of intersegment sales

 

 

 

 

 

 

 

 

 

 

 

(20,771

)

Sales

 

 

 

 

 

 

 

 

 

 

$

665,896

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

310,768

 

 

 

213,875

 

 

 

74,278

 

 

 

 

Selling, general and administrative expenses

 

 

8,024

 

 

 

3,452

 

 

 

2,466

 

 

 

 

Other(1)

 

 

1,088

 

 

 

(2

)

 

 

4

 

 

 

 

Segment income from operations

 

$

13,186

 

 

$

32,129

 

 

$

6,628

 

 

$

51,943

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of income before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

Other - corporate and eliminations(2)

 

 

 

 

 

 

 

 

 

 

 

(24,690

)

Interest expense

 

 

 

 

 

 

 

 

 

 

 

(6,933

)

Interest income

 

 

 

 

 

 

 

 

 

 

 

2,526

 

Other expense, net

 

 

 

 

 

 

 

 

 

 

 

(2,323

)

Income before income taxes

 

 

 

 

 

 

 

 

 

 

$

20,523

 

 

 

 

Six Months Ended June 30, 2024

 

(in thousands)

 

Americas

 

 

Asia

 

 

Europe

 

 

Total

 

Sales from external customers

 

$

681,732

 

 

$

498,306

 

 

$

161,433

 

 

$

1,341,471

 

Intersegment sales

 

 

33,738

 

 

 

17,180

 

 

 

4,919

 

 

 

55,837

 

 

 

$

715,470

 

 

$

515,486

 

 

$

166,352

 

 

$

1,397,308

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of sales

 

 

 

 

 

 

 

 

 

 

 

 

Elimination of intersegment sales

 

 

 

 

 

 

 

 

 

 

 

(55,837

)

Sales

 

 

 

 

 

 

 

 

 

 

$

1,341,471

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

638,556

 

 

 

425,535

 

 

 

143,338

 

 

 

 

Selling, general and administrative expenses

 

 

15,995

 

 

 

6,490

 

 

 

4,686

 

 

 

 

Other(1)

 

 

3,828

 

 

 

375

 

 

 

4

 

 

 

 

Segment income from operations

 

$

23,353

 

 

$

65,906

 

 

$

13,405

 

 

$

102,664

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of income before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

Other - corporate and eliminations(2)

 

 

 

 

 

 

 

 

 

 

 

(49,882

)

Interest expense

 

 

 

 

 

 

 

 

 

 

 

(14,178

)

Interest income

 

 

 

 

 

 

 

 

 

 

 

4,518

 

Other expense, net

 

 

 

 

 

 

 

 

 

 

 

(3,500

)

Income before income taxes

 

 

 

 

 

 

 

 

 

 

$

39,622

 

 

(1) Includes expenses for amortization of intangible assets and restructuring charges and other costs.

(2) Includes corporate expenses for unallocated expenses, amortization of intangible assets, restructuring charges and other costs and elimination of intersegment cost of sales.

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

(in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Depreciation and amortization:

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

5,255

 

 

$

5,254

 

 

$

10,467

 

 

$

10,679

 

Asia

 

 

2,865

 

 

 

2,513

 

 

 

5,608

 

 

 

5,037

 

Europe

 

 

1,006

 

 

 

862

 

 

 

1,989

 

 

 

1,743

 

Corporate

 

 

2,891

 

 

 

2,803

 

 

 

5,721

 

 

 

5,567

 

Total depreciation and amortization

 

$

12,017

 

 

$

11,432

 

 

$

23,785

 

 

$

23,026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures:

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

5,241

 

 

$

3,833

 

 

$

6,360

 

 

$

5,616

 

Asia

 

 

4,243

 

 

 

2,365

 

 

 

5,862

 

 

 

4,870

 

Europe

 

 

1,722

 

 

 

1,037

 

 

 

2,224

 

 

 

2,061

 

Corporate

 

 

1,098

 

 

 

1,269

 

 

 

2,014

 

 

 

1,860

 

Total capital expenditures

 

$

12,304

 

 

$

8,504

 

 

$

16,460

 

 

$

14,407

 

 

 

 

 

 

 

 

June 30,

 

 

December 31,

 

(in thousands)

 

 

 

 

 

2025

 

 

2024

 

Assets:

 

 

 

 

 

 

 

 

 

 

Americas

 

 

 

 

 

$

813,697

 

 

$

866,595

 

Asia

 

 

 

 

 

 

708,695

 

 

 

821,252

 

Europe

 

 

 

 

 

 

245,037

 

 

 

225,872

 

Corporate

 

 

 

 

 

 

263,416

 

 

 

225,745

 

Total assets

 

 

 

 

 

$

2,030,845

 

 

$

2,139,464

 
Schedule of Geographic Sales and Long-Lived Assets

A summary of the Company’s geographic sales and long-lived assets follows:

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

(in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Geographic sales:

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

331,161

 

 

$

387,720

 

 

$

657,803

 

 

$

784,139

 

Singapore

 

 

130,788

 

 

 

105,070

 

 

 

270,747

 

 

 

206,308

 

Other Asia

 

 

61,841

 

 

 

44,880

 

 

 

113,285

 

 

 

104,776

 

Europe

 

 

101,884

 

 

 

103,278

 

 

 

199,636

 

 

 

201,300

 

Other

 

 

16,661

 

 

 

24,948

 

 

 

32,628

 

 

 

44,948

 

Total sales

 

$

642,335

 

 

$

665,896

 

 

$

1,274,099

 

 

$

1,341,471

 

 

 

 

 

 

 

 

June 30,

 

 

December 31,

 

(in thousands)

 

 

 

 

 

2025

 

 

2024

 

Long-lived assets:

 

 

 

 

 

 

 

 

 

 

United States

 

 

 

 

 

$

213,219

 

 

$

215,536

 

Asia

 

 

 

 

 

 

89,424

 

 

 

89,249

 

Europe

 

 

 

 

 

 

41,267

 

 

 

39,936

 

Other

 

 

 

 

 

 

60,404

 

 

 

64,506

 

Total long-lived assets

 

 

 

 

 

$

404,314

 

 

$

409,227

 
v3.25.2
Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Summary of Fair Values of Derivative Instruments

The fair value of the Company’s derivative instruments follows:

 

 

 

 

 

June 30,

 

 

December 31,

 

(in thousands)

 

Balance Sheet Location

 

2025

 

 

2024

 

Derivatives designated as hedging instruments:

 

 

 

 

 

 

 

 

Forward currency exchange contracts

 

Other long-term assets

 

$

3,289

 

 

$

—

 

Forward currency exchange contracts

 

Other long-term liabilities

 

 

—

 

 

 

3,745

 

Interest rate swap agreement

 

Other long-term liabilities

 

 

2,227

 

 

 

114

 
v3.25.2
Accumulated Other Comprehensive Loss (Tables)
 6 Months Ended
Jun. 30, 2025
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule Of Accumulated Other Comprehensive Loss

A summary of the changes in accumulated other comprehensive loss follows:

 

 

 

Three Months Ended June 30,

 

 

 

2025

 

 

2024

 

(in thousands)

 

Foreign
Currency
Translation
Adjustments

 

 

Derivative
Instruments,
Net of Tax

 

 

Other

 

 

Total

 

 

Foreign
Currency
Translation
Adjustments

 

 

Derivative
Instruments,
Net of Tax

 

 

Other

 

 

Total

 

Beginning balance

 

$

(14,216

)

 

$

(2,052

)

 

$

(831

)

 

$

(17,099

)

 

$

(14,450

)

 

$

2,894

 

 

$

(1,064

)

 

$

(12,620

)

Other comprehensive gain (loss) before reclassifications

 

 

7,066

 

 

 

2,586

 

 

 

120

 

 

 

9,772

 

 

 

(523

)

 

 

(2,292

)

 

 

66

 

 

 

(2,749

)

Amounts reclassified from accumulated other comprehensive loss

 

 

—

 

 

 

266

 

 

 

—

 

 

 

266

 

 

 

—

 

 

 

(1,133

)

 

 

—

 

 

 

(1,133

)

Total other comprehensive income

 

 

7,066

 

 

 

2,852

 

 

 

120

 

 

 

10,038

 

 

 

(523

)

 

 

(3,425

)

 

 

66

 

 

 

(3,882

)

Ending balance

 

$

(7,150

)

 

$

800

 

 

$

(711

)

 

$

(7,061

)

 

$

(14,973

)

 

$

(531

)

 

$

(998

)

 

$

(16,502

)

 

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

(in thousands)

 

Foreign
Currency
Translation
Adjustments

 

 

Derivative
Instruments,
Net of Tax

 

 

Other

 

 

Total

 

 

Foreign
Currency
Translation
Adjustments

 

 

Derivative
Instruments,
Net of Tax

 

 

Other

 

 

Total

 

Beginning balance

 

$

(17,446

)

 

$

(2,884

)

 

$

(911

)

 

$

(21,241

)

 

$

(12,913

)

 

$

160

 

 

$

(1,107

)

 

$

(13,860

)

Other comprehensive gain (loss) before reclassifications

 

 

10,296

 

 

 

2,454

 

 

 

200

 

 

 

12,950

 

 

 

(2,060

)

 

 

1,384

 

 

 

109

 

 

 

(567

)

Amounts reclassified from accumulated other comprehensive loss

 

 

—

 

 

 

1,230

 

 

 

—

 

 

 

1,230

 

 

 

—

 

 

 

(2,075

)

 

 

—

 

 

 

(2,075

)

Total other comprehensive income

 

 

10,296

 

 

 

3,684

 

 

 

200

 

 

 

14,180

 

 

 

(2,060

)

 

 

(691

)

 

 

109

 

 

 

(2,642

)

Ending balance

 

$

(7,150

)

 

$

800

 

 

$

(711

)

 

$

(7,061

)

 

$

(14,973

)

 

$

(531

)

 

$

(998

)

 

$

(16,502

)
v3.25.2
Restructuring Charges and Other Costs (Tables)
 6 Months Ended
Jun. 30, 2025
Restructuring and Related Activities [Abstract]  
Schedule Of Restructuring Costs

The components of restructuring charges were as follows:

 

 

 

Six Months Ended June 30, 2025

 

(in thousands)

 

Americas

 

 

Asia

 

 

Europe

 

 

Total

 

Severance costs

 

$

2,923

 

 

$

—

 

 

$

—

 

 

$

2,923

 

Other exit costs

 

 

358

 

 

 

—

 

 

 

—

 

 

 

358

 

Total restructuring charges

 

$

3,281

 

 

$

—

 

 

$

—

 

 

$

3,281

 
Schedule Of Restructuring Reserves

The changes in the Company’s accrued restructuring costs were as follows:

 

(in thousands)

 

Balances as of
December 31,
2024

 

 

Restructuring
Charges

 

 

Cash
Payments

 

 

Non-Cash
Activity

 

 

Balances as of
June 30,
2025

 

Severance costs

 

$

209

 

 

$

2,923

 

 

$

(2,804

)

 

$

—

 

 

$

328

 

Other exit costs

 

 

—

 

 

 

358

 

 

 

(358

)

 

 

—

 

 

 

—

 

Total accrued restructuring costs

 

$

209

 

 

$

3,281

 

 

$

(3,162

)

 

$

—

 

 

$

328

 
v3.25.2
Inventories (Schedule Of Inventory Costs) (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Inventory Disclosure [Abstract]    
Raw materials $ 509,158 $ 528,424
Work in process 19,107 18,761
Finished goods 3,721 6,469
Total inventories $ 531,986 $ 553,654
v3.25.2
Goodwill and Other Intangible Assets (Schedule of Goodwill by Reportable Operating Segments) (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Goodwill [Line Items]    
Goodwill $ 192,116 $ 192,116
Americas [Member] | Operating Segments [Member]    
Goodwill [Line Items]    
Goodwill 154,014 154,014
Asia [Member] | Operating Segments [Member]    
Goodwill [Line Items]    
Goodwill $ 38,102 $ 38,102
v3.25.2
Goodwill and Other Intangible Assets (Schedule of Acquired Identifiable Intangible Assets and Capitalized Purchased Software Costs) (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Gross carrying amount $ 170,073 $ 168,525
Accumulated amortization (129,060) (124,128)
Net carrying amount 41,013 44,397
Customer Relationships [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross carrying amount 100,176 100,041
Accumulated amortization (79,207) (76,675)
Net carrying amount 20,969 23,366
Capitalized Purchased Software Costs [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross carrying amount 45,729 44,316
Accumulated amortization (33,913) (31,525)
Net carrying amount 11,816 12,791
Technology Licenses [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross carrying amount 15,500 15,500
Accumulated amortization (15,500) (15,500)
Net carrying amount 0 0
Trade Names and Trademarks [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross carrying amount 7,800 7,800
Accumulated amortization 0 0
Net carrying amount 7,800 7,800
Other Intangible Assets [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross carrying amount 868 868
Accumulated amortization (440) (428)
Net carrying amount $ 428 $ 440
v3.25.2
Goodwill and Other Intangible Assets (Schedule of Amortization Expense) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]        
Amortization of intangible assets $ 1,204 $ 1,204 $ 2,408 $ 2,408
Amortization of capitalized purchased software costs 1,097 1,247 2,369 2,454
Amortization of debt costs 354 130 484 259
Total amortization expense $ 2,655 $ 2,581 $ 5,261 $ 5,121
v3.25.2
Goodwill and Other Intangible Assets (Schedule of Future Amortization Expense) (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
Remaining six months of 2025 $ 2,408
2026 4,817
2027 4,817
2028 4,817
2029 4,218
2030 $ 23
v3.25.2
Borrowing Facilities - Schedule of Debt (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Line Of Credit Facility [Line Items]    
Less: unamortized debt issuance costs $ (2,832) $ (1,027)
Total long-term debt, including current installments 207,168 257,020
Revolving Credit Facility [Member]    
Line Of Credit Facility [Line Items]    
Revolving credit facility 60,000 135,000
Term Loan Facility [Member]    
Line Of Credit Facility [Line Items]    
Principal amount $ 150,000 $ 123,047
v3.25.2
Borrowing Facilities - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 27, 2025
Jun. 30, 2025
Jun. 30, 2025
Dec. 31, 2024
Dec. 21, 2021
Line Of Credit Facility [Line Items]          
Maximum amount of trade accounts receivable sales permitted     $ 200,000    
Foreign withholding taxes   $ 15,200      
Credit agreement, secured by percentage of voting capital stock of each direct foreign subsidiary     65.00%    
UNITED STATES          
Line Of Credit Facility [Line Items]          
Repatriated net dividends   136,400      
THAILAND          
Line Of Credit Facility [Line Items]          
Repatriated gross dividend   151,600      
Interest Rate Swap Agreement [Member]          
Line Of Credit Facility [Line Items]          
Derivative Notional Amount   $ 119,800 $ 119,800    
Fixed interest rate   4.039% 4.039%    
Credit Agreement [Member]          
Line Of Credit Facility [Line Items]          
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 may be accelerated upon customary 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 June 30, 2025, the Company was in compliance with all of these covenants and restrictions.    
Credit Agreement [Member] | Alternate Base Rate Plus [Member]          
Line Of Credit Facility [Line Items]          
Debt Instrument, variable rate     1.00%    
Credit Agreement [Member] | Federal Funds Rate Plus [Member]          
Line Of Credit Facility [Line Items]          
Debt Instrument, variable rate     0.50%    
Credit Agreement [Member] | Minimum [Member]          
Line Of Credit Facility [Line Items]          
U.S. Credit facility, commitment fee     0.15%    
Credit Agreement [Member] | Minimum [Member] | Secured Overnight Financing Rate (SOFR) [Member]          
Line Of Credit Facility [Line Items]          
Debt Instrument, variable rate     1.00%    
Credit Agreement [Member] | Maximum [Member]          
Line Of Credit Facility [Line Items]          
U.S. Credit facility, commitment fee     0.30%    
Credit Agreement [Member] | Maximum [Member] | Secured Overnight Financing Rate (SOFR) [Member]          
Line Of Credit Facility [Line Items]          
Debt Instrument, variable rate     2.125%    
Revolving Credit Facility [Member]          
Line Of Credit Facility [Line Items]          
Credit Agreement aggregate borrowing capacity $ 550,000        
Term period 5 years        
Credit Agreement maturity date Jun. 27, 2030        
Revolving credit facility, available for future borrowings   $ 485,600 $ 485,600    
Revolving credit facility   60,000 60,000 $ 135,000  
Letters of credit outstanding amount   4,400 4,400    
Revolving Credit Facility [Member] | Maximum [Member]          
Line Of Credit Facility [Line Items]          
Possible increase to total commitments under Credit Agreement   175,000 175,000    
Term Loan Facility [Member]          
Line Of Credit Facility [Line Items]          
Credit Agreement aggregate borrowing capacity $ 50,000        
Principal amount   $ 150,000 $ 150,000 $ 123,047  
Term Loan frequency of periodic payments     quarterly    
Term Loan Facility [Member] | September 30, 2025, Through June 30, 2028 [Member]          
Line Of Credit Facility [Line Items]          
Quarterly principal installments, Percentage     0.625%    
Quarterly principal installments increase, Percentage     1.25%    
Second Amended and Restated Credit Agreement [Member]          
Line Of Credit Facility [Line Items]          
Credit Agreement description     On June 27, 2025, the Company entered into a $700 million second amended and restated credit agreement (the Credit Agreement) by and among the Company, certain of its subsidiaries (the Guarantors), the lenders party thereto and Bank of America, N.A., as Administrative Agent, Swingline Lender and an L/C Issuer (Bank of America).    
Credit Agreement aggregate borrowing capacity $ 700,000       $ 681,250
Credit Agreement maturity date Jun. 27, 2030        
Second Amended and Restated Term Loan Facility [Member]          
Line Of Credit Facility [Line Items]          
Credit Agreement aggregate borrowing capacity $ 150,000        
Term period 5 years        
v3.25.2
Leases - Components of Lease Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Finance lease costs:          
Interest on lease liabilities $ 1 $ 3 $ 3 $ 7  
Operating lease costs 5,800 5,555 11,857 11,065  
Short-term lease costs 143 202 278 428  
Variable lease costs 551 490 1,044 963  
Total lease costs 6,495 $ 6,250 13,182 12,463  
Cash paid for amounts included in the measurement of lease liabilities:          
Operating cash flows used for operating leases     11,407 10,650  
Operating cash flows used for finance leases     3 7  
Financing cash flows used for finance leases     94 90  
Right-of-use assets obtained in exchange for new operating lease liabilities     464 $ 3,044  
Assets and Liabilities, Lessee [Abstract]          
Operating lease right-of-use assets 110,771   110,771   $ 117,995
Finance lease liabilities, current (included in current installments of long-term debt) $ 80   $ 80   $ 174
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] Current installments of long-term debt   Current installments of long-term debt   Current installments of long-term debt
Operating lease liabilities, current (included in accrued liabilities) $ 15,952   $ 15,952   $ 17,170
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Accrued liabilities   Accrued liabilities   Accrued liabilities
Operating lease liabilities, noncurrent $ 104,896   $ 104,896   $ 108,997
Weighted average remaining lease term – finance leases 4 months 24 days   4 months 24 days   10 months 24 days
Weighted average remaining lease term – operating leases 8 years 7 months 6 days   8 years 7 months 6 days   8 years 10 months 24 days
Weighted average discount rate – finance leases 4.80%   4.80%   4.80%
Weighted average discount rate – operating leases 4.60%   4.60%   4.60%
v3.25.2
Leases - Future Annual Minimum Lease Payments and Finance Lease Commitments (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
Operating Leases  
Remaining six months of 2025 $ 11,346
2026 18,444
2027 16,375
2028 15,431
2029 14,975
2030 and thereafter 70,526
Total minimum lease payments 147,097
Less: imputed interest (26,249)
Total present value of lease liabilities 120,848
Finance Leases  
Remaining six months of 2025 81
2026 0
2027 0
2028 0
2029 0
2030 and thereafter 0
Total minimum lease payments 81
Less: imputed interest (1)
Total present value of lease liabilities $ 80
v3.25.2
Common Stock and Stock-Based Awards - Dividends and Share Repurchase Authorization (Narrative) (Details) - USD ($)
$ / shares in Units, $ in Thousands, shares in Millions
 3 Months Ended 6 Months Ended
Jul. 11, 2025
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Feb. 19, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Dividends paid $ 6,100 $ 6,100 $ 5,900 $ 12,255 $ 11,836  
Repurchase of common shares, value   $ 8,000   $ 16,000    
Repurchase of common shares, average cost per share   $ 35.58   $ 37.43    
Repurchase of common stock, shares   0.2   0.4    
Repurchase of common shares remaining authorized amount   $ 133,500   $ 133,500    
Maximum [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Repurchase of common shares program authorized amount           $ 150,000
O 2024 Q1 Dividends [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Quarterly cash dividend declared       $ 0.17    
v3.25.2
Common Stock and Stock-Based Awards - Stock-Based Compensation (Narrative) (Details) - USD ($)
$ in Thousands, shares in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Additional shares available for issuance 1.3   1.3  
Stock-based compensation expense $ 5,300 $ 4,200 $ 9,732 $ 6,361
Income tax benefit recognized in the income statement for stock-based awards $ 600 $ 1,000 1,000 1,500
Proceeds from stock options exercised     4 470
Tax benefit realized as a result of stock option exercises and the vesting of other share-based awards     2,600 3,200
Total intrinsic value of stock options exercised       300
Maximum [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Proceeds from stock options exercised     100 $ 500
Total intrinsic value of stock options exercised     $ 100  
Employee Stock Options [Member]        
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] | Minimum [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period     3 years  
Time-Based Restricted Stock Units [Member] | Minimum [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period     3 years  
Time-Based Restricted Stock Units [Member] | Maximum [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period     4 years  
v3.25.2
Common Stock and Stock-Based Awards (Schedule Of Unrecognized Compensation Cost And Remaining Weighted-Average Amortization Period) (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
USD ($)
Time-Based Restricted Stock Units (RSUs) [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized compensation cost $ 31,751
Remaining weighted-average amortization period 2 years 1 month 6 days
Performance-Based Restricted Stock Units [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized compensation cost $ 8,230 [1]
Remaining weighted-average amortization period 2 years 3 months 18 days [1]
[1] Based on the probable achievement of the performance goals identified in each award.
v3.25.2
Common Stock and Stock-Based Awards (Summary Of Stock Options) (Details) - Employee Stock Options [Member]
$ / shares in Units, shares in Thousands, $ in Thousands
 6 Months Ended
Jun. 30, 2025
USD ($)
$ / shares
shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Number of Options, Outstanding, Beginning balance | shares 1
Number of Options, Exercised | shares (1)
Number of Options, Outstanding, Ending balance | shares 0
Weighted-Average Exercise Price, Outstanding, Beginning balance | $ / shares $ 23.14
Weighted-Average Exercise Price, Exercised | $ / shares 23.14
Weighted-Average Exercise Price, Outstanding, Ending balance | $ / shares $ 0
Weighted-Average Remaining Contractual Term (Years), Outstanding 0 years
Aggregate Intrinsic Value, Outstanding | $ $ 0
v3.25.2
Common Stock and Stock-Based Awards (Summary Of Stock-Based Awards) (Details)
shares in Thousands
 6 Months Ended
Jun. 30, 2025
$ / shares
shares
Time-Based Restricted Stock Units (RSUs) [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Non-vested awards outstanding, shares or units, beginning balance | shares 1,188
Granted, shares or units | shares 447
Vested, shares or units | shares (464)
Forfeited, shares or units | shares (42)
Non-vested awards outstanding, shares or units, ending balance | shares 1,129
Non-vested outstanding, weighted-average grant date fair value, beginning balance | $ / shares $ 28.3
Granted, weighted-average grant date fair value | $ / shares 41.74
Vested, weighted-average grant date fair value | $ / shares 28.59
Forfeited, weighted-average grant date fair value | $ / shares 30.68
Non-vested outstanding, weighted-average grant date fair value, ending balance | $ / shares $ 33.79
Performance-Based Restricted Stock Units [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Non-vested awards outstanding, shares or units, beginning balance | shares 414
Granted, shares or units | shares 141 [1]
Vested, shares or units | shares (47)
Forfeited, shares or units | shares (60)
Non-vested awards outstanding, shares or units, ending balance | shares 448
Non-vested outstanding, weighted-average grant date fair value, beginning balance | $ / shares $ 25.82
Granted, weighted-average grant date fair value | $ / shares 42.21 [1]
Vested, weighted-average grant date fair value | $ / shares 25.97
Forfeited, weighted-average grant date fair value | $ / shares 25.97
Non-vested outstanding, weighted-average grant date fair value, ending balance | $ / shares $ 32.5
[1] Represents target number of units that can vest based on the achievement of the performance goals.
v3.25.2
Earnings Per Share (Schedule Of Calculation Of Basic And Diluted Earnings Per Share) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Earnings Per Share Reconciliation [Line Items]        
Net income $ 972 $ 15,528 $ 4,616 $ 29,530
Denominator for basic earnings per share 35,991 36,047 36,021 35,929
Denominator for diluted earnings per share 36,258 36,497 36,427 36,388
Earnings per share:        
Basic $ 0.03 $ 0.43 $ 0.13 $ 0.82
Diluted $ 0.03 $ 0.43 $ 0.13 $ 0.81
Restricted Stock Units [Member]        
Earnings Per Share Reconciliation [Line Items]        
Potentially dilutive securities 267 448 406 455
Employee Stock Options [Member]        
Earnings Per Share Reconciliation [Line Items]        
Potentially dilutive securities 0 2 0 4
v3.25.2
Earnings Per Share (Narrative) (Details) - shares
shares in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Time-Based Restricted Stock Units (RSUs) [Member] | Maximum [Member]        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Anti-dilutive securities to purchase common shares 0.1 0.1 0.1 0.1
v3.25.2
Income Taxes - Schedule of Income Tax Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Tax Disclosure [Abstract]        
Income before income taxes $ 16,607 $ 20,523 $ 25,001 $ 39,622
Income tax expense $ 15,635 $ 4,995 $ 20,385 $ 10,092
Effective tax rate 94.10% 24.30% 81.50% 25.50%
v3.25.2
Income Taxes - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Apr. 30, 2025
Income Taxes [Line Items]          
Foreign withholding taxes $ 15,200        
Discrete tax charges $ 10,400        
Effective tax rate 94.10% 24.30% 81.50% 25.50%  
Corporate income tax rate     21.00% 21.00%  
Transition tax liability         $ 20,100
Total tax incentives     $ 2,974 $ 1,801  
Net impact of tax incentives, per diluted share     $ 0.08 $ 0.05  
Maximum [Member]          
Income Taxes [Line Items]          
Income tax holiday statutory tax rate     25.00%    
Minimum [Member]          
Income Taxes [Line Items]          
Income tax holiday statutory tax rate     15.00%    
China [Member]          
Income Taxes [Line Items]          
Repatriated gross dividend $ 151,600        
Total tax incentives     $ 859 $ 0  
Thailand [Member]          
Income Taxes [Line Items]          
Repatriated gross dividend $ 151,600        
Total tax incentives     $ 2,115 $ 1,801  
v3.25.2
Income Taxes - Schedule of Tax Incentives (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Income Taxes [Line Items]    
Total tax incentives $ 2,974 $ 1,801
Thailand [Member]    
Income Taxes [Line Items]    
Total tax incentives 2,115 1,801
China [Member]    
Income Taxes [Line Items]    
Total tax incentives $ 859 $ 0
v3.25.2
Revenue (Disaggregation of Revenue) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax $ 665,682 $ 686,667 $ 1,320,278 $ 1,397,308
Semi-Cap Sector [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 190,382 171,864 385,449 337,803
Industrial Sector [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 141,629 141,703 278,376 282,735
Aerospace And Defense Sector [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 126,255 108,840 248,111 214,674
Medical Sector [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 109,570 111,551 213,207 226,278
Advanced Computing and Communications Sector [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 74,499 131,938 148,956 279,981
External Revenue [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 642,335 665,896 1,274,099 1,341,471
Elimination Of Intersegment Sales [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 23,347 20,771 46,179 55,837
Americas [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 295,217 343,141 579,495 715,470
Americas [Member] | Semi-Cap Sector [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 47,415 54,471 91,497 108,129
Americas [Member] | Industrial Sector [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 28,181 35,671 56,068 65,321
Americas [Member] | Aerospace And Defense Sector [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 105,031 94,262 208,539 181,125
Americas [Member] | Medical Sector [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 60,743 56,014 115,229 117,877
Americas [Member] | Advanced Computing and Communications Sector [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 42,840 92,648 87,003 209,280
Americas [Member] | External Revenue [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 284,210 333,066 558,336 681,732
Americas [Member] | Elimination Of Intersegment Sales [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 11,007 10,075 21,159 33,738
Asia [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 287,066 257,670 571,105 515,486
Asia [Member] | Semi-Cap Sector [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 119,134 85,258 243,376 167,157
Asia [Member] | Industrial Sector [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 84,789 79,276 164,040 163,487
Asia [Member] | Aerospace And Defense Sector [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 5,044 2,680 8,672 11,802
Asia [Member] | Medical Sector [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 35,936 42,952 72,255 85,178
Asia [Member] | Advanced Computing and Communications Sector [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 31,659 39,288 61,953 70,682
Asia [Member] | External Revenue [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 276,562 249,454 550,296 498,306
Asia [Member] | Elimination Of Intersegment Sales [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 10,504 8,216 20,809 17,180
Europe [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 83,399 85,856 169,678 166,352
Europe [Member] | Semi-Cap Sector [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 23,833 32,135 50,576 62,517
Europe [Member] | Industrial Sector [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 28,659 26,756 58,268 53,927
Europe [Member] | Aerospace And Defense Sector [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 16,180 11,898 30,900 21,747
Europe [Member] | Medical Sector [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 12,891 12,585 25,723 23,223
Europe [Member] | Advanced Computing and Communications Sector [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 0 2 0 19
Europe [Member] | External Revenue [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 81,563 83,376 165,467 161,433
Europe [Member] | Elimination Of Intersegment Sales [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax $ 1,836 $ 2,480 $ 4,211 $ 4,919
v3.25.2
Revenue (Narrative) (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Disaggregation Of Revenue [Line Items]      
Advance payments from customers $ 126,463   $ 143,614
Customer Deposits and Prepayments of Inventory [Member]      
Disaggregation Of Revenue [Line Items]      
Advance payments from customers 108,400   132,500
Contractual Timing of Payments [Member]      
Disaggregation Of Revenue [Line Items]      
Advance payments from customers $ 18,100   $ 11,100
Transferred Over Time [Member]      
Disaggregation Of Revenue [Line Items]      
Percentage Of Revenue 87.30% 86.00%  
v3.25.2
Revenue (Summary of activity related to the company's contract assets) (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Change in Contract with Customer, Asset [Abstract]    
Balance as of the beginning of the year $ 167,578 $ 174,979
Revenue recognized 1,112,985 1,153,907
Amounts collected or invoiced (1,105,462) (1,146,796)
Balance as of the end of the period $ 175,101 $ 182,090
v3.25.2
Segment and Geographic Information (Narrative) (Details)
 6 Months Ended
Jun. 30, 2025
Segments
Segment Reporting Information [Line Items]  
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration] srt:ChiefExecutiveOfficerMember
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description Operating segments’ measure of profitability is based on income from operations.
Number of reporting segments 3
v3.25.2
Segment and Geographic Information (Schedule of Operating Segments) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Segment Reporting Information [Line Items]          
Sales $ 642,335 $ 665,896 $ 1,274,099 $ 1,341,471  
Cost of sales 577,563 597,946 1,146,147 1,206,113  
Selling, general and administrative expenses 40,569 38,022 79,369 75,354  
Income from operations 20,486 27,253 32,245 52,782  
Interest expense (6,348) (6,933) (11,643) (14,178)  
Interest income 3,135 2,526 5,867 4,518  
Other expense, net (666) (2,323) (1,468) (3,500)  
Income before income taxes 16,607 20,523 25,001 39,622  
Depreciation and amortization 12,017 11,432 23,785 23,026  
Capital expenditures 12,304 8,504 16,460 14,407  
Total assets 2,030,845   2,030,845   $ 2,139,464
Elimination Of Intersegment Sales [Member]          
Segment Reporting Information [Line Items]          
Sales (23,347) (20,771) (46,179) (55,837)  
Operating Segments [Member]          
Segment Reporting Information [Line Items]          
Sales 665,682 686,667 1,320,278 1,397,308  
Income from operations 51,258 51,943 93,470 102,664  
Other - corporate and eliminations [1] (30,772) (24,690) (61,225) (49,882)  
Interest expense (6,348) (6,933) (11,643) (14,178)  
Interest income 3,135 2,526 5,867 4,518  
Other expense, net (666) (2,323) (1,468) (3,500)  
Income before income taxes 16,607 20,523 25,001 39,622  
Operating Segments [Member] | External Revenue [Member]          
Segment Reporting Information [Line Items]          
Sales 642,335 665,896 1,274,099 1,341,471  
Operating Segments [Member] | Intersegment sales [Member]          
Segment Reporting Information [Line Items]          
Sales 23,347 20,771 46,179 55,837  
Americas [Member] | Operating Segments [Member]          
Segment Reporting Information [Line Items]          
Sales 295,217 343,141 579,495 715,470  
Cost of sales 263,884 310,768 523,541 638,556  
Selling, general and administrative expenses 7,349 8,024 14,829 15,995  
Other [2] 2,200 1,088 13,617 3,828  
Income from operations 10,777 13,186 6,349 23,353  
Depreciation and amortization 5,255 5,254 10,467 10,679  
Capital expenditures 5,241 3,833 6,360 5,616  
Total assets 813,697   813,697   866,595
Americas [Member] | Operating Segments [Member] | External Revenue [Member]          
Segment Reporting Information [Line Items]          
Sales 284,210 333,066 558,336 681,732  
Americas [Member] | Operating Segments [Member] | Intersegment sales [Member]          
Segment Reporting Information [Line Items]          
Sales 11,007 10,075 21,159 33,738  
Asia [Member] | Operating Segments [Member]          
Segment Reporting Information [Line Items]          
Sales 287,066 257,670 571,105 515,486  
Cost of sales 238,874 213,875 470,431 425,535  
Selling, general and administrative expenses 3,850 3,452 7,384 6,490  
Other [2] 6 (2) 12 375  
Income from operations 33,832 32,129 72,469 65,906  
Depreciation and amortization 2,865 2,513 5,608 5,037  
Capital expenditures 4,243 2,365 5,862 4,870  
Total assets 708,695   708,695   821,252
Asia [Member] | Operating Segments [Member] | External Revenue [Member]          
Segment Reporting Information [Line Items]          
Sales 276,562 249,454 550,296 498,306  
Asia [Member] | Operating Segments [Member] | Intersegment sales [Member]          
Segment Reporting Information [Line Items]          
Sales 10,504 8,216 20,809 17,180  
Europe [Member] | Operating Segments [Member]          
Segment Reporting Information [Line Items]          
Sales 83,399 85,856 169,678 166,352  
Cost of sales 72,474 74,278 146,106 143,338  
Selling, general and administrative expenses 2,440 2,466 4,709 4,686  
Other [2] 0 4 0 4  
Income from operations 6,649 6,628 14,652 13,405  
Depreciation and amortization 1,006 862 1,989 1,743  
Capital expenditures 1,722 1,037 2,224 2,061  
Total assets 245,037   245,037   225,872
Europe [Member] | Operating Segments [Member] | External Revenue [Member]          
Segment Reporting Information [Line Items]          
Sales 81,563 83,376 165,467 161,433  
Europe [Member] | Operating Segments [Member] | Intersegment sales [Member]          
Segment Reporting Information [Line Items]          
Sales 1,836 2,480 4,211 4,919  
Corporate [Member]          
Segment Reporting Information [Line Items]          
Depreciation and amortization 2,891 2,803 5,721 5,567  
Capital expenditures 1,098 $ 1,269 2,014 $ 1,860  
Total assets $ 263,416   $ 263,416   $ 225,745
[1] Includes corporate expenses for unallocated expenses, amortization of intangible assets, restructuring charges and other costs and elimination of intersegment cost of sales.
[2] Includes expenses for amortization of intangible assets and restructuring charges and other costs.
v3.25.2
Segment and Geographic Information (Schedule of Geographic Sales and Long-Lived Assets) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Segment Reporting Information [Line Items]          
Geographic sales $ 642,335 $ 665,896 $ 1,274,099 $ 1,341,471  
Long-lived assets 404,314   404,314   $ 409,227
United States [Member]          
Segment Reporting Information [Line Items]          
Geographic sales 331,161 387,720 657,803 784,139  
Long-lived assets 213,219   213,219   215,536
Asia [Member]          
Segment Reporting Information [Line Items]          
Long-lived assets 89,424   89,424   89,249
Singapore [Member]          
Segment Reporting Information [Line Items]          
Geographic sales 130,788 105,070 270,747 206,308  
Other Asia [Member]          
Segment Reporting Information [Line Items]          
Geographic sales 61,841 44,880 113,285 104,776  
Europe [Member]          
Segment Reporting Information [Line Items]          
Geographic sales 101,884 103,278 199,636 201,300  
Long-lived assets 41,267   41,267   39,936
Other Foreign [Member]          
Segment Reporting Information [Line Items]          
Geographic sales 16,661 $ 24,948 32,628 $ 44,948  
Long-lived assets $ 60,404   $ 60,404   $ 64,506
v3.25.2
Accounts Receivable Sale Programs (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Receivables [Abstract]        
Maximum amount of trade accounts receivable sales permitted     $ 200.0  
Trade accounts receivable sold $ 143.6 $ 158.5 328.6 $ 293.6
Amount received from trade accounts receivable sold to third party $ 142.7 $ 157.3 $ 326.5 $ 291.4
v3.25.2
Financial Instruments - Summary of Fair Values of Derivative Instruments (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Other Long-Term Liabilities [Member] | Forward Currency Exchange Contracts [Member]    
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items]    
Fair value of forward currency exchange contracts $ 0 $ 3,745
Other Long-Term Liabilities [Member] | Interest Rate Swap Agreement [Member]    
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items]    
Fair value of interest rate swap 2,227 114
Other Long-Term Assets [Member] | Forward Currency Exchange Contracts [Member]    
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items]    
Fair value of forward currency exchange contracts $ 3,289 $ 0
v3.25.2
Financial Instruments (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Jul. 20, 2023
Interest Rate Swap Agreement [Member]          
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items]          
Derivative Notional Amount $ 119.8   $ 119.8    
Fixed interest rate         4.039%
Unrealized gain (loss) (0.8) $ 0.4 (2.1) $ 2.8  
Unrealized gain (loss) on derivatives, net of tax (0.5) 0.3 (1.6) 2.0  
Forward Currency Exchange Contracts [Member]          
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items]          
Unrealized gain (loss) 4.6 (5.0) 7.0 (3.7)  
Unrealized gain (loss) on derivatives, net of tax 3.4 (3.7) 5.3 (2.8)  
Reclassified accumulated other comprehensive income (loss) $ (0.3) $ 1.1 $ (1.2) $ 2.1  
v3.25.2
Accumulated Other Comprehensive Loss (Schedule Of Accumulated Other Comprehensive Loss By Component) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Accumulated Other Comprehensive Income Loss [Line Items]        
Beginning Balances, value $ 1,104,698 $ 1,085,167 $ 1,113,313 $ 1,079,085
Other comprehensive gain (loss) before reclassifications 9,772 (2,749) 12,950 (567)
Amounts reclassified from accumulated other comprehensive loss 266 (1,133) 1,230 (2,075)
Total other comprehensive income (loss) 10,038 (3,882) 14,180 (2,642)
Ending Balances, value 1,106,870 1,095,104 1,106,870 1,095,104
Foreign Currency Translation Adjustments [Member]        
Accumulated Other Comprehensive Income Loss [Line Items]        
Beginning Balances, value (14,216) (14,450) (17,446) (12,913)
Other comprehensive gain (loss) before reclassifications 7,066 (523) 10,296 (2,060)
Amounts reclassified from accumulated other comprehensive loss 0 0 0 0
Total other comprehensive income (loss) 7,066 (523) 10,296 (2,060)
Ending Balances, value (7,150) (14,973) (7,150) (14,973)
Derivative Instruments, Net of Tax [Member]        
Accumulated Other Comprehensive Income Loss [Line Items]        
Beginning Balances, value (2,052) 2,894 (2,884) 160
Other comprehensive gain (loss) before reclassifications 2,586 (2,292) 2,454 1,384
Amounts reclassified from accumulated other comprehensive loss 266 (1,133) 1,230 (2,075)
Total other comprehensive income (loss) 2,852 (3,425) 3,684 (691)
Ending Balances, value 800 (531) 800 (531)
Other [Member]        
Accumulated Other Comprehensive Income Loss [Line Items]        
Beginning Balances, value (831) (1,064) (911) (1,107)
Other comprehensive gain (loss) before reclassifications 120 66 200 109
Amounts reclassified from accumulated other comprehensive loss 0 0 0 0
Total other comprehensive income (loss) 120 66 200 109
Ending Balances, value (711) (998) (711) (998)
AOCI Attributable to Parent [Member]        
Accumulated Other Comprehensive Income Loss [Line Items]        
Beginning Balances, value (17,099) (12,620) (21,241) (13,860)
Total other comprehensive income (loss) 10,038 (3,882) 14,180 (2,642)
Ending Balances, value $ (7,061) $ (16,502) $ (7,061) $ (16,502)
v3.25.2
Contingencies (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended
Apr. 30, 2025
Jan. 07, 2025
Jun. 30, 2025
Loss Contingencies [Line Items]      
Cost related to goods imported   $ 12.0  
Amount of levied tax assessment. $ 10.1    
Other related cost     $ 0.6
v3.25.2
Restructuring Charges and Other Costs (Narrative) (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Restructuring Cost and Reserve [Line Items]    
Restructuring Charges $ 3,281 $ 4,800
Restructuring settlement $ 10,700  
v3.25.2
Restructuring Charges and Other Costs (Schedule Of Restructuring Costs) (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Restructuring Cost and Reserve [Line Items]    
Severance costs $ 2,923  
Other exit costs 358  
Total restructuring charges 3,281 $ 4,800
Operating Segments [Member] | Americas [Member]    
Restructuring Cost and Reserve [Line Items]    
Severance costs 2,923  
Other exit costs 358  
Total restructuring charges 3,281  
Operating Segments [Member] | Asia [Member]    
Restructuring Cost and Reserve [Line Items]    
Severance costs 0  
Other exit costs 0  
Total restructuring charges 0  
Operating Segments [Member] | Europe [Member]    
Restructuring Cost and Reserve [Line Items]    
Severance costs 0  
Other exit costs 0  
Total restructuring charges $ 0  
v3.25.2
Restructuring Charges and Other Costs (Schedule Of Restructuring Reserves) (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Restructuring Cost and Reserve [Line Items]    
Beginning Balance $ 209  
Restructuring Charges 3,281 $ 4,800
Cash Payments (3,162)  
Non-Cash Activity 0  
Ending Balance 328  
Severance Costs [Member]    
Restructuring Cost and Reserve [Line Items]    
Beginning Balance 209  
Restructuring Charges 2,923  
Cash Payments (2,804)  
Non-Cash Activity 0  
Ending Balance 328  
Other Exit Costs [Member]    
Restructuring Cost and Reserve [Line Items]    
Beginning Balance 0  
Restructuring Charges 358  
Cash Payments (358)  
Non-Cash Activity 0  
Ending Balance $ 0  
v3.25.2
Supplemental Cash Flow and Non-Cash Information (Schedule Of Supplemental Cash Flow and Non-Cash Information) (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Supplemental cash flow information:    
Income taxes paid, net $ 49,308 $ 6,124
Interest paid 11,021 15,306
Property Plant and Equipment [Member]    
Non-cash investing activities:    
Unpaid purchases at the end of the period 1,889 4,981
Capitalized Purchased Software Costs [Member]    
Non-cash investing activities:    
Unpaid purchases at the end of the period $ 0 $ 1,320