BENCHMARK ELECTRONICS INC, 10-Q filed on 11/5/2025
Quarterly Report
v3.25.3
Cover - shares
 9 Months Ended
Sep. 30, 2025
Nov. 03, 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 Q3  
Current Fiscal Year End Date --12-31  
Document Period End Date Sep. 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 $0.10 per share  
Trading Symbol BHE  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   35,678,935
v3.25.3
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Assets    
Cash and cash equivalents $ 285,419 $ 315,152
Restricted cash 642 12,875
Accounts receivable, net of allowance for doubtful accounts of $140 and $241, respectively 377,978 412,458
Contract assets 199,007 167,578
Inventories 509,005 553,654
Prepaid expenses and other current assets 63,363 42,512
Total current assets 1,435,414 1,504,229
Property, plant and equipment, net 226,234 225,097
Operating lease right-of-use assets 106,436 117,995
Goodwill 192,116 192,116
Deferred income taxes 36,931 33,892
Other long-term assets 70,218 66,135
Total assets 2,067,349 2,139,464
Current liabilities:    
Current installments of long-term debt 3,782 6,737
Accounts payable 382,660 354,218
Advance payments from customers 124,164 143,614
Income taxes payable 2,427 22,119
Accrued liabilities 105,900 122,411
Total current liabilities 618,933 649,099
Long-term debt, net of current installments 212,622 250,457
Operating lease liabilities 101,801 108,997
Other long-term liabilities 21,839 17,598
Deferred income taxes 2,894 0
Total liabilities 958,089 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 - 35,682 and 35,992, respectively 3,568 3,599
Additional paid-in capital 535,243 534,945
Retained earnings 577,629 596,010
Accumulated other comprehensive loss (7,180) (21,241)
Total shareholders’ equity 1,109,260 1,113,313
Total liabilities and shareholders' equity $ 2,067,349 $ 2,139,464
v3.25.3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
shares in Thousands, $ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Allowance for doubtful accounts, accounts receivable $ 140 $ 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 35,682 35,992
Common stock, outstanding 35,682 35,992
v3.25.3
Condensed Consolidated Statements of Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Statement [Abstract]        
Sales $ 680,678 $ 657,747 $ 1,954,777 $ 1,999,218
Cost of sales 612,735 591,006 1,758,882 1,797,119
Gross profit 67,943 66,741 195,895 202,099
Selling, general and administrative expenses 41,520 36,636 120,889 111,990
Amortization of intangible assets 1,205 1,205 3,613 3,613
Restructuring charges and other costs 1,557 795 15,487 5,609
Income from operations 23,661 28,105 55,906 80,887
Interest expense (4,418) (6,569) (16,061) (20,747)
Interest income 1,955 2,811 7,822 7,329
Other expense, net (608) (3,952) (2,076) (7,452)
Income before income taxes 20,590 20,395 45,591 60,017
Income tax expense 6,327 5,021 26,712 15,113
Net income $ 14,263 $ 15,374 $ 18,879 $ 44,904
Earnings per share:        
Basic $ 0.4 $ 0.43 $ 0.53 $ 1.25
Diluted $ 0.39 $ 0.42 $ 0.52 $ 1.23
Weighted-average number of shares outstanding:        
Basic 35,802 36,051 35,947 35,970
Diluted 36,182 36,629 36,337 36,469
v3.25.3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net income $ 14,263 $ 15,374 $ 18,879 $ 44,904
Other comprehensive income:        
Foreign currency translation adjustments (45) 3,107 10,251 1,047
Unrealized gain (loss) on derivatives, net of tax 182 (3,813) 3,866 (4,504)
Other (256) 133 (56) 242
Total other comprehensive (loss) income (119) (573) 14,061 (3,215)
Comprehensive income $ 14,144 $ 14,801 $ 32,940 $ 41,689
v3.25.3
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock [Member]
Additional Paid In Capital [Member]
Retained Earnings [Member]
Accumulated Other Comprehensive Loss [Member]
Beginning Balances, value at Dec. 31, 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 44,904     44,904  
Other comprehensive income (loss) (3,215)       (3,215)
Dividends declared (18,024)     (18,024)  
Shares repurchased and retired, Value (5,101) $ (13) (1,408) (3,680)  
Shares repurchased and retired, shares   (127)      
Stock-based compensation expense 10,740   10,740    
Stock options exercised, value 482 $ 2 480    
Stock options exercised, shares   23      
Vesting of restricted stock units, value   $ 61 (61)    
Vesting of restricted stock units, shares   612      
Shares withheld for taxes, value (6,195) $ (19) (6,176)    
Shares withheld for taxes, shares   (203)      
Ending Balances, value at Sep. 30, 2024 1,102,676 $ 3,597 532,417 583,737 (17,075)
End Balances, shares at Sep. 30, 2024   35,969      
Beginning Balances, value at Jun. 30, 2024 1,095,104 $ 3,608 529,836 578,162 (16,502)
Balances, shares at Jun. 30, 2024   36,077      
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 15,374     15,374  
Other comprehensive income (loss) (573)       (573)
Dividends declared (6,119)     (6,119)  
Shares repurchased and retired, Value (5,101) $ (13) (1,408) (3,680)  
Shares repurchased and retired, shares   (127)      
Stock-based compensation expense 4,379   4,379    
Stock options exercised, value 12   12    
Vesting of restricted stock units, value   $ 2 (2)    
Vesting of restricted stock units, shares   26      
Shares withheld for taxes, value (400)   (400)    
Shares withheld for taxes, shares   (7)      
Ending Balances, value at Sep. 30, 2024 1,102,676 $ 3,597 532,417 583,737 (17,075)
End Balances, shares at Sep. 30, 2024   35,969      
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 $ 18,879     18,879  
Other comprehensive income (loss) 14,061       14,061
Dividends declared (18,306)     (18,306)  
Derecognition of subsidiary equity due to divestiture (622)     (622)  
Shares repurchased and retired, Value $ (25,994) $ (68) (7,594) (18,332)  
Shares repurchased and retired, shares (700) (682)      
Stock-based compensation expense $ 15,077   15,077    
Stock options exercised, value 4   4    
Stock options exercised, shares   1      
Vesting of restricted stock units, value   $ 55 (55)    
Vesting of restricted stock units, shares   547      
Shares withheld for taxes, value (7,152) $ (18) (7,134)    
Shares withheld for taxes, shares   (176)      
Ending Balances, value at Sep. 30, 2025 $ 1,109,260 $ 3,568 535,243 577,629 (7,180)
End Balances, shares at Sep. 30, 2025 35,682 35,682      
Beginning Balances, value at Jun. 30, 2025 $ 1,106,870 $ 3,591 533,155 577,185 (7,061)
Balances, shares at Jun. 30, 2025   35,912      
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 14,263     14,263  
Other comprehensive income (loss) (119)       (119)
Dividends declared (6,065)     (6,065)  
Derecognition of subsidiary equity due to divestiture (622)     (622)  
Shares repurchased and retired, Value $ (9,999) $ (25) (2,842) (7,132)  
Shares repurchased and retired, shares (300) (255)      
Stock-based compensation expense $ 5,345   5,345    
Vesting of restricted stock units, value   $ 4 (4)    
Vesting of restricted stock units, shares   36      
Shares withheld for taxes, value (413) $ (2) (411)    
Shares withheld for taxes, shares   (11)      
Ending Balances, value at Sep. 30, 2025 $ 1,109,260 $ 3,568 $ 535,243 $ 577,629 $ (7,180)
End Balances, shares at Sep. 30, 2025 35,682 35,682      
v3.25.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net income $ 18,879 $ 44,904
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation 27,898 26,897
Amortization 7,731 7,681
Stock-based compensation expense 15,077 10,740
Provision for doubtful accounts 0 671
Deferred income taxes (1,442) (5,119)
Gain on business divestiture (2,351) 0
Loss (gain) on the sale of property, plant and equipment 44 (7)
Changes in operating assets and liabilities:    
Accounts receivable 38,744 76,479
Contract assets (31,429) (11,559)
Inventories 48,547 102,540
Prepaid expenses and other assets (20,926) (8,888)
Accounts payable 19,566 (16,107)
Advance payments from customers (19,449) (59,533)
Accrued liabilities (12,365) (28,127)
Operating leases 1,908 1,192
Income taxes (25,144) 1,545
Net cash provided by operating activities 65,288 143,309
Cash flows from investing activities:    
Additions to property, plant and equipment (25,175) (22,555)
Additions to capitalized purchased software (2,779) (1,666)
Cash received from business divestiture 5,056 0
Proceeds from the disposal of property, plant and equipment 89 2,004
Other, net (1) (1,521)
Net cash used in investing activities (22,810) (23,738)
Cash flows from financing activities:    
Borrowings under credit agreement 733,594 455,000
Principal payments on credit agreement (772,578) (507,461)
Dividends paid (18,360) (17,794)
Employee taxes paid with shares withheld (7,152) (6,195)
Proceeds from stock options exercised 4 482
Debt issuance costs (2,289) 0
Principal payments on finance leases (142) (135)
Share repurchases (25,994) (5,101)
Net cash used in financing activities (92,917) (81,204)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 8,473 2,843
Net (decrease) increase in cash, cash equivalents and restricted cash (41,966) 41,210
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 286,061 324,423
Supplemental cash flow information:    
Income taxes paid, net 58,974 38,807
Interest paid 15,461 21,806
Property, Plant and Equipment [Member]    
Non-cash investing activities:    
Unpaid purchases at the end of the period 3,978 3,088
Capitalized Purchased Software Costs [Member]    
Non-cash investing activities:    
Unpaid purchases at the end of the period $ 2,053 $ 1,320
v3.25.3
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Pay vs Performance Disclosure        
Net Income (Loss) $ 14,263 $ 15,374 $ 18,879 $ 44,904
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2025
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement

On September 8, 2025, Jeffrey W. Benck, Chief Executive Officer, adopted a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act for the potential sale of up to 60,000 shares of our common stock, subject to certain conditions, that will not occur before December 8, 2025. The arrangement’s expiration date is October 31, 2026.

 

On September 5, 2025, Stephen J. Beaver, Senior Vice President, General Counsel & Chief Legal Officer, adopted a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act for the potential sale of up to 10,000 shares of our common stock, subject to certain conditions, that will not occur before December 5, 2025. The arrangement’s expiration date is November 30, 2026.

On September 5, 2025, Rhonda R. Buseman, Senior Vice President, Chief Human Resources Officer, adopted a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act for the potential sale of up to 20,000 shares of our common stock, subject to certain conditions, that will not occur before December 5, 2025. The arrangement’s expiration date is November 30, 2026.
Jeffrey W. Benck  
Trading Arrangements, by Individual  
Name Jeffrey W. Benck
Title Chief Executive Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date September 8, 2025
Expiration Date October 31, 2026
Arrangement Duration 418 days
Aggregate Available 60,000
Stephen J. Beaver  
Trading Arrangements, by Individual  
Name Stephen J. Beaver
Title Senior Vice President, General Counsel & Chief Legal Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date September 5, 2025
Expiration Date November 30, 2026
Arrangement Duration 451 days
Aggregate Available 10,000
Rhonda R. Buseman  
Trading Arrangements, by Individual  
Name Rhonda R. Buseman
Title Senior Vice President, Chief Human Resources Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date September 5, 2025
Expiration Date November 30, 2026
Arrangement Duration 451 days
Aggregate Available 20,000
v3.25.3
Basis of Presentation
 9 Months Ended
Sep. 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.
v3.25.3
New Accounting Pronouncements
 9 Months Ended
Sep. 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.
 
v3.25.3
Inventories
 9 Months Ended
Sep. 30, 2025
Inventory Disclosure [Abstract]  
Inventories

Note 3 – Inventories

Inventory costs are summarized as follows:

 

 

 

September 30,

 

 

December 31,

 

(in thousands)

 

2025

 

 

2024

 

Raw materials

 

$

488,767

 

 

$

528,424

 

Work in process

 

 

16,888

 

 

 

18,761

 

Finished goods

 

 

3,350

 

 

 

6,469

 

Total inventories

 

$

509,005

 

 

$

553,654

 

 
v3.25.3
Goodwill and Other Intangible Assets
 9 Months Ended
Sep. 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 September 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

 

$

100,175

 

 

$

(80,405

)

 

$

19,770

 

Capitalized purchased software costs

 

 

47,539

 

 

 

(34,757

)

 

 

12,782

 

Technology licenses

 

 

15,500

 

 

 

(15,500

)

 

 

—

 

Trade names and trademarks

 

 

7,800

 

 

 

—

 

 

 

7,800

 

Other

 

 

869

 

 

 

(445

)

 

 

424

 

Total intangible assets as of September 30, 2025

 

$

171,883

 

 

$

(131,107

)

 

$

40,776

 

 

(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
September 30,

 

 

Nine Months Ended
September 30,

 

(in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Amortization of intangible assets

 

$

1,205

 

 

$

1,205

 

 

$

3,613

 

 

$

3,613

 

Amortization of capitalized purchased software costs

 

 

1,124

 

 

 

1,225

 

 

 

3,493

 

 

 

3,679

 

Amortization of debt costs

 

 

141

 

 

 

130

 

 

 

625

 

 

 

389

 

Total amortization expense

 

$

2,470

 

 

$

2,560

 

 

$

7,731

 

 

$

7,681

 

 

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

 

Year ending December 31,

 

Amortization
Expense

 

Remaining three months of 2025

 

$

1,204

 

2026

 

 

4,817

 

2027

 

 

4,817

 

2028

 

 

4,817

 

2029

 

 

4,218

 

2030

 

 

24

 
v3.25.3
Borrowing Facilities
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Borrowing Facilities

Note 5 – Borrowing Facilities

Long-term debt consists of the following:

 

 

 

September 30,

 

 

December 31,

 

(in thousands)

 

2025

 

 

2024

 

Revolving credit facility

 

$

70,000

 

 

$

135,000

 

Term loan

 

 

149,063

 

 

 

123,047

 

Less: unamortized debt issuance costs

 

 

(2,691

)

 

 

(1,027

)

Total long-term debt, including current installments

 

$

216,372

 

 

$

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 September 30, 2025, a portion of the $149.1 million outstanding debt under the Credit Agreement is effectively at a fixed interest rate of 3.965%, plus credit spread, resulting from a $149.1 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 September 30, 2025, the Company was in compliance with all of these covenants and restrictions.

As of September 30, 2025, the Company had $149.1 million in borrowings outstanding under the Term Loan Facility, $70.0 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 September 30, 2025, the Company had $475.6 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.
v3.25.3
Leases
 9 Months Ended
Sep. 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
September 30,

 

 

Nine Months Ended
September 30,

 

(in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Finance lease costs:

 

 

 

 

 

 

 

 

 

 

 

 

Interest on lease liabilities

 

$

1

 

 

$

3

 

 

$

4

 

 

$

10

 

Operating lease costs

 

 

5,124

 

 

 

5,583

 

 

 

16,981

 

 

 

16,648

 

Short-term lease costs

 

 

243

 

 

 

138

 

 

 

521

 

 

 

566

 

Variable lease costs

 

 

470

 

 

 

979

 

 

 

1,514

 

 

 

1,453

 

Total lease costs

 

$

5,838

 

 

$

6,703

 

 

$

19,020

 

 

$

18,677

 

 

A summary of cash flow information related to leases follows:

 

 

Nine Months Ended
September 30,

 

(in thousands)

2025

 

 

2024

 

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

 

 

 

 

 

Operating cash flows used for operating leases

$

16,809

 

 

$

16,296

 

Operating cash flows used for finance leases

 

3

 

 

 

10

 

Financing cash flows used for finance leases

 

142

 

 

 

135

 

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

 

655

 

 

 

4,145

 

 

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

 

 

 

September 30,

 

 

December 31,

 

(dollars in thousands)

 

2025

 

 

2024

 

Operating lease right-of-use assets

 

$

106,436

 

 

$

117,995

 

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

 

$

32

 

 

$

174

 

Operating lease liabilities, current (included in accrued liabilities)

 

$

14,713

 

 

$

17,170

 

Operating lease liabilities, noncurrent

 

$

101,801

 

 

$

108,997

 

Weighted average remaining lease term – finance leases

 

0.2 yrs

 

 

0.9 yrs

 

Weighted average remaining lease term – operating leases

 

8.5 yrs

 

 

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 September 30, 2025 follows (in thousands):

 

Year ending December 31,

 

Operating
Leases

 

 

Finance
Leases

 

Remaining three months of 2025

 

$

5,454

 

 

$

32

 

2026

 

 

18,106

 

 

 

—

 

2027

 

 

16,240

 

 

 

—

 

2028

 

 

15,446

 

 

 

—

 

2029

 

 

14,982

 

 

 

—

 

2030 and thereafter

 

 

71,198

 

 

 

—

 

Total minimum lease payments

 

 

141,426

 

 

 

32

 

Less: imputed interest

 

 

(24,912

)

 

 

—

 

Total present value of lease liabilities

 

$

116,514

 

 

$

32

 
v3.25.3
Common Stock and Stock-Based Awards
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Common Stock and Stock-Based Awards

Note 7 – Common Stock and Stock-Based Awards

Dividends

For the three and nine months ended September 30, 2025, cash dividends paid totaled $6.1 million and $18.4 million, respectively. For the three and nine months ended September 30, 2024, cash dividends paid totaled $6.0 million and $17.8 million, respectively.

On September 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 September 30, 2025. The dividend of $6.1 million was paid on October 13, 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 0.3 million shares and 0.7 million shares during the three and nine months ended September 30, 2025, respectively, for an aggregate of $10.0 and $26.0 million, respectively, at an average price of $39.12 and $38.06 per share, respectively. As of September 30, 2025, the Company had $123.5 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 September 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 $15.1 million for the three and nine months ended September 30, 2025, respectively. The total compensation costs recognized for stock-based awards were $4.4 million and $10.7 million for the three and nine months ended September 30, 2024, respectively. The future tax benefit of these stock-based awards as of the grant date was $1.2 million and $2.2 million for the three and nine months ended September 30, 2025, respectively. The future tax benefit of these stock-based awards as of the grant date was $1.0 million and $2.5 million for the three and nine months ended September 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 September 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

 

$

27,495

 

 

$

7,275

 

Remaining weighted-average amortization period

 

1.9 years

 

 

2 years

 

 

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

 

The total cash received by the Company as a result of stock option exercises for the nine months ended September 30, 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 nine months ended September 30, 2025 and 2024 were $3.2 million and $3.5 million, respectively. For the nine months ended September 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 nine months ended September 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 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 September 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

 

 

462

 

 

 

41.65

 

Vested

 

 

(500

)

 

 

28.66

 

Forfeited

 

 

(55

)

 

 

31.24

 

Non-vested awards outstanding as of September 30, 2025

 

 

1,095

 

 

 

34.01

 

 

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 September 30, 2025

 

 

448

 

 

 

32.50

 

 

(1) Represents target number of units that can vest based on the achievement of the performance goals.
v3.25.3
Earnings Per Share
 9 Months Ended
Sep. 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
September 30,

 

 

Nine Months Ended
September 30,

 

(in thousands, except per share data)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Net income

 

$

14,263

 

 

$

15,374

 

 

$

18,879

 

 

$

44,904

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator for basic earnings per share

 

 

35,802

 

 

 

36,051

 

 

 

35,947

 

 

 

35,970

 

Incremental common shares attributable to outstanding restricted stock units

 

 

380

 

 

 

578

 

 

 

390

 

 

 

496

 

Incremental common shares attributable to exercise of dilutive options

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3

 

Denominator for diluted earnings per share

 

 

36,182

 

 

 

36,629

 

 

 

36,337

 

 

 

36,469

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.40

 

 

$

0.43

 

 

$

0.53

 

 

$

1.25

 

Diluted

 

$

0.39

 

 

$

0.42

 

 

$

0.52

 

 

$

1.23

 

 

Restricted stock units totaling less than 0.1 million common shares for both the three and nine months ended September 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 nine months ended September 30, 2024 were excluded from the computation of diluted earnings per share as their effect would have been anti-dilutive.
v3.25.3
Income Taxes
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes

Note 9 – Income Taxes

Income tax expense consists of the following:

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

(in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Income before income taxes

 

$

20,590

 

 

$

20,395

 

 

$

45,591

 

 

$

60,017

 

Income tax expense

 

$

6,327

 

 

$

5,021

 

 

$

26,712

 

 

$

15,113

 

Effective tax rate

 

 

30.7

%

 

 

24.6

%

 

 

58.6

%

 

 

25.2

%

 

The Company’s effective income tax rate was 30.7% for the three months ended September 30, 2025, and differed from the U.S. federal statutory income tax rate of 21% primarily due to a discrete tax expense of $0.8 million related to the exit of a business in the Americas, losses generated in a jurisdiction where no tax benefit can be recognized and the U.S. tax under the global intangible low-tax income (GILTI) provisions.

 

The Company's effective income tax rate was 58.6% for the nine months ended September 30, 2025 and differed from the U.S. federal statutory income tax rate of 21% primarily due to the discrete tax expense of $10.4 million recorded in the second quarter for foreign withholding taxes on the repatriated dividends and recognition of deferred tax liabilities on China unremitted earnings, losses generated in a jurisdiction where no tax benefit can be realized and the U.S. tax under the GILTI provisions.

 

The Company’s effective income tax rate was 24.6% and 25.2% for the three and nine months ended September 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 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 nine months ended September 30, 2025 and 2024 by approximately $4.1 million (approximately $0.11 per diluted share) and $3.3 million (approximately $0.09 per diluted share), respectively.

A summary of the Company’s tax incentives follows:

 

 

 

Nine Months Ended
September 30,

 

(in thousands)

 

2025

 

 

2024

 

Thailand

 

$

2,847

 

 

$

3,321

 

China

 

 

1,247

 

 

 

—

 

Total tax incentives

 

$

4,094

 

 

$

3,321

 


On July 4, 2025, the U.S. government enacted The One Big Beautiful Bill Act (the “OBBBA”) 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 and others implemented through 2027. The Company does not expect the OBBBA to have a material impact on its estimated annual effective tax rate in 2025.

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.
v3.25.3
Revenue
 9 Months Ended
Sep. 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, 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 September 30, 2025

 

(in thousands)

 

Americas

 

 

Asia

 

 

Europe

 

 

Total

 

Market sector:

 

 

 

 

 

 

 

 

 

 

 

 

Semi-Cap

 

$

44,042

 

 

$

113,772

 

 

$

27,347

 

 

$

185,161

 

Industrial

 

 

28,782

 

 

 

96,667

 

 

 

26,903

 

 

 

152,352

 

A&D

 

 

103,067

 

 

 

8,506

 

 

 

17,085

 

 

 

128,658

 

Medical

 

 

70,462

 

 

 

43,355

 

 

 

12,463

 

 

 

126,280

 

AC&C

 

 

50,137

 

 

 

38,090

 

 

 

—

 

 

 

88,227

 

External revenue

 

 

296,490

 

 

 

300,390

 

 

 

83,798

 

 

 

680,678

 

Elimination of intersegment sales

 

 

12,521

 

 

 

6,925

 

 

 

2,496

 

 

 

21,942

 

Segment revenue

 

$

309,011

 

 

$

307,315

 

 

$

86,294

 

 

$

702,620

 

 

 

 

Nine Months Ended September 30, 2025

 

(in thousands)

 

Americas

 

 

Asia

 

 

Europe

 

 

Total

 

Market sector:

 

 

 

 

 

 

 

 

 

 

 

 

Semi-Cap

 

$

135,539

 

 

$

357,148

 

 

$

77,923

 

 

$

570,610

 

Industrial

 

 

84,850

 

 

 

260,707

 

 

 

85,171

 

 

 

430,728

 

A&D

 

 

311,606

 

 

 

17,178

 

 

 

47,985

 

 

 

376,769

 

Medical

 

 

185,691

 

 

 

115,610

 

 

 

38,186

 

 

 

339,487

 

AC&C

 

 

137,140

 

 

 

100,043

 

 

 

—

 

 

 

237,183

 

External revenue

 

 

854,826

 

 

 

850,686

 

 

 

249,265

 

 

 

1,954,777

 

Elimination of intersegment sales

 

 

33,680

 

 

 

27,734

 

 

 

6,707

 

 

 

68,121

 

Segment revenue

 

$

888,506

 

 

$

878,420

 

 

$

255,972

 

 

$

2,022,898

 

 

 

 

Three Months Ended September 30, 2024

 

(in thousands)

 

Americas

 

 

Asia

 

 

Europe

 

 

Total

 

Market sector:

 

 

 

 

 

 

 

 

 

 

 

 

Semi-Cap

 

$

50,073

 

 

$

106,231

 

 

$

31,088

 

 

$

187,392

 

Industrial

 

 

35,779

 

 

 

87,722

 

 

 

27,413

 

 

 

150,914

 

A&D

 

 

89,589

 

 

 

1,596

 

 

 

10,844

 

 

 

102,029

 

Medical

 

 

54,679

 

 

 

40,644

 

 

 

11,811

 

 

 

107,134

 

AC&C

 

 

68,609

 

 

 

41,663

 

 

 

6

 

 

 

110,278

 

External revenue

 

 

298,729

 

 

 

277,856

 

 

 

81,162

 

 

 

657,747

 

Elimination of intersegment sales

 

 

7,804

 

 

 

12,065

 

 

 

2,355

 

 

 

22,224

 

Segment revenue

 

$

306,533

 

 

$

289,921

 

 

$

83,517

 

 

$

679,971

 

 

 

 

Nine Months Ended September 30, 2024

 

(in thousands)

 

Americas

 

 

Asia

 

 

Europe

 

 

Total

 

Market sector:

 

 

 

 

 

 

 

 

 

 

 

 

Semi-Cap

 

$

158,202

 

 

$

273,388

 

 

$

93,605

 

 

$

525,195

 

Industrial

 

 

101,100

 

 

 

251,209

 

 

 

81,340

 

 

 

433,649

 

A&D

 

 

270,714

 

 

 

13,398

 

 

 

32,591

 

 

 

316,703

 

Medical

 

 

172,556

 

 

 

125,822

 

 

 

35,034

 

 

 

333,412

 

AC&C

 

 

277,889

 

 

 

112,345

 

 

 

25

 

 

 

390,259

 

External revenue

 

 

980,461

 

 

 

776,162

 

 

 

242,595

 

 

 

1,999,218

 

Elimination of intersegment sales

 

 

41,542

 

 

 

29,245

 

 

 

7,274

 

 

 

78,061

 

Segment revenue

 

$

1,022,003

 

 

$

805,407

 

 

$

249,869

 

 

$

2,077,279

 

 

The timing of revenue recognition, billings and cash collections results in billed accounts receivable, contract assets and advance payments from customers. During the nine months ended September 30, 2025 and 2024, 87.7% and 86.7%, 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:

 

 

 

Nine Months Ended
September 30,

 

(in thousands)

 

2025

 

 

2024

 

Balance as of the beginning of the year

 

$

167,578

 

 

$

174,979

 

Revenue recognized

 

 

1,718,689

 

 

 

1,734,408

 

Amounts collected or invoiced

 

 

(1,687,260

)

 

 

(1,722,849

)

Balance as of the end of the period

 

$

199,007

 

 

$

186,538

 

 

As of September 30, 2025 and December 31, 2024, the Company had $124.2 million and $143.6 million, respectively, in advance payments from customers. Of those amounts, $104.7 million and $132.5 million, respectively, were customer deposits and prepayments of inventory and $19.5 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.
v3.25.3
Segment and Geographic Information
 9 Months Ended
Sep. 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 September 30, 2025

 

(in thousands)

 

Americas

 

 

Asia

 

 

Europe

 

 

Total

 

Sales from external customers

 

$

296,490

 

 

$

300,390

 

 

$

83,798

 

 

$

680,678

 

Intersegment sales

 

 

12,521

 

 

 

6,925

 

 

 

2,496

 

 

 

21,942

 

 

 

$

309,011

 

 

$

307,315

 

 

$

86,294

 

 

$

702,620

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of sales

 

 

 

 

 

 

 

 

 

 

 

 

Elimination of intersegment sales

 

 

 

 

 

 

 

 

 

 

 

(21,942

)

Sales

 

 

 

 

 

 

 

 

 

 

$

680,678

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

278,028

 

 

 

259,180

 

 

 

72,453

 

 

 

 

Selling, general and administrative expenses

 

 

7,548

 

 

 

4,049

 

 

 

2,362

 

 

 

 

Other(1)

 

 

217

 

 

 

6

 

 

 

—

 

 

 

 

Segment income from operations

 

$

10,697

 

 

$

37,155

 

 

$

8,983

 

 

$

56,835

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of income before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

Other - corporate and eliminations(2)

 

 

 

 

 

 

 

 

 

 

 

(33,174

)

Interest expense

 

 

 

 

 

 

 

 

 

 

 

(4,418

)

Interest income

 

 

 

 

 

 

 

 

 

 

 

1,955

 

Other expense, net

 

 

 

 

 

 

 

 

 

 

 

(608

)

Income before income taxes

 

 

 

 

 

 

 

 

 

 

$

20,590

 

 

 

 

Nine Months Ended September 30, 2025

 

(in thousands)

 

Americas

 

 

Asia

 

 

Europe

 

 

Total

 

Sales from external customers

 

$

854,826

 

 

$

850,686

 

 

$

249,265

 

 

$

1,954,777

 

Intersegment sales

 

 

33,680

 

 

 

27,734

 

 

 

6,707

 

 

 

68,121

 

 

 

$

888,506

 

 

$

878,420

 

 

$

255,972

 

 

$

2,022,898

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of sales

 

 

 

 

 

 

 

 

 

 

 

 

Elimination of intersegment sales

 

 

 

 

 

 

 

 

 

 

 

(68,121

)

Sales

 

 

 

 

 

 

 

 

 

 

$

1,954,777

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

801,570

 

 

 

729,611

 

 

 

218,559

 

 

 

 

Selling, general and administrative expenses

 

 

22,377

 

 

 

11,432

 

 

 

7,071

 

 

 

 

Other(1)

 

 

13,833

 

 

 

19

 

 

 

—

 

 

 

 

Segment income from operations

 

$

17,046

 

 

$

109,624

 

 

$

23,635

 

 

$

150,305

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of income before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

Other - corporate and eliminations(2)

 

 

 

 

 

 

 

 

 

 

 

(94,399

)

Interest expense

 

 

 

 

 

 

 

 

 

 

 

(16,061

)

Interest income

 

 

 

 

 

 

 

 

 

 

 

7,822

 

Other expense, net

 

 

 

 

 

 

 

 

 

 

 

(2,076

)

Income before income taxes

 

 

 

 

 

 

 

 

 

 

$

45,591

 

 

 

 

 

Three Months Ended September 30, 2024

 

(in thousands)

 

Americas

 

 

Asia

 

 

Europe

 

 

Total

 

Sales from external customers

 

$

298,729

 

 

$

277,856

 

 

$

81,162

 

 

$

657,747

 

Intersegment sales

 

 

7,804

 

 

 

12,065

 

 

 

2,355

 

 

 

22,224

 

 

 

$

306,533

 

 

$

289,921

 

 

$

83,517

 

 

$

679,971

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of sales

 

 

 

 

 

 

 

 

 

 

 

 

Elimination of intersegment sales

 

 

 

 

 

 

 

 

 

 

 

(22,224

)

Sales

 

 

 

 

 

 

 

 

 

 

$

657,747

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

282,975

 

 

 

236,795

 

 

 

71,846

 

 

 

 

Selling, general and administrative expenses

 

 

7,597

 

 

 

3,706

 

 

 

2,593

 

 

 

 

Other(1)

 

 

795

 

 

 

6

 

 

 

—

 

 

 

 

Segment income from operations

 

$

7,362

 

 

$

37,349

 

 

$

6,723

 

 

$

51,434

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of income before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

Other - corporate and eliminations(2)

 

 

 

 

 

 

 

 

 

 

 

(23,329

)

Interest expense

 

 

 

 

 

 

 

 

 

 

 

(6,569

)

Interest income

 

 

 

 

 

 

 

 

 

 

 

2,811

 

Other expense, net

 

 

 

 

 

 

 

 

 

 

 

(3,952

)

Income before income taxes

 

 

 

 

 

 

 

 

 

 

$

20,395

 

 

 

 

Nine Months Ended September 30, 2024

 

(in thousands)

 

Americas

 

 

Asia

 

 

Europe

 

 

Total

 

Sales from external customers

 

$

980,461

 

 

$

776,162

 

 

$

242,595

 

 

$

1,999,218

 

Intersegment sales

 

 

41,542

 

 

 

29,245

 

 

 

7,274

 

 

 

78,061

 

 

 

$

1,022,003

 

 

$

805,407

 

 

$

249,869

 

 

$

2,077,279

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of sales

 

 

 

 

 

 

 

 

 

 

 

 

Elimination of intersegment sales

 

 

 

 

 

 

 

 

 

 

 

(78,061

)

Sales

 

 

 

 

 

 

 

 

 

 

$

1,999,218

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

921,531

 

 

 

662,330

 

 

 

215,184

 

 

 

 

Selling, general and administrative expenses

 

 

23,592

 

 

 

10,196

 

 

 

7,279

 

 

 

 

Other(1)

 

 

4,624

 

 

 

381

 

 

 

4

 

 

 

 

Segment income from operations

 

$

30,714

 

 

$

103,255

 

 

$

20,128

 

 

$

154,097

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of income before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

Other - corporate and eliminations(2)

 

 

 

 

 

 

 

 

 

 

 

(73,210

)

Interest expense

 

 

 

 

 

 

 

 

 

 

 

(20,747

)

Interest income

 

 

 

 

 

 

 

 

 

 

 

7,329

 

Other expense, net

 

 

 

 

 

 

 

 

 

 

 

(7,452

)

Income before income taxes

 

 

 

 

 

 

 

 

 

 

$

60,017

 

 

(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
September 30,

 

 

Nine Months Ended
September 30,

 

(in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Depreciation and amortization:

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

5,146

 

 

$

5,261

 

 

$

15,613

 

 

$

15,940

 

Asia

 

 

2,950

 

 

 

2,570

 

 

 

8,558

 

 

 

7,607

 

Europe

 

 

1,045

 

 

 

931

 

 

 

3,034

 

 

 

2,674

 

Corporate

 

 

2,703

 

 

 

2,790

 

 

 

8,424

 

 

 

8,357

 

Total depreciation and amortization

 

$

11,844

 

 

$

11,552

 

 

$

35,629

 

 

$

34,578

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures:

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

1,523

 

 

$

5,289

 

 

$

7,883

 

 

$

10,905

 

Asia

 

 

6,641

 

 

 

3,961

 

 

 

12,503

 

 

 

8,831

 

Europe

 

 

2,631

 

 

 

926

 

 

 

4,855

 

 

 

2,987

 

Corporate

 

 

699

 

 

 

(362

)

 

 

2,713

 

 

 

1,498

 

Total capital expenditures

 

$

11,494

 

 

$

9,814

 

 

$

27,954

 

 

$

24,221

 

 

 

 

 

 

 

 

September 30,

 

 

December 31,

 

(in thousands)

 

 

 

 

 

2025

 

 

2024

 

Assets:

 

 

 

 

 

 

 

 

 

 

Americas

 

 

 

 

 

$

812,830

 

 

$

866,595

 

Asia

 

 

 

 

 

 

726,136

 

 

 

821,252

 

Europe

 

 

 

 

 

 

256,975

 

 

 

225,872

 

Corporate

 

 

 

 

 

 

271,408

 

 

 

225,745

 

Total assets

 

 

 

 

 

$

2,067,349

 

 

$

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
September 30,

 

 

Nine Months Ended
September 30,

 

(in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Geographic sales:

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

356,579

 

 

$

353,335

 

 

$

1,014,382

 

 

$

1,137,474

 

Singapore

 

 

121,332

 

 

 

125,843

 

 

 

392,079

 

 

 

332,151

 

Other Asia

 

 

78,012

 

 

 

59,740

 

 

 

191,297

 

 

 

164,516

 

Europe

 

 

110,872

 

 

 

101,457

 

 

 

310,508

 

 

 

302,757

 

Other

 

 

13,883

 

 

 

17,372

 

 

 

46,511

 

 

 

62,320

 

Total sales

 

$

680,678

 

 

$

657,747

 

 

$

1,954,777

 

 

$

1,999,218

 

 

 

 

 

 

 

 

September 30,

 

 

December 31,

 

(in thousands)

 

 

 

 

 

2025

 

 

2024

 

Long-lived assets:

 

 

 

 

 

 

 

 

 

 

United States

 

 

 

 

 

$

208,495

 

 

$

215,536

 

Asia

 

 

 

 

 

 

92,952

 

 

 

89,249

 

Europe

 

 

 

 

 

 

42,599

 

 

 

39,936

 

Other

 

 

 

 

 

 

58,842

 

 

 

64,506

 

Total long-lived assets

 

 

 

 

 

$

402,888

 

 

$

409,227

 
v3.25.3
Accounts Receivable Sale Programs
 9 Months Ended
Sep. 30, 2025
Receivables [Abstract]  
Accounts Receivable Sale Programs

Note 12 – Accounts Receivable Sale Programs

As of September 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 September 30, 2025 and 2024, the Company sold $140.7 million and $154.6 million, respectively, of accounts receivable under these programs, and in exchange, the Company received cash proceeds of $139.8 million and $153.6 million, respectively, net of the discount.

During the nine months ended September 30, 2025 and 2024, the Company sold $469.4 million and $448.2 million, respectively, of accounts receivable under these programs, and in exchange, the Company received cash proceeds of $466.4 million and $445.0 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.
v3.25.3
Financial Instruments
 9 Months Ended
Sep. 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:

 

 

 

 

 

September 30,

 

 

December 31,

 

(in thousands)

 

Balance Sheet Location

 

2025

 

 

2024

 

Derivatives designated as hedging instruments:

 

 

 

 

 

 

 

 

Forward currency exchange contracts

 

Other long-term assets

 

$

3,866

 

 

$

—

 

Forward currency exchange contracts

 

Other long-term liabilities

 

 

—

 

 

 

3,745

 

Interest rate swap agreement

 

Other long-term liabilities

 

 

2,563

 

 

 

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 nine months ended September 30, 2025, the Company recorded an unrealized gain of $0.6 million ($0.4 million net of tax) and an unrealized gain of $7.6 million ($5.7 million net of tax), respectively, on its forward currency exchange contracts in other comprehensive income and transferred unrealized gains of $0.6 million and unrealized losses $0.6 million to cost of sales.

During the three and nine months ended September 30, 2024, the Company recorded an unrealized loss of $1.5 million ($1.2 million net of tax) and an unrealized loss of $5.3 million ($3.9 million net of tax), respectively, on its forward currency exchange contracts in other comprehensive income and transferred unrealized losses of $0.2 million and unrealized gains $1.8 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 August 1, 2025 and the fixed interest rate for the contract is 3.965%. As of September 30, 2025, the notional amount of this interest rate swap was $149.1 million. The Company’s previous interest rate swap agreement was terminated effective August 1, 2025.

During the three and nine months ended September 30, 2025, the Company recorded an unrealized loss of $0.3 million ($0.2 million net of tax) and an unrealized loss of $2.4 million ($1.8 million net of tax), respectively, on the interest rate swap in other comprehensive income (loss).

During the three and nine months ended September 30, 2024, the Company recorded an unrealized loss of $3.5 million ($2.6 million net of tax) and an unrealized loss of $0.8 million ($0.6 million net of tax), respectively, on the interest rate swap in other comprehensive income (loss).
v3.25.3
Accumulated Other Comprehensive Loss
 9 Months Ended
Sep. 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 September 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

 

$

(7,150

)

 

$

800

 

 

$

(711

)

 

$

(7,061

)

 

$

(14,973

)

 

$

(531

)

 

$

(998

)

 

$

(16,502

)

Other comprehensive (loss) gain before reclassifications

 

 

(45

)

 

 

778

 

 

 

(256

)

 

 

477

 

 

 

3,107

 

 

 

(4,053

)

 

 

133

 

 

 

(813

)

Amounts reclassified from accumulated other comprehensive loss

 

 

—

 

 

 

(596

)

 

 

—

 

 

 

(596

)

 

 

—

 

 

 

240

 

 

 

—

 

 

 

240

 

Total other comprehensive (loss) income

 

 

(45

)

 

 

182

 

 

 

(256

)

 

 

(119

)

 

 

3,107

 

 

 

(3,813

)

 

 

133

 

 

 

(573

)

Ending balance

 

$

(7,195

)

 

$

982

 

 

$

(967

)

 

$

(7,180

)

 

$

(11,866

)

 

$

(4,344

)

 

$

(865

)

 

$

(17,075

)

 

 

 

Nine Months Ended September 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

 

 

10,251

 

 

 

3,232

 

 

 

(56

)

 

 

13,427

 

 

 

1,047

 

 

 

(2,669

)

 

 

242

 

 

 

(1,380

)

Amounts reclassified from accumulated other comprehensive loss

 

 

—

 

 

 

634

 

 

 

—

 

 

 

634

 

 

 

—

 

 

 

(1,835

)

 

 

—

 

 

 

(1,835

)

Total other comprehensive income (loss)

 

 

10,251

 

 

 

3,866

 

 

 

(56

)

 

 

14,061

 

 

 

1,047

 

 

 

(4,504

)

 

 

242

 

 

 

(3,215

)

Ending balance

 

$

(7,195

)

 

$

982

 

 

$

(967

)

 

$

(7,180

)

 

$

(11,866

)

 

$

(4,344

)

 

$

(865

)

 

$

(17,075

)

 

See Note 13 for further discussion about the Company’s derivative instruments.
v3.25.3
Contingencies
 9 Months Ended
Sep. 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 and $0.3 million of other related costs were incurred in connection with the matter during the second and third quarters of 2025, respectively. 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.
v3.25.3
Restructuring Charges and Other Costs
 9 Months Ended
Sep. 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 three and nine months ended September 30, 2025, the Company recognized $1.2 million and $4.5 million, respectively, of restructuring charges, which primarily related to closures of our site in Fremont, California and our old facility in Guadalajara, Mexico in the Americas, the exit of a business in the Americas, and other smaller activities involving capacity reductions and reductions in workforce in certain facilities across various regions. Fremont, California operations ceased during the three months ending September 30, 2025 and all restructuring activity is expected to be fully complete in 2025 upon the disposition of the facility. Operations at our new facility in Guadalajara, Mexico commenced in 2024 with customer programs continuing to transition into 2025. Operations at our old facility in Guadalajara, Mexico operations ceased during the three months ending September 30, 2025 and all restructuring activity is expected to be fully complete in 2025 upon the disposition of the facility. Accrued restructuring costs are included in accrued liabilities on the consolidated balance sheet. Additionally, the Company agreed to a $0.3 million settlement and an $11.0 million settlement related to a tax assessment in the Americas for the three and nine months ended September 30, 2025, respectively. See Note 15 for further information on the tax assessment.

 

The Company recognized $0.8 million and $5.6 million of restructuring charges during the three and nine months ended September 30, 2024, respectively, primarily related to capacity and workforce reductions at its sites in the Americas.

The components of restructuring charges were as follows:

 

 

 

Nine Months Ended September 30, 2025

 

(in thousands)

 

Americas

 

 

Asia

 

 

Europe

 

 

Total

 

Severance costs

 

$

3,998

 

 

$

—

 

 

$

—

 

 

$

3,998

 

Lease facility costs

 

 

1,994

 

 

 

—

 

 

 

—

 

 

 

1,994

 

Other exit costs

 

 

(1,500

)

 

 

—

 

 

 

—

 

 

 

(1,500

)

Total restructuring charges

 

$

4,492

 

 

$

—

 

 

$

—

 

 

$

4,492

 

 

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
September 30,
2025

 

Severance costs

 

$

209

 

 

$

3,998

 

 

$

(4,128

)

 

$

—

 

 

$

79

 

Lease facility costs

 

 

—

 

 

 

1,994

 

 

 

(1,994

)

 

 

—

 

 

 

—

 

Other exit costs

 

 

—

 

 

 

(1,500

)

 

 

2,447

 

 

 

—

 

 

 

947

 

Total accrued restructuring costs

 

$

209

 

 

$

4,492

 

 

$

(3,675

)

 

$

—

 

 

$

1,026

 
v3.25.3
New Accounting Pronouncements (Policies)
 9 Months Ended
Sep. 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.
v3.25.3
Inventories (Tables)
 9 Months Ended
Sep. 30, 2025
Inventory Disclosure [Abstract]  
Schedule Of Inventory Costs

Inventory costs are summarized as follows:

 

 

 

September 30,

 

 

December 31,

 

(in thousands)

 

2025

 

 

2024

 

Raw materials

 

$

488,767

 

 

$

528,424

 

Work in process

 

 

16,888

 

 

 

18,761

 

Finished goods

 

 

3,350

 

 

 

6,469

 

Total inventories

 

$

509,005

 

 

$

553,654

 

 
v3.25.3
Goodwill and Other Intangible Assets (Tables)
 9 Months Ended
Sep. 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 September 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

 

$

100,175

 

 

$

(80,405

)

 

$

19,770

 

Capitalized purchased software costs

 

 

47,539

 

 

 

(34,757

)

 

 

12,782

 

Technology licenses

 

 

15,500

 

 

 

(15,500

)

 

 

—

 

Trade names and trademarks

 

 

7,800

 

 

 

—

 

 

 

7,800

 

Other

 

 

869

 

 

 

(445

)

 

 

424

 

Total intangible assets as of September 30, 2025

 

$

171,883

 

 

$

(131,107

)

 

$

40,776

 

 

(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
September 30,

 

 

Nine Months Ended
September 30,

 

(in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Amortization of intangible assets

 

$

1,205

 

 

$

1,205

 

 

$

3,613

 

 

$

3,613

 

Amortization of capitalized purchased software costs

 

 

1,124

 

 

 

1,225

 

 

 

3,493

 

 

 

3,679

 

Amortization of debt costs

 

 

141

 

 

 

130

 

 

 

625

 

 

 

389

 

Total amortization expense

 

$

2,470

 

 

$

2,560

 

 

$

7,731

 

 

$

7,681

 
Schedule of Future Amortization Expense

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

 

Year ending December 31,

 

Amortization
Expense

 

Remaining three months of 2025

 

$

1,204

 

2026

 

 

4,817

 

2027

 

 

4,817

 

2028

 

 

4,817

 

2029

 

 

4,218

 

2030

 

 

24

 
v3.25.3
Borrowing Facilities (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Debt

Long-term debt consists of the following:

 

 

 

September 30,

 

 

December 31,

 

(in thousands)

 

2025

 

 

2024

 

Revolving credit facility

 

$

70,000

 

 

$

135,000

 

Term loan

 

 

149,063

 

 

 

123,047

 

Less: unamortized debt issuance costs

 

 

(2,691

)

 

 

(1,027

)

Total long-term debt, including current installments

 

$

216,372

 

 

$

257,020

 
v3.25.3
Leases (Tables)
 9 Months Ended
Sep. 30, 2025
Leases [Abstract]  
Components of Lease Expense

The components of lease expense were as follows:

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

(in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Finance lease costs:

 

 

 

 

 

 

 

 

 

 

 

 

Interest on lease liabilities

 

$

1

 

 

$

3

 

 

$

4

 

 

$

10

 

Operating lease costs

 

 

5,124

 

 

 

5,583

 

 

 

16,981

 

 

 

16,648

 

Short-term lease costs

 

 

243

 

 

 

138

 

 

 

521

 

 

 

566

 

Variable lease costs

 

 

470

 

 

 

979

 

 

 

1,514

 

 

 

1,453

 

Total lease costs

 

$

5,838

 

 

$

6,703

 

 

$

19,020

 

 

$

18,677

 
Summary of Operating And Finance Lease Supplemental Cash Flow Information

A summary of cash flow information related to leases follows:

 

 

Nine Months Ended
September 30,

 

(in thousands)

2025

 

 

2024

 

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

 

 

 

 

 

Operating cash flows used for operating leases

$

16,809

 

 

$

16,296

 

Operating cash flows used for finance leases

 

3

 

 

 

10

 

Financing cash flows used for finance leases

 

142

 

 

 

135

 

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

 

655

 

 

 

4,145

 
Summary of Operating And Finance Lease Supplemental Balance Sheet Information

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

 

 

 

September 30,

 

 

December 31,

 

(dollars in thousands)

 

2025

 

 

2024

 

Operating lease right-of-use assets

 

$

106,436

 

 

$

117,995

 

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

 

$

32

 

 

$

174

 

Operating lease liabilities, current (included in accrued liabilities)

 

$

14,713

 

 

$

17,170

 

Operating lease liabilities, noncurrent

 

$

101,801

 

 

$

108,997

 

Weighted average remaining lease term – finance leases

 

0.2 yrs

 

 

0.9 yrs

 

Weighted average remaining lease term – operating leases

 

8.5 yrs

 

 

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 September 30, 2025 follows (in thousands):

 

Year ending December 31,

 

Operating
Leases

 

 

Finance
Leases

 

Remaining three months of 2025

 

$

5,454

 

 

$

32

 

2026

 

 

18,106

 

 

 

—

 

2027

 

 

16,240

 

 

 

—

 

2028

 

 

15,446

 

 

 

—

 

2029

 

 

14,982

 

 

 

—

 

2030 and thereafter

 

 

71,198

 

 

 

—

 

Total minimum lease payments

 

 

141,426

 

 

 

32

 

Less: imputed interest

 

 

(24,912

)

 

 

—

 

Total present value of lease liabilities

 

$

116,514

 

 

$

32

 
v3.25.3
Common Stock and Stock-Based Awards (Tables)
 9 Months Ended
Sep. 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 September 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

 

$

27,495

 

 

$

7,275

 

Remaining weighted-average amortization period

 

1.9 years

 

 

2 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 September 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

 

 

462

 

 

 

41.65

 

Vested

 

 

(500

)

 

 

28.66

 

Forfeited

 

 

(55

)

 

 

31.24

 

Non-vested awards outstanding as of September 30, 2025

 

 

1,095

 

 

 

34.01

 
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 September 30, 2025

 

 

448

 

 

 

32.50

 

 

(1) Represents target number of units that can vest based on the achievement of the performance goals.
v3.25.3
Earnings Per Share (Tables)
 9 Months Ended
Sep. 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
September 30,

 

 

Nine Months Ended
September 30,

 

(in thousands, except per share data)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Net income

 

$

14,263

 

 

$

15,374

 

 

$

18,879

 

 

$

44,904

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator for basic earnings per share

 

 

35,802

 

 

 

36,051

 

 

 

35,947

 

 

 

35,970

 

Incremental common shares attributable to outstanding restricted stock units

 

 

380

 

 

 

578

 

 

 

390

 

 

 

496

 

Incremental common shares attributable to exercise of dilutive options

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3

 

Denominator for diluted earnings per share

 

 

36,182

 

 

 

36,629

 

 

 

36,337

 

 

 

36,469

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.40

 

 

$

0.43

 

 

$

0.53

 

 

$

1.25

 

Diluted

 

$

0.39

 

 

$

0.42

 

 

$

0.52

 

 

$

1.23

 
v3.25.3
Income Taxes (Tables)
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Expense

Income tax expense consists of the following:

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

(in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Income before income taxes

 

$

20,590

 

 

$

20,395

 

 

$

45,591

 

 

$

60,017

 

Income tax expense

 

$

6,327

 

 

$

5,021

 

 

$

26,712

 

 

$

15,113

 

Effective tax rate

 

 

30.7

%

 

 

24.6

%

 

 

58.6

%

 

 

25.2

%

 
Schedule of Tax Incentives

A summary of the Company’s tax incentives follows:

 

 

 

Nine Months Ended
September 30,

 

(in thousands)

 

2025

 

 

2024

 

Thailand

 

$

2,847

 

 

$

3,321

 

China

 

 

1,247

 

 

 

—

 

Total tax incentives

 

$

4,094

 

 

$

3,321

 

v3.25.3
Revenue (Tables)
 9 Months Ended
Sep. 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 September 30, 2025

 

(in thousands)

 

Americas

 

 

Asia

 

 

Europe

 

 

Total

 

Market sector:

 

 

 

 

 

 

 

 

 

 

 

 

Semi-Cap

 

$

44,042

 

 

$

113,772

 

 

$

27,347

 

 

$

185,161

 

Industrial

 

 

28,782

 

 

 

96,667

 

 

 

26,903

 

 

 

152,352

 

A&D

 

 

103,067

 

 

 

8,506

 

 

 

17,085

 

 

 

128,658

 

Medical

 

 

70,462

 

 

 

43,355

 

 

 

12,463

 

 

 

126,280

 

AC&C

 

 

50,137

 

 

 

38,090

 

 

 

—

 

 

 

88,227

 

External revenue

 

 

296,490

 

 

 

300,390

 

 

 

83,798

 

 

 

680,678

 

Elimination of intersegment sales

 

 

12,521

 

 

 

6,925

 

 

 

2,496

 

 

 

21,942

 

Segment revenue

 

$

309,011

 

 

$

307,315

 

 

$

86,294

 

 

$

702,620

 

 

 

 

Nine Months Ended September 30, 2025

 

(in thousands)

 

Americas

 

 

Asia

 

 

Europe

 

 

Total

 

Market sector:

 

 

 

 

 

 

 

 

 

 

 

 

Semi-Cap

 

$

135,539

 

 

$

357,148

 

 

$

77,923

 

 

$

570,610

 

Industrial

 

 

84,850

 

 

 

260,707

 

 

 

85,171

 

 

 

430,728

 

A&D

 

 

311,606

 

 

 

17,178

 

 

 

47,985

 

 

 

376,769

 

Medical

 

 

185,691

 

 

 

115,610

 

 

 

38,186

 

 

 

339,487

 

AC&C

 

 

137,140

 

 

 

100,043

 

 

 

—

 

 

 

237,183

 

External revenue

 

 

854,826

 

 

 

850,686

 

 

 

249,265

 

 

 

1,954,777

 

Elimination of intersegment sales

 

 

33,680

 

 

 

27,734

 

 

 

6,707

 

 

 

68,121

 

Segment revenue

 

$

888,506

 

 

$

878,420

 

 

$

255,972

 

 

$

2,022,898

 

 

 

 

Three Months Ended September 30, 2024

 

(in thousands)

 

Americas

 

 

Asia

 

 

Europe

 

 

Total

 

Market sector:

 

 

 

 

 

 

 

 

 

 

 

 

Semi-Cap

 

$

50,073

 

 

$

106,231

 

 

$

31,088

 

 

$

187,392

 

Industrial

 

 

35,779

 

 

 

87,722

 

 

 

27,413

 

 

 

150,914

 

A&D

 

 

89,589

 

 

 

1,596

 

 

 

10,844

 

 

 

102,029

 

Medical

 

 

54,679

 

 

 

40,644

 

 

 

11,811

 

 

 

107,134

 

AC&C

 

 

68,609

 

 

 

41,663

 

 

 

6

 

 

 

110,278

 

External revenue

 

 

298,729

 

 

 

277,856

 

 

 

81,162

 

 

 

657,747

 

Elimination of intersegment sales

 

 

7,804

 

 

 

12,065

 

 

 

2,355

 

 

 

22,224

 

Segment revenue

 

$

306,533

 

 

$

289,921

 

 

$

83,517

 

 

$

679,971

 

 

 

 

Nine Months Ended September 30, 2024

 

(in thousands)

 

Americas

 

 

Asia

 

 

Europe

 

 

Total

 

Market sector:

 

 

 

 

 

 

 

 

 

 

 

 

Semi-Cap

 

$

158,202

 

 

$

273,388

 

 

$

93,605

 

 

$

525,195

 

Industrial

 

 

101,100

 

 

 

251,209

 

 

 

81,340

 

 

 

433,649

 

A&D

 

 

270,714

 

 

 

13,398

 

 

 

32,591

 

 

 

316,703

 

Medical

 

 

172,556

 

 

 

125,822

 

 

 

35,034

 

 

 

333,412

 

AC&C

 

 

277,889

 

 

 

112,345

 

 

 

25

 

 

 

390,259

 

External revenue

 

 

980,461

 

 

 

776,162

 

 

 

242,595

 

 

 

1,999,218

 

Elimination of intersegment sales

 

 

41,542

 

 

 

29,245

 

 

 

7,274

 

 

 

78,061

 

Segment revenue

 

$

1,022,003

 

 

$

805,407

 

 

$

249,869

 

 

$

2,077,279

 
Changes In Contract Assets

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

 

 

 

Nine Months Ended
September 30,

 

(in thousands)

 

2025

 

 

2024

 

Balance as of the beginning of the year

 

$

167,578

 

 

$

174,979

 

Revenue recognized

 

 

1,718,689

 

 

 

1,734,408

 

Amounts collected or invoiced

 

 

(1,687,260

)

 

 

(1,722,849

)

Balance as of the end of the period

 

$

199,007

 

 

$

186,538

 

 
v3.25.3
Segment and Geographic Information (Tables)
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Schedule of Operating Segments

Information about the Company’s operating segments follows:

 

 

 

Three Months Ended September 30, 2025

 

(in thousands)

 

Americas

 

 

Asia

 

 

Europe

 

 

Total

 

Sales from external customers

 

$

296,490

 

 

$

300,390

 

 

$

83,798

 

 

$

680,678

 

Intersegment sales

 

 

12,521

 

 

 

6,925

 

 

 

2,496

 

 

 

21,942

 

 

 

$

309,011

 

 

$

307,315

 

 

$

86,294

 

 

$

702,620

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of sales

 

 

 

 

 

 

 

 

 

 

 

 

Elimination of intersegment sales

 

 

 

 

 

 

 

 

 

 

 

(21,942

)

Sales

 

 

 

 

 

 

 

 

 

 

$

680,678

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

278,028

 

 

 

259,180

 

 

 

72,453

 

 

 

 

Selling, general and administrative expenses

 

 

7,548

 

 

 

4,049

 

 

 

2,362

 

 

 

 

Other(1)

 

 

217

 

 

 

6

 

 

 

—

 

 

 

 

Segment income from operations

 

$

10,697

 

 

$

37,155

 

 

$

8,983

 

 

$

56,835

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of income before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

Other - corporate and eliminations(2)

 

 

 

 

 

 

 

 

 

 

 

(33,174

)

Interest expense

 

 

 

 

 

 

 

 

 

 

 

(4,418

)

Interest income

 

 

 

 

 

 

 

 

 

 

 

1,955

 

Other expense, net

 

 

 

 

 

 

 

 

 

 

 

(608

)

Income before income taxes

 

 

 

 

 

 

 

 

 

 

$

20,590

 

 

 

 

Nine Months Ended September 30, 2025

 

(in thousands)

 

Americas

 

 

Asia

 

 

Europe

 

 

Total

 

Sales from external customers

 

$

854,826

 

 

$

850,686

 

 

$

249,265

 

 

$

1,954,777

 

Intersegment sales

 

 

33,680

 

 

 

27,734

 

 

 

6,707

 

 

 

68,121

 

 

 

$

888,506

 

 

$

878,420

 

 

$

255,972

 

 

$

2,022,898

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of sales

 

 

 

 

 

 

 

 

 

 

 

 

Elimination of intersegment sales

 

 

 

 

 

 

 

 

 

 

 

(68,121

)

Sales

 

 

 

 

 

 

 

 

 

 

$

1,954,777

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

801,570

 

 

 

729,611

 

 

 

218,559

 

 

 

 

Selling, general and administrative expenses

 

 

22,377

 

 

 

11,432

 

 

 

7,071

 

 

 

 

Other(1)

 

 

13,833

 

 

 

19

 

 

 

—

 

 

 

 

Segment income from operations

 

$

17,046

 

 

$

109,624

 

 

$

23,635

 

 

$

150,305

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of income before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

Other - corporate and eliminations(2)

 

 

 

 

 

 

 

 

 

 

 

(94,399

)

Interest expense

 

 

 

 

 

 

 

 

 

 

 

(16,061

)

Interest income

 

 

 

 

 

 

 

 

 

 

 

7,822

 

Other expense, net

 

 

 

 

 

 

 

 

 

 

 

(2,076

)

Income before income taxes

 

 

 

 

 

 

 

 

 

 

$

45,591

 

 

 

 

 

Three Months Ended September 30, 2024

 

(in thousands)

 

Americas

 

 

Asia

 

 

Europe

 

 

Total

 

Sales from external customers

 

$

298,729

 

 

$

277,856

 

 

$

81,162

 

 

$

657,747

 

Intersegment sales

 

 

7,804

 

 

 

12,065

 

 

 

2,355

 

 

 

22,224

 

 

 

$

306,533

 

 

$

289,921

 

 

$

83,517

 

 

$

679,971

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of sales

 

 

 

 

 

 

 

 

 

 

 

 

Elimination of intersegment sales

 

 

 

 

 

 

 

 

 

 

 

(22,224

)

Sales

 

 

 

 

 

 

 

 

 

 

$

657,747

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

282,975

 

 

 

236,795

 

 

 

71,846

 

 

 

 

Selling, general and administrative expenses

 

 

7,597

 

 

 

3,706

 

 

 

2,593

 

 

 

 

Other(1)

 

 

795

 

 

 

6

 

 

 

—

 

 

 

 

Segment income from operations

 

$

7,362

 

 

$

37,349

 

 

$

6,723

 

 

$

51,434

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of income before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

Other - corporate and eliminations(2)

 

 

 

 

 

 

 

 

 

 

 

(23,329

)

Interest expense

 

 

 

 

 

 

 

 

 

 

 

(6,569

)

Interest income

 

 

 

 

 

 

 

 

 

 

 

2,811

 

Other expense, net

 

 

 

 

 

 

 

 

 

 

 

(3,952

)

Income before income taxes

 

 

 

 

 

 

 

 

 

 

$

20,395

 

 

 

 

Nine Months Ended September 30, 2024

 

(in thousands)

 

Americas

 

 

Asia

 

 

Europe

 

 

Total

 

Sales from external customers

 

$

980,461

 

 

$

776,162

 

 

$

242,595

 

 

$

1,999,218

 

Intersegment sales

 

 

41,542

 

 

 

29,245

 

 

 

7,274

 

 

 

78,061

 

 

 

$

1,022,003

 

 

$

805,407

 

 

$

249,869

 

 

$

2,077,279

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of sales

 

 

 

 

 

 

 

 

 

 

 

 

Elimination of intersegment sales

 

 

 

 

 

 

 

 

 

 

 

(78,061

)

Sales

 

 

 

 

 

 

 

 

 

 

$

1,999,218

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

921,531

 

 

 

662,330

 

 

 

215,184

 

 

 

 

Selling, general and administrative expenses

 

 

23,592

 

 

 

10,196

 

 

 

7,279

 

 

 

 

Other(1)

 

 

4,624

 

 

 

381

 

 

 

4

 

 

 

 

Segment income from operations

 

$

30,714

 

 

$

103,255

 

 

$

20,128

 

 

$

154,097

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of income before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

Other - corporate and eliminations(2)

 

 

 

 

 

 

 

 

 

 

 

(73,210

)

Interest expense

 

 

 

 

 

 

 

 

 

 

 

(20,747

)

Interest income

 

 

 

 

 

 

 

 

 

 

 

7,329

 

Other expense, net

 

 

 

 

 

 

 

 

 

 

 

(7,452

)

Income before income taxes

 

 

 

 

 

 

 

 

 

 

$

60,017

 

 

(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
September 30,

 

 

Nine Months Ended
September 30,

 

(in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Depreciation and amortization:

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

5,146

 

 

$

5,261

 

 

$

15,613

 

 

$

15,940

 

Asia

 

 

2,950

 

 

 

2,570

 

 

 

8,558

 

 

 

7,607

 

Europe

 

 

1,045

 

 

 

931

 

 

 

3,034

 

 

 

2,674

 

Corporate

 

 

2,703

 

 

 

2,790

 

 

 

8,424

 

 

 

8,357

 

Total depreciation and amortization

 

$

11,844

 

 

$

11,552

 

 

$

35,629

 

 

$

34,578

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures:

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

1,523

 

 

$

5,289

 

 

$

7,883

 

 

$

10,905

 

Asia

 

 

6,641

 

 

 

3,961

 

 

 

12,503

 

 

 

8,831

 

Europe

 

 

2,631

 

 

 

926

 

 

 

4,855

 

 

 

2,987

 

Corporate

 

 

699

 

 

 

(362

)

 

 

2,713

 

 

 

1,498

 

Total capital expenditures

 

$

11,494

 

 

$

9,814

 

 

$

27,954

 

 

$

24,221

 

 

 

 

 

 

 

 

September 30,

 

 

December 31,

 

(in thousands)

 

 

 

 

 

2025

 

 

2024

 

Assets:

 

 

 

 

 

 

 

 

 

 

Americas

 

 

 

 

 

$

812,830

 

 

$

866,595

 

Asia

 

 

 

 

 

 

726,136

 

 

 

821,252

 

Europe

 

 

 

 

 

 

256,975

 

 

 

225,872

 

Corporate

 

 

 

 

 

 

271,408

 

 

 

225,745

 

Total assets

 

 

 

 

 

$

2,067,349

 

 

$

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
September 30,

 

 

Nine Months Ended
September 30,

 

(in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Geographic sales:

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

356,579

 

 

$

353,335

 

 

$

1,014,382

 

 

$

1,137,474

 

Singapore

 

 

121,332

 

 

 

125,843

 

 

 

392,079

 

 

 

332,151

 

Other Asia

 

 

78,012

 

 

 

59,740

 

 

 

191,297

 

 

 

164,516

 

Europe

 

 

110,872

 

 

 

101,457

 

 

 

310,508

 

 

 

302,757

 

Other

 

 

13,883

 

 

 

17,372

 

 

 

46,511

 

 

 

62,320

 

Total sales

 

$

680,678

 

 

$

657,747

 

 

$

1,954,777

 

 

$

1,999,218

 

 

 

 

 

 

 

 

September 30,

 

 

December 31,

 

(in thousands)

 

 

 

 

 

2025

 

 

2024

 

Long-lived assets:

 

 

 

 

 

 

 

 

 

 

United States

 

 

 

 

 

$

208,495

 

 

$

215,536

 

Asia

 

 

 

 

 

 

92,952

 

 

 

89,249

 

Europe

 

 

 

 

 

 

42,599

 

 

 

39,936

 

Other

 

 

 

 

 

 

58,842

 

 

 

64,506

 

Total long-lived assets

 

 

 

 

 

$

402,888

 

 

$

409,227

 
v3.25.3
Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Summary of Fair Values of Derivative Instruments

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

 

 

 

 

 

September 30,

 

 

December 31,

 

(in thousands)

 

Balance Sheet Location

 

2025

 

 

2024

 

Derivatives designated as hedging instruments:

 

 

 

 

 

 

 

 

Forward currency exchange contracts

 

Other long-term assets

 

$

3,866

 

 

$

—

 

Forward currency exchange contracts

 

Other long-term liabilities

 

 

—

 

 

 

3,745

 

Interest rate swap agreement

 

Other long-term liabilities

 

 

2,563

 

 

 

114

 
v3.25.3
Accumulated Other Comprehensive Loss (Tables)
 9 Months Ended
Sep. 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 September 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

 

$

(7,150

)

 

$

800

 

 

$

(711

)

 

$

(7,061

)

 

$

(14,973

)

 

$

(531

)

 

$

(998

)

 

$

(16,502

)

Other comprehensive (loss) gain before reclassifications

 

 

(45

)

 

 

778

 

 

 

(256

)

 

 

477

 

 

 

3,107

 

 

 

(4,053

)

 

 

133

 

 

 

(813

)

Amounts reclassified from accumulated other comprehensive loss

 

 

—

 

 

 

(596

)

 

 

—

 

 

 

(596

)

 

 

—

 

 

 

240

 

 

 

—

 

 

 

240

 

Total other comprehensive (loss) income

 

 

(45

)

 

 

182

 

 

 

(256

)

 

 

(119

)

 

 

3,107

 

 

 

(3,813

)

 

 

133

 

 

 

(573

)

Ending balance

 

$

(7,195

)

 

$

982

 

 

$

(967

)

 

$

(7,180

)

 

$

(11,866

)

 

$

(4,344

)

 

$

(865

)

 

$

(17,075

)

 

 

 

Nine Months Ended September 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

 

 

10,251

 

 

 

3,232

 

 

 

(56

)

 

 

13,427

 

 

 

1,047

 

 

 

(2,669

)

 

 

242

 

 

 

(1,380

)

Amounts reclassified from accumulated other comprehensive loss

 

 

—

 

 

 

634

 

 

 

—

 

 

 

634

 

 

 

—

 

 

 

(1,835

)

 

 

—

 

 

 

(1,835

)

Total other comprehensive income (loss)

 

 

10,251

 

 

 

3,866

 

 

 

(56

)

 

 

14,061

 

 

 

1,047

 

 

 

(4,504

)

 

 

242

 

 

 

(3,215

)

Ending balance

 

$

(7,195

)

 

$

982

 

 

$

(967

)

 

$

(7,180

)

 

$

(11,866

)

 

$

(4,344

)

 

$

(865

)

 

$

(17,075

)
v3.25.3
Restructuring Charges and Other Costs (Tables)
 9 Months Ended
Sep. 30, 2025
Restructuring and Related Activities [Abstract]  
Schedule Of Restructuring Costs

The components of restructuring charges were as follows:

 

 

 

Nine Months Ended September 30, 2025

 

(in thousands)

 

Americas

 

 

Asia

 

 

Europe

 

 

Total

 

Severance costs

 

$

3,998

 

 

$

—

 

 

$

—

 

 

$

3,998

 

Lease facility costs

 

 

1,994

 

 

 

—

 

 

 

—

 

 

 

1,994

 

Other exit costs

 

 

(1,500

)

 

 

—

 

 

 

—

 

 

 

(1,500

)

Total restructuring charges

 

$

4,492

 

 

$

—

 

 

$

—

 

 

$

4,492

 
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
September 30,
2025

 

Severance costs

 

$

209

 

 

$

3,998

 

 

$

(4,128

)

 

$

—

 

 

$

79

 

Lease facility costs

 

 

—

 

 

 

1,994

 

 

 

(1,994

)

 

 

—

 

 

 

—

 

Other exit costs

 

 

—

 

 

 

(1,500

)

 

 

2,447

 

 

 

—

 

 

 

947

 

Total accrued restructuring costs

 

$

209

 

 

$

4,492

 

 

$

(3,675

)

 

$

—

 

 

$

1,026

 
v3.25.3
Inventories (Schedule Of Inventory Costs) (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Inventory Disclosure [Abstract]    
Raw materials $ 488,767 $ 528,424
Work in process 16,888 18,761
Finished goods 3,350 6,469
Total inventories $ 509,005 $ 553,654
v3.25.3
Goodwill and Other Intangible Assets (Schedule of Goodwill by Reportable Operating Segments) (Details) - USD ($)
$ in Thousands
Sep. 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
v3.25.3
Goodwill and Other Intangible Assets (Schedule of Acquired Identifiable Intangible Assets and Capitalized Purchased Software Costs) (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Gross carrying amount $ 171,883 $ 168,525
Accumulated amortization (131,107) (124,128)
Net carrying amount 40,776 44,397
Customer Relationships [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross carrying amount 100,175 100,041
Accumulated amortization (80,405) (76,675)
Net carrying amount 19,770 23,366
Capitalized Purchased Software Costs [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross carrying amount 47,539 44,316
Accumulated amortization (34,757) (31,525)
Net carrying amount 12,782 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 869 868
Accumulated amortization (445) (428)
Net carrying amount $ 424 $ 440
v3.25.3
Goodwill and Other Intangible Assets (Schedule of Amortization Expense) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]        
Amortization of intangible assets $ 1,205 $ 1,205 $ 3,613 $ 3,613
Amortization of capitalized purchased software costs 1,124 1,225 3,493 3,679
Amortization of debt costs 141 130 625 389
Total amortization expense $ 2,470 $ 2,560 $ 7,731 $ 7,681
v3.25.3
Goodwill and Other Intangible Assets (Schedule of Future Amortization Expense) (Details)
$ in Thousands
Sep. 30, 2025
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
Remaining three months of 2025 $ 1,204
2026 4,817
2027 4,817
2028 4,817
2029 4,218
2030 $ 24
v3.25.3
Borrowing Facilities - Schedule of Debt (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Line Of Credit Facility [Line Items]    
Less: unamortized debt issuance costs $ (2,691) $ (1,027)
Total long-term debt, including current installments 216,372 257,020
Revolving Credit Facility [Member]    
Line Of Credit Facility [Line Items]    
Revolving credit facility 70,000 135,000
Term Loan Facility [Member]    
Line Of Credit Facility [Line Items]    
Principal amount $ 149,063 $ 123,047
v3.25.3
Borrowing Facilities - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jun. 27, 2025
Sep. 30, 2025
Sep. 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   $ 149,100 $ 149,100    
Fixed interest rate   3.965% 3.965%    
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 September 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   $ 475,600 $ 475,600    
Revolving credit facility   70,000 70,000 $ 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   $ 149,063 $ 149,063 $ 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        
v3.25.3
Leases - Components of Lease Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Finance lease costs:          
Interest on lease liabilities $ 1 $ 3 $ 4 $ 10  
Operating lease costs 5,124 5,583 16,981 16,648  
Short-term lease costs 243 138 521 566  
Variable lease costs 470 979 1,514 1,453  
Total lease costs 5,838 $ 6,703 19,020 18,677  
Cash paid for amounts included in the measurement of lease liabilities:          
Operating cash flows used for operating leases     16,809 16,296  
Operating cash flows used for finance leases     3 10  
Financing cash flows used for finance leases     142 135  
Right-of-use assets obtained in exchange for new operating lease liabilities     655 $ 4,145  
Assets and Liabilities, Lessee [Abstract]          
Operating lease right-of-use assets 106,436   106,436   $ 117,995
Finance lease liabilities, current (included in current installments of long-term debt) $ 32   $ 32   $ 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) $ 14,713   $ 14,713   $ 17,170
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Accrued liabilities   Accrued liabilities   Accrued liabilities
Operating lease liabilities, noncurrent $ 101,801   $ 101,801   $ 108,997
Weighted average remaining lease term – finance leases 2 months 12 days   2 months 12 days   10 months 24 days
Weighted average remaining lease term – operating leases 8 years 6 months   8 years 6 months   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%
v3.25.3
Leases - Future Annual Minimum Lease Payments and Finance Lease Commitments (Details)
$ in Thousands
Sep. 30, 2025
USD ($)
Operating Leases  
Remaining three months of 2025 $ 5,454
2026 18,106
2027 16,240
2028 15,446
2029 14,982
2030 and thereafter 71,198
Total minimum lease payments 141,426
Less: imputed interest (24,912)
Total present value of lease liabilities 116,514
Finance Leases  
Remaining three months of 2025 32
2026 0
2027 0
2028 0
2029 0
2030 and thereafter 0
Total minimum lease payments 32
Less: imputed interest 0
Total present value of lease liabilities $ 32
v3.25.3
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 9 Months Ended
Oct. 13, 2025
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Feb. 19, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Dividends paid $ 6,100 $ 6,100 $ 6,000 $ 18,360 $ 17,794  
Repurchase of common shares, value   $ 10,000   $ 26,000    
Repurchase of common shares, average cost per share   $ 39.12   $ 38.06    
Repurchase of common stock, shares   0.3   0.7    
Repurchase of common shares remaining authorized amount   $ 123,500   $ 123,500    
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    
v3.25.3
Common Stock and Stock-Based Awards - Stock-Based Compensation (Narrative) (Details) - USD ($)
$ in Thousands, shares in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 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 $ 4,400 $ 15,077 $ 10,740
Income tax benefit recognized in the income statement for stock-based awards $ 1,200 $ 1,000 2,200 2,500
Proceeds from stock options exercised     4 482
Tax benefit realized as a result of stock option exercises and the vesting of other share-based awards     3,200 3,500
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  
v3.25.3
Common Stock and Stock-Based Awards (Schedule Of Unrecognized Compensation Cost And Remaining Weighted-Average Amortization Period) (Details)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
USD ($)
Time-Based Restricted Stock Units (RSUs) [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized compensation cost $ 27,495
Remaining weighted-average amortization period 1 year 10 months 24 days
Performance-Based Restricted Stock Units [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized compensation cost $ 7,275 [1]
Remaining weighted-average amortization period 2 years [1]
[1] Based on the probable achievement of the performance goals identified in each award.
v3.25.3
Common Stock and Stock-Based Awards (Summary Of Stock Options) (Details) - Employee Stock Options [Member]
$ / shares in Units, shares in Thousands, $ in Thousands
 9 Months Ended
Sep. 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
v3.25.3
Common Stock and Stock-Based Awards (Summary Of Stock-Based Awards) (Details)
shares in Thousands
 9 Months Ended
Sep. 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 462
Vested, shares or units | shares (500)
Forfeited, shares or units | shares (55)
Non-vested awards outstanding, shares or units, ending balance | shares 1,095
Non-vested outstanding, weighted-average grant date fair value, beginning balance | $ / shares $ 28.3
Granted, weighted-average grant date fair value | $ / shares 41.65
Vested, weighted-average grant date fair value | $ / shares 28.66
Forfeited, weighted-average grant date fair value | $ / shares 31.24
Non-vested outstanding, weighted-average grant date fair value, ending balance | $ / shares $ 34.01
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.
v3.25.3
Earnings Per Share (Schedule Of Calculation Of Basic And Diluted Earnings Per Share) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Earnings Per Share Reconciliation [Line Items]        
Net income $ 14,263 $ 15,374 $ 18,879 $ 44,904
Denominator for basic earnings per share 35,802 36,051 35,947 35,970
Denominator for diluted earnings per share 36,182 36,629 36,337 36,469
Earnings per share:        
Basic $ 0.4 $ 0.43 $ 0.53 $ 1.25
Diluted $ 0.39 $ 0.42 $ 0.52 $ 1.23
Restricted Stock Units [Member]        
Earnings Per Share Reconciliation [Line Items]        
Potentially dilutive securities 380 578 390 496
Employee Stock Options [Member]        
Earnings Per Share Reconciliation [Line Items]        
Potentially dilutive securities 0 0 0 3
v3.25.3
Earnings Per Share (Narrative) (Details) - shares
shares in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 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
v3.25.3
Income Taxes - Schedule of Income Tax Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Tax Disclosure [Abstract]        
Income before income taxes $ 20,590 $ 20,395 $ 45,591 $ 60,017
Income tax expense $ 6,327 $ 5,021 $ 26,712 $ 15,113
Effective tax rate 30.70% 24.60% 58.60% 25.20%
v3.25.3
Income Taxes - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Taxes [Line Items]        
Foreign withholding taxes $ 15,200      
Discrete tax charges $ 800   $ 10,400  
Effective tax rate 30.70% 24.60% 58.60% 25.20%
Corporate income tax rate 21.00%   21.00% 21.00%
Total tax incentives     $ 4,094 $ 3,321
Net impact of tax incentives, per diluted share     $ 0.11 $ 0.09
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]        
Total tax incentives     $ 1,247 $ 0
Thailand [Member]        
Income Taxes [Line Items]        
Repatriated gross dividend $ 151,600      
Total tax incentives     $ 2,847 $ 3,321
v3.25.3
Income Taxes - Schedule of Tax Incentives (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Income Taxes [Line Items]    
Total tax incentives $ 4,094 $ 3,321
Thailand [Member]    
Income Taxes [Line Items]    
Total tax incentives 2,847 3,321
China [Member]    
Income Taxes [Line Items]    
Total tax incentives $ 1,247 $ 0
v3.25.3
Revenue (Disaggregation of Revenue) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax $ 702,620 $ 679,971 $ 2,022,898 $ 2,077,279
Semi-Cap Sector [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 185,161 187,392 570,610 525,195
Industrial Sector [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 152,352 150,914 430,728 433,649
Aerospace And Defense Sector [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 128,658 102,029 376,769 316,703
Medical Sector [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 126,280 107,134 339,487 333,412
Advanced Computing and Communications Sector [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 88,227 110,278 237,183 390,259
External Revenue [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 680,678 657,747 1,954,777 1,999,218
Elimination Of Intersegment Sales [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 21,942 22,224 68,121 78,061
Americas [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 309,011 306,533 888,506 1,022,003
Americas [Member] | Semi-Cap Sector [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 44,042 50,073 135,539 158,202
Americas [Member] | Industrial Sector [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 28,782 35,779 84,850 101,100
Americas [Member] | Aerospace And Defense Sector [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 103,067 89,589 311,606 270,714
Americas [Member] | Medical Sector [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 70,462 54,679 185,691 172,556
Americas [Member] | Advanced Computing and Communications Sector [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 50,137 68,609 137,140 277,889
Americas [Member] | External Revenue [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 296,490 298,729 854,826 980,461
Americas [Member] | Elimination Of Intersegment Sales [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 12,521 7,804 33,680 41,542
Asia [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 307,315 289,921 878,420 805,407
Asia [Member] | Semi-Cap Sector [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 113,772 106,231 357,148 273,388
Asia [Member] | Industrial Sector [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 96,667 87,722 260,707 251,209
Asia [Member] | Aerospace And Defense Sector [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 8,506 1,596 17,178 13,398
Asia [Member] | Medical Sector [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 43,355 40,644 115,610 125,822
Asia [Member] | Advanced Computing and Communications Sector [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 38,090 41,663 100,043 112,345
Asia [Member] | External Revenue [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 300,390 277,856 850,686 776,162
Asia [Member] | Elimination Of Intersegment Sales [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 6,925 12,065 27,734 29,245
Europe [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 86,294 83,517 255,972 249,869
Europe [Member] | Semi-Cap Sector [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 27,347 31,088 77,923 93,605
Europe [Member] | Industrial Sector [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 26,903 27,413 85,171 81,340
Europe [Member] | Aerospace And Defense Sector [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 17,085 10,844 47,985 32,591
Europe [Member] | Medical Sector [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 12,463 11,811 38,186 35,034
Europe [Member] | Advanced Computing and Communications Sector [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 0 6 0 25
Europe [Member] | External Revenue [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 83,798 81,162 249,265 242,595
Europe [Member] | Elimination Of Intersegment Sales [Member]        
Disaggregation Of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax $ 2,496 $ 2,355 $ 6,707 $ 7,274
v3.25.3
Revenue (Narrative) (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Disaggregation Of Revenue [Line Items]      
Advance payments from customers $ 124,164   $ 143,614
Customer Deposits and Prepayments of Inventory [Member]      
Disaggregation Of Revenue [Line Items]      
Advance payments from customers 104,700   132,500
Contractual Timing of Payments [Member]      
Disaggregation Of Revenue [Line Items]      
Advance payments from customers $ 19,500   $ 11,100
Transferred Over Time [Member]      
Disaggregation Of Revenue [Line Items]      
Percentage Of Revenue 87.70% 86.70%  
v3.25.3
Revenue (Summary of activity related to the company's contract assets) (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Change in Contract with Customer, Asset [Abstract]    
Balance as of the beginning of the year $ 167,578 $ 174,979
Revenue recognized 1,718,689 1,734,408
Amounts collected or invoiced (1,687,260) (1,722,849)
Balance as of the end of the period $ 199,007 $ 186,538
v3.25.3
Segment and Geographic Information (Narrative) (Details)
 9 Months Ended
Sep. 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
v3.25.3
Segment and Geographic Information (Schedule of Operating Segments) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Segment Reporting Information [Line Items]          
Sales $ 680,678 $ 657,747 $ 1,954,777 $ 1,999,218  
Cost of sales 612,735 591,006 1,758,882 1,797,119  
Selling, general and administrative expenses 41,520 36,636 120,889 111,990  
Income from operations 23,661 28,105 55,906 80,887  
Interest expense (4,418) (6,569) (16,061) (20,747)  
Interest income 1,955 2,811 7,822 7,329  
Other expense, net (608) (3,952) (2,076) (7,452)  
Income before income taxes 20,590 20,395 45,591 60,017  
Depreciation and amortization 11,844 11,552 35,629 34,578  
Capital expenditures 11,494 9,814 27,954 24,221  
Total assets 2,067,349   2,067,349   $ 2,139,464
Elimination Of Intersegment Sales [Member]          
Segment Reporting Information [Line Items]          
Sales (21,942) (22,224) (68,121) (78,061)  
Operating Segments [Member]          
Segment Reporting Information [Line Items]          
Sales 702,620 679,971 2,022,898 2,077,279  
Income from operations 56,835 51,434 150,305 154,097  
Other - corporate and eliminations [1] (33,174) (23,329) (94,399) (73,210)  
Interest expense (4,418) (6,569) (16,061) (20,747)  
Interest income 1,955 2,811 7,822 7,329  
Other expense, net (608) (3,952) (2,076) (7,452)  
Income before income taxes 20,590 20,395 45,591 60,017  
Operating Segments [Member] | External Revenue [Member]          
Segment Reporting Information [Line Items]          
Sales 680,678 657,747 1,954,777 1,999,218  
Operating Segments [Member] | Intersegment sales [Member]          
Segment Reporting Information [Line Items]          
Sales 21,942 22,224 68,121 78,061  
Americas [Member] | Operating Segments [Member]          
Segment Reporting Information [Line Items]          
Sales 309,011 306,533 888,506 1,022,003  
Cost of sales 278,028 282,975 801,570 921,531  
Selling, general and administrative expenses 7,548 7,597 22,377 23,592  
Other [2] 217 795 13,833 4,624  
Income from operations 10,697 7,362 17,046 30,714  
Depreciation and amortization 5,146 5,261 15,613 15,940  
Capital expenditures 1,523 5,289 7,883 10,905  
Total assets 812,830   812,830   866,595
Americas [Member] | Operating Segments [Member] | External Revenue [Member]          
Segment Reporting Information [Line Items]          
Sales 296,490 298,729 854,826 980,461  
Americas [Member] | Operating Segments [Member] | Intersegment sales [Member]          
Segment Reporting Information [Line Items]          
Sales 12,521 7,804 33,680 41,542  
Asia [Member] | Operating Segments [Member]          
Segment Reporting Information [Line Items]          
Sales 307,315 289,921 878,420 805,407  
Cost of sales 259,180 236,795 729,611 662,330  
Selling, general and administrative expenses 4,049 3,706 11,432 10,196  
Other [2] 6 6 19 381  
Income from operations 37,155 37,349 109,624 103,255  
Depreciation and amortization 2,950 2,570 8,558 7,607  
Capital expenditures 6,641 3,961 12,503 8,831  
Total assets 726,136   726,136   821,252
Asia [Member] | Operating Segments [Member] | External Revenue [Member]          
Segment Reporting Information [Line Items]          
Sales 300,390 277,856 850,686 776,162  
Asia [Member] | Operating Segments [Member] | Intersegment sales [Member]          
Segment Reporting Information [Line Items]          
Sales 6,925 12,065 27,734 29,245  
Europe [Member] | Operating Segments [Member]          
Segment Reporting Information [Line Items]          
Sales 86,294 83,517 255,972 249,869  
Cost of sales 72,453 71,846 218,559 215,184  
Selling, general and administrative expenses 2,362 2,593 7,071 7,279  
Other [2] 0 0 0 4  
Income from operations 8,983 6,723 23,635 20,128  
Depreciation and amortization 1,045 931 3,034 2,674  
Capital expenditures 2,631 926 4,855 2,987  
Total assets 256,975   256,975   225,872
Europe [Member] | Operating Segments [Member] | External Revenue [Member]          
Segment Reporting Information [Line Items]          
Sales 83,798 81,162 249,265 242,595  
Europe [Member] | Operating Segments [Member] | Intersegment sales [Member]          
Segment Reporting Information [Line Items]          
Sales 2,496 2,355 6,707 7,274  
Corporate [Member]          
Segment Reporting Information [Line Items]          
Depreciation and amortization 2,703 2,790 8,424 8,357  
Capital expenditures 699 $ (362) 2,713 $ 1,498  
Total assets $ 271,408   $ 271,408   $ 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.
v3.25.3
Segment and Geographic Information (Schedule of Geographic Sales and Long-Lived Assets) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Segment Reporting Information [Line Items]          
Geographic sales $ 680,678 $ 657,747 $ 1,954,777 $ 1,999,218  
Long-lived assets 402,888   402,888   $ 409,227
United States [Member]          
Segment Reporting Information [Line Items]          
Geographic sales 356,579 353,335 1,014,382 1,137,474  
Long-lived assets 208,495   208,495   215,536
Asia [Member]          
Segment Reporting Information [Line Items]          
Long-lived assets 92,952   92,952   89,249
Singapore [Member]          
Segment Reporting Information [Line Items]          
Geographic sales 121,332 125,843 392,079 332,151  
Other Asia [Member]          
Segment Reporting Information [Line Items]          
Geographic sales 78,012 59,740 191,297 164,516  
Europe [Member]          
Segment Reporting Information [Line Items]          
Geographic sales 110,872 101,457 310,508 302,757  
Long-lived assets 42,599   42,599   39,936
Other Foreign [Member]          
Segment Reporting Information [Line Items]          
Geographic sales 13,883 $ 17,372 46,511 $ 62,320  
Long-lived assets $ 58,842   $ 58,842   $ 64,506
v3.25.3
Accounts Receivable Sale Programs (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Receivables [Abstract]        
Maximum amount of trade accounts receivable sales permitted     $ 200.0  
Trade accounts receivable sold $ 140.7 $ 154.6 469.4 $ 448.2
Amount received from trade accounts receivable sold to third party $ 139.8 $ 153.6 $ 466.4 $ 445.0
v3.25.3
Financial Instruments - Summary of Fair Values of Derivative Instruments (Details) - USD ($)
$ in Thousands
Sep. 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 2,563 114
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 $ 3,866 $ 0
v3.25.3
Financial Instruments (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Aug. 01, 2025
Interest Rate Swap Agreement [Member]          
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items]          
Derivative Notional Amount $ 149.1   $ 149.1    
Fixed interest rate         3.965%
Unrealized gain (loss) (0.3) $ (3.5) (2.4) $ (0.8)  
Unrealized gain (loss) on derivatives, net of tax (0.2) (2.6) (1.8) (0.6)  
Forward Currency Exchange Contracts [Member]          
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items]          
Unrealized gain (loss) 0.6 (1.5) 7.6 (5.3)  
Unrealized gain (loss) on derivatives, net of tax 0.4 (1.2) 5.7 (3.9)  
Reclassified accumulated other comprehensive income (loss) $ 0.6 $ (0.2) $ (0.6) $ 1.8  
v3.25.3
Accumulated Other Comprehensive Loss (Schedule Of Accumulated Other Comprehensive Loss By Component) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Accumulated Other Comprehensive Income Loss [Line Items]        
Beginning Balances, value $ 1,106,870 $ 1,095,104 $ 1,113,313 $ 1,079,085
Other comprehensive (loss) gain before reclassifications 477 (813) 13,427 (1,380)
Amounts reclassified from accumulated other comprehensive loss (596) 240 634 (1,835)
Total other comprehensive (loss) income (119) (573) 14,061 (3,215)
Ending Balances, value 1,109,260 1,102,676 1,109,260 1,102,676
Foreign Currency Translation Adjustments [Member]        
Accumulated Other Comprehensive Income Loss [Line Items]        
Beginning Balances, value (7,150) (14,973) (17,446) (12,913)
Other comprehensive (loss) gain before reclassifications (45) 3,107 10,251 1,047
Amounts reclassified from accumulated other comprehensive loss 0 0 0 0
Total other comprehensive (loss) income (45) 3,107 10,251 1,047
Ending Balances, value (7,195) (11,866) (7,195) (11,866)
Derivative Instruments, Net of Tax [Member]        
Accumulated Other Comprehensive Income Loss [Line Items]        
Beginning Balances, value 800 (531) (2,884) 160
Other comprehensive (loss) gain before reclassifications 778 (4,053) 3,232 (2,669)
Amounts reclassified from accumulated other comprehensive loss (596) 240 634 (1,835)
Total other comprehensive (loss) income 182 (3,813) 3,866 (4,504)
Ending Balances, value 982 (4,344) 982 (4,344)
Other [Member]        
Accumulated Other Comprehensive Income Loss [Line Items]        
Beginning Balances, value (711) (998) (911) (1,107)
Other comprehensive (loss) gain before reclassifications (256) 133 (56) 242
Amounts reclassified from accumulated other comprehensive loss 0 0 0 0
Total other comprehensive (loss) income (256) 133 (56) 242
Ending Balances, value (967) (865) (967) (865)
AOCI Attributable to Parent [Member]        
Accumulated Other Comprehensive Income Loss [Line Items]        
Beginning Balances, value (7,061) (16,502) (21,241) (13,860)
Total other comprehensive (loss) income (119) (573) 14,061 (3,215)
Ending Balances, value $ (7,180) $ (17,075) $ (7,180) $ (17,075)
v3.25.3
Contingencies (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended
Apr. 30, 2025
Jan. 07, 2025
Sep. 30, 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     $ 0.3 $ 0.6
v3.25.3
Restructuring Charges and Other Costs (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Restructuring Cost and Reserve [Line Items]        
Restructuring Charges $ 1,200 $ 800 $ 4,492 $ 5,600
Restructuring settlement $ 300   $ 11,000  
v3.25.3
Restructuring Charges and Other Costs (Schedule Of Restructuring Costs) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Restructuring Cost and Reserve [Line Items]        
Severance costs     $ 3,998  
Lease facility costs     1,994  
Other exit costs     (1,500)  
Total restructuring charges $ 1,200 $ 800 4,492 $ 5,600
Operating Segments [Member] | Americas [Member]        
Restructuring Cost and Reserve [Line Items]        
Severance costs     3,998  
Lease facility costs     1,994  
Other exit costs     (1,500)  
Total restructuring charges     4,492  
Operating Segments [Member] | Asia [Member]        
Restructuring Cost and Reserve [Line Items]        
Severance costs     0  
Lease facility costs     0  
Other exit costs     0  
Total restructuring charges     0  
Operating Segments [Member] | Europe [Member]        
Restructuring Cost and Reserve [Line Items]        
Severance costs     0  
Lease facility costs     0  
Other exit costs     0  
Total restructuring charges     $ 0  
v3.25.3
Restructuring Charges and Other Costs (Schedule Of Restructuring Reserves) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Restructuring Cost and Reserve [Line Items]        
Beginning Balance     $ 209  
Restructuring Charges $ 1,200 $ 800 4,492 $ 5,600
Cash Payments     (3,675)  
Non-Cash Activity     0  
Ending Balance 1,026   1,026  
Severance Costs [Member]        
Restructuring Cost and Reserve [Line Items]        
Beginning Balance     209  
Restructuring Charges     3,998  
Cash Payments     (4,128)  
Non-Cash Activity     0  
Ending Balance 79   79  
Lease Facility Costs [Member]        
Restructuring Cost and Reserve [Line Items]        
Beginning Balance     0  
Restructuring Charges     1,994  
Cash Payments     (1,994)  
Non-Cash Activity     0  
Ending Balance 0   0  
Other Exit Costs [Member]        
Restructuring Cost and Reserve [Line Items]        
Beginning Balance     0  
Restructuring Charges     (1,500)  
Cash Payments     2,447  
Non-Cash Activity     0  
Ending Balance $ 947   $ 947  
v3.25.3
Supplemental Cash Flow and Non-Cash Information (Schedule Of Supplemental Cash Flow and Non-Cash Information) (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Supplemental cash flow information:    
Income taxes paid, net $ 58,974 $ 38,807
Interest paid 15,461 21,806
Property Plant and Equipment [Member]    
Non-cash investing activities:    
Unpaid purchases at the end of the period 3,978 3,088
Capitalized Purchased Software Costs [Member]    
Non-cash investing activities:    
Unpaid purchases at the end of the period $ 2,053 $ 1,320