10-Q

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________

FORM 10‑Q

_______________

X   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2018

__  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________________ to________________

Commission File Number: 1‑10560

BENCHMARK ELECTRONICS, INC.

(Exact name of registrant as specified in its charter)

	Texas	74‑2211011
	(State or other jurisdiction	(I.R.S. Employer
	of incorporation or organization)	Identification No.)
4141 N. Scottsdale Road		85251
Scottsdale, Arizona		(Zip Code)
(Address of principal executive offices)

(623) 300-7000

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes [Ö] No [ ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes [Ö] No [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b–2 of the Exchange Act.

Large accelerated filer [Ö]	Accelerated filer [   ]
Non-accelerated filer [   ] (Do not check if a smaller reporting company)	Smaller reporting company [   ]
Emerging growth company [   ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  [ ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b–2 of the Act). Yes [ ] No [Ö]

As of May 7, 2018,  there were 47,482,451 shares of Common Stock of Benchmark Electronics, Inc., par value $0.10 per share, outstanding.

TABLE OF CONTENTS

PART I

		Page
PART I—FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)	1
	Condensed Consolidated Balance Sheets	1
	Condensed Consolidated Statements of Income (Loss)	2
	Condensed Consolidated Statements of Comprehensive Income (Loss)	3
	Condensed Consolidated Statement of Shareholders’ Equity	4
	Condensed Consolidated Statements of Cash Flows	5
	Notes to Condensed Consolidated Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and	24
	Results of Operations
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	32
Item 4.	Controls and Procedures	33
PART II—OTHER INFORMATION
Item 1.	Legal Proceedings	34
Item 1A.	Risk Factors	34
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	34
Item 6.	Exhibits	35
SIGNATURES		36

PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements.

BENCHMARK ELECTRONICS, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(unaudited)

					March 31,		December 31,
(in thousands, except par value)						2018		2017
							(as adjusted)
Assets
	Current assets:
		Cash and cash equivalents			$	676,327	$	742,546
		Accounts receivable, net of allowance for doubtful accounts of $105
			and $105, respectively			403,767		436,560
		Contract assets				147,623		146,496
		Inventories				305,980		268,917
		Prepaid expenses and other assets				31,729		36,018
		Income taxes receivable				66		120
				Total current assets		1,565,492		1,630,657
	Property, plant and equipment, net of accumulated depreciation of
				$438,435 and $432,043, respectively		200,422		186,473
	Goodwill					191,616		191,616
	Deferred income taxes					4,034		4,034
	Other, net					96,442		96,524
					$	2,058,006	$	2,109,304
Liabilities and Shareholders’ Equity
	Current liabilities:
		Current installments of long-term debt and capital lease obligations			$	19,746	$	18,274
		Accounts payable				368,625		362,701
		Income taxes payable				12,808		11,663
		Accrued liabilities				83,652		85,679
				Total current liabilities		484,831		478,317
	Long-term debt and capital lease obligations, less current installments					187,601		193,406
	Other long-term liabilities					90,270		89,749
	Deferred income taxes					47,973		8,694
	Shareholders’ equity:
		Preferred stock, $0.10 par value; 5,000 shares authorized, none issued				—		—
		Common stock, $0.10 par value; 145,000 shares authorized; issued
			and outstanding – 47,572 and 49,143, respectively			4,757		4,914
		Additional paid-in capital				608,092		634,192
		Retained earnings				640,466		708,181
		Accumulated other comprehensive loss				(5,984)		(8,149)
				Total shareholders’ equity		1,247,331		1,339,138
		Commitments and contingencies
					$	2,058,006	$	2,109,304

See accompanying notes to condensed consolidated financial statements.

1

BENCHMARK ELECTRONICS, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Income (Loss)

(unaudited)

		Three Months Ended
		March 31,
(in thousands, except per share data)			2018		2017
				(as adjusted)
Sales		$	608,136	$	557,903
Cost of sales			549,818		510,371
	Gross profit		58,318		47,532
Selling, general and administrative expenses			35,750		32,651
Amortization of intangible assets			2,366		2,481
Restructuring charges and other costs			2,235		1,511
	Income from operations		17,967		10,889
Interest expense			(2,428)		(2,225)
Interest income			1,933		1,074
Other income (expense), net			43		(81)
	Income before income taxes		17,515		9,657
Income tax expense			41,156		1,102
	Net income (loss)	$	(23,641)	$	8,555
Earnings (loss) per share:
	Basic	$	(0.49)	$	0.17
	Diluted	$	(0.49)	$	0.17
Weighted-average number of shares outstanding:
	Basic		48,517		49,511
	Diluted		48,517		50,080

See accompanying notes to condensed consolidated financial statements.

2

BENCHMARK ELECTRONICS, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Income (Loss)

(unaudited)

			Three Months Ended
			March 31,
(in thousands)				2018		2017
					(as adjusted)
Net income (loss)			$	(23,641)	$	8,555
Other comprehensive income:
	Foreign currency translation adjustments			1,332		608
	Unrealized gain on investments, net of tax			-		4
	Unrealized gain on derivative, net of tax			833		365
	Other			-		(13)
Other comprehensive income				2,165		964
		Comprehensive income (loss)	$	(21,476)	$	9,519

See accompanying notes to condensed consolidated financial statements.

3

BENCHMARK ELECTRONICS, INC. AND SUBSIDIARIES

Condensed Consolidated Statement of Shareholders’ Equity

(unaudited)

							Accumulated
		Common Stock		Additional			Other	Total
	Shares		Par	Paid-in	Retained	Comprehensive		Shareholders’
(in thousands)	Outstanding		Value	Capital	Earnings		Loss	Equity
Balances, December 31, 2017 (as adjusted)		49,143	$  4,914	$  634,192	$  708,181		$  (8,149)	$  1,339,138
Stock-based compensation expense		—	—	2,870	—		—	2,870
Shares repurchased and retired		(1,911)	(191)	(31,252)	(36,938)		—	(68,381)
Stock options exercised		168	17	3,062	—		—	3,079
Vesting of restricted stock units		198	20	(20)	—		—	—
Shares withheld for taxes		(26)	(3)	(760)	—		—	(763)
Dividend		—	—	—	(7,136)		—	(7,136)
Net loss		—	—	—	(23,641)		—	(23,641)
Other comprehensive income		—	—	—	—		2,165	2,165
Balances, March 31, 2018		47,572	$  4,757	$  608,092	$  640,466		$  (5,984)	$  1,247,331

See accompanying notes to condensed consolidated financial statements.

4

BENCHMARK ELECTRONICS, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(unaudited)

					Three Months Ended
					March 31,
(in thousands)						2018		2017
							(as adjusted)
Cash flows from operating activities:
	Net income (loss)				$	(23,641)	$	8,555
	Adjustments to reconcile net income (loss) to net cash provided by
		operating activities:
			Depreciation			9,541		9,320
			Amortization			2,843		2,953
			Deferred income taxes			39,000		74
			Gain on the sale of property, plant and equipment			(46)		(197)
			Stock-based compensation expense			2,870		2,160
	Changes in operating assets and liabilities, net of effects from
		business acquisition:
			Accounts receivable			33,419		59,685
			Contract assets			(1,127)		6,561
			Inventories			(38,210)		(29,582)
			Prepaid expenses and other assets			5,944		(3,292)
			Accounts payable			2,337		16,225
			Accrued liabilities			(9,116)		5,256
			Income taxes			716		187
				Net cash provided by operations		24,530		77,905
Cash flows from investing activities:
	Additions to property, plant and equipment					(20,059)		(7,012)
	Proceeds from the sale of property, plant and equipment					57		217
	Additions to purchased software					(818)		(566)
	Other					(179)		(108)
				Net cash used in investing activities		(20,999)		(7,469)
Cash flows from financing activities:
	Proceeds from stock options exercised					3,079		5,141
	Employee taxes paid for shares withheld					(763)		(358)
	Borrowings under credit agreement					50,000		-
	Principal payments on long-term debt and capital lease obligations					(54,551)		(3,082)
	Share repurchases					(58,381)		(1,000)
	Equity forward contract related to accelerated share repurchase					(10,000)		-
	Debt issuance costs					-		(434)
				Net cash provided by (used in) financing activities		(70,616)		267
Effect of exchange rate changes						866		341
Net increase (decrease) in cash and cash equivalents						(66,219)		71,044
	Cash and cash equivalents at beginning of year					742,546		681,433
	Cash and cash equivalents at end of period				$	676,327	$	752,477

See accompanying notes to condensed consolidated financial statements.

5

BENCHMARK ELECTRONICS, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(amounts in thousands,except per share data, unless otherwise noted)

(unaudited)

Note 1 – Basis of Presentation

Benchmark Electronics, Inc. (the Company) is a Texas corporation that provides worldwide engineering services, integrated technology solutions and manufacturing services (both electronic manufacturing services (EMS) and precision technology manufacturing services) to original equipment manufacturers (OEMs) in the following industries: industrial controls, aerospace and defense (A&D), telecommunications, computers and related products for business enterprises, medical devices, and test and instrumentation. 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). The financial statements reflect all normal and recurring adjustments necessary in the opinion of management for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. The results of operations for the periods presented are not necessarily indicative of the results to be expected for the full year. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and notes included in the Company’s annual report on Form 10‑K for the year ended December 31, 2017 (the 2017 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 financial statements in accordance with generally accepted accounting principles in the United States (U.S. GAAP). Actual results could differ from those estimates and assumptions.

Note 2 – New Accounting Pronouncements

Adopted in 2018

In May 2017, the Financial Accounting Standards Board (FASB) issued a new accounting standards update that provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. The Company adopted the new guidance effective January 1, 2018. The impact of adoption on the Company's consolidated financial statements is dependent on future changes to stock-based compensation awards.

In August 2016, the FASB issued a new accounting standards update, which seeks to reduce the existing diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The Company adopted this new update effective January 1, 2018. The adoption of this guidance had no impact on the consolidated financial statements of the Company.

In May 2014, the FASB issued a new standard (commonly referred to as ASC 606), which changed the way the Company recognizes revenue and significantly expanded the disclosure requirements for revenue arrangements. The Company adopted ASC 606 with a date of the initial application of January 1, 2018. As a result, the Company has changed its accounting policy for revenue recognition as detailed below.

The Company applied ASC 606 using the full retrospective transition method. The Company elected the ASC 606 practical expedient and does not disclose the information about remaining performance obligations that have original expected durations of one year or less. Amounts prior to January 1, 2018 that have been adjusted in accordance with ASC 606 as described herein are noted “as adjusted”.

Previously, the Company recognized revenue from the sale of manufactured products built to customer

6

specifications and excess inventory when title and risk of ownership passed, the price to the buyer was fixed or determinable and recoverability was reasonably assured, which was generally when the goods were shipped. Under ASC 606, the Company recognizes revenue as the customer takes control of the products. 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. Accordingly, the Company will recognize revenue under these contracts earlier than under the previous accounting rules. Under other manufacturing contracts, the customer does not take control of the product until it is completed. Under these contracts, the Company continues to recognize revenue upon transfer of control of product to the customer. Revenue from design, development and engineering services also continues to be recognized over time as the services are performed.

The following tables summarize the impacts of ASC 606 adoption on the Company’s 2017 consolidated financial statements.

Condensed Consolidated Balance Sheet
December 31, 2017
				Impact of changes in accounting policies
				As previously
(in thousands)					reported	Adjustments			As adjusted
	Cash and cash equivalents			$	742,546	$	-	$	742,546
	Accounts receivable, net				436,560		-		436,560
	Contract assets				-		146,496		146,496
	Inventories				397,181		(128,264)		268,917
	Prepaid expenses and other assets				42,263		(6,245)		36,018
	Income taxes receivable				120		-		120
	Property, plant and equipment, net				186,473		-		186,473
	Goodwill				191,616		-		191,616
	Deferred income taxes				4,034		-		4,034
	Other, net				96,524		-		96,524
			Total assets	$	2,097,317	$	11,987	$	2,109,304
	Current installments of long-term debt and
		capital lease obligations		$	18,274	$	-	$	18,274
	Accounts payable				362,701		-		362,701
	Income taxes payable				11,662		1		11,663
	Accrued liabilities				85,679		-		85,679
	Long-term debt and capital lease obligations, less
		current installments			193,406		-		193,406
	Other long-term liabilities				89,749		-		89,749
	Deferred income taxes				7,027		1,667		8,694
			Total liabilities		768,498		1,668		770,166
	Common stock				4,914		-		4,914
	Additional paid-in capital				634,192		-		634,192
	Retained earnings				697,862		10,319		708,181
	Accumulated other comprehensive loss				(8,149)		-		(8,149)
			Total shareholders’ equity		1,328,819		10,319		1,339,138
			Total liabilities and shareholders’ equity	$	2,097,317	$	11,987	$	2,109,304

7

Condensed Consolidated Statement of Income
Three Months Ended March 31, 2017
		Impact of changes in accounting policies
		As previously
(in thousands, except per share data)			reported	Adjustments			As adjusted
Sales		$	566,501	$	(8,598)	$	557,903
Cost of sales			(517,441)		7,070		(510,371)
Selling, general and administrative expenses			(32,651)		-		(32,651)
Amortization of intangible assets			(2,481)		-		(2,481)
Restructuring charges and other costs			(1,511)		-		(1,511)
Interest expense			(2,225)		-		(2,225)
Interest income			1,074		-		1,074
Other expense, net			(81)		-		(81)
Income tax expense			(1,498)		396		(1,102)
	Net income	$	9,687	$	(1,132)	$	8,555
Earnings per share:
	Basic	$	0.20	$	(0.02)	$	0.17
	Diluted	$	0.19	$	(0.02)	$	0.17
Weighted-average number of shares outstanding:
	Basic		49,511		49,511		49,511
	Diluted		50,080		50,080		50,080

8

Condensed Consolidated Statement of Cashflows
Three Months Ended March 31, 2017
					Impact of changes in accounting policies
					As previously
(in thousands)						reported	Adjustments			As adjusted
	Net income				$	9,687	$	(1,132)	$	8,555
	Adjustments to reconcile net income to net cash provided
		by operating activities:
			Depreciation			9,320		-		9,320
			Amortization			2,953		-		2,953
			Deferred income taxes			1,041		(967)		74
			Gain on the sale of property, plant and equipment			(197)		-		(197)
			Stock-based compensation expense			2,160		-		2,160
	Changes in operating assets and liabilities:
			Accounts receivable			59,685		-		59,685
			Contract assets			-		6,561		6,561
			Inventories			(22,512)		(7,070)		(29,582)
			Prepaid expenses and other assets			(5,329)		2,037		(3,292)
			Accounts payable			16,225		-		16,225
			Accrued liabilities			5,256		-		5,256
			Income taxes			(384)		571		187
				Net cash provided by operations		77,905		-		77,905
				Net cash used in investing activities		(7,469)		-		(7,469)
				Net cash provided by financing activities		267		-		267
	Effect of exchange rate changes					341		-		341
	Net increase in cash and cash equivalents					71,044		-		71,044
	Cash and cash equivalents at beginning of year					681,433		-		681,433
	Cash and cash equivalents at end of period				$	752,477	$	-	$	752,477

Other

The Company’s performance obligations generally have an expected duration of one year or less. The Company applies the practical expedients and does not disclose information about remaining performance obligations that have original expected durations of one year or less or any significant financing components in the contracts.

The Company recognizes the incremental costs, if any, of obtaining contracts as an expense when incurred since the amortization period of the assets that the Company otherwise would have recognized is one year less.

Not Yet Adopted

In February 2018, the FASB issued new accounting guidance on the reclassification of certain tax effects from accumulated other comprehensive income to retained earnings. This optional guidance is effective January 1, 2019, with early adoption permitted. The Company is evaluating whether it will adopt this new guidance along with any impacts on the Company’s financial position, results of operations and cash flows, none of which are expected to be material.

In June 2016, the FASB issued a new accounting standards update, which replaces the current incurred loss

9

impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This update is effective for annual reporting periods beginning after December 15, 2019. The Company does not expect the implementation of this update to have a material impact on its consolidated financial position, results of operations or cash flows.

In February 2016, the FASB issued a new accounting standards update changing the accounting for leases, including a requirement to record all leases on the consolidated balance sheets as assets and liabilities. This update is effective for fiscal years beginning after December 15, 2018. The Company will adopt this update effective January 1, 2019, which will impact its consolidated balance sheet. The Company is currently evaluating the impact this standard will have on its consolidated financial statements.

The Company has determined that other recently issued accounting standards will either have no material impact on its consolidated financial position, results of operations or cash flows, or will not apply to its operations.

Note 3 – Revenue

The Company’s revenues are generated primarily from the sale of manufactured products built to customer specifications. The Company also generates revenue from design, development and engineering services, in addition to the sale of excess inventory.

Revenue is measured based on a 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 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 product to the customer. Revenue from design, development and engineering services is recognized over time as the services are performed. The Company assumes no significant obligations after shipment as it typically warrants workmanship only. Therefore, the warranty provisions are generally not significant.

If the Company had recorded revenue, but not issued an invoice, a contract asset is recognized. The contract asset is transferred to accounts receivable when the entitlement to payment becomes unconditional.

Taxes assessed by governmental authorities that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer, are excluded from revenue.

Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as fulfillment costs and are included in cost of sales.

10

Disaggregation of revenue

In the following table, revenue is disaggregated by market sector. The table also includes a reconciliation of the disaggregated revenue with the reportable operating segments.

			Reportable Operating Segments
			March 31, 2018
(in thousands)			Americas		Asia		Europe		Total
Market Sector:
	Industrials	$	52,729	$	53,657	$	18,174	$	124,560
	A&D		88,414		1,130		8,323		97,867
	Medical		54,992		38,263		4,032		97,287
	Test and instrumentation		45,869		39,233		17,112		102,214
	Computing		86,221		14,900		2,417		103,538
	Telecommunication		43,894		38,085		691		82,670
	External revenue		372,119		185,268		50,749		608,136
	Elimination of intersegment sales		6,666		9,854		47		16,567
	Segment revenue	$	378,785	$	195,122	$	50,796	$	624,703
			March 31, 2017 (as adjusted)
			Americas		Asia		Europe		Total
Market Sector:
	Industrials	$	54,097	$	45,791	$	17,298	$	117,186
	A&D		93,409		132		6,359		99,900
	Medical		47,601		32,477		4,847		84,925
	Test and instrumentation		32,654		34,694		8,402		75,750
	Computing		77,813		19,566		2,880		100,259
	Telecommunication		47,914		31,164		805		79,883
	External revenue		353,488		163,824		40,591		557,903
	Elimination of intersegment sales		7,832		15,480		53		23,365
	Segment revenue	$	361,320	$	179,304	$	40,644	$	581,268

For the three months ended March 31, 2018 and 2017, 94.4% and 95.7%, respectively, of the Company’s revenue was recognized as products and services are transferred over time.

Note 4 – Stock-Based Compensation

The Company’s 2010 Omnibus Incentive Compensation Plan (the 2010 Plan) authorizes, the Company, upon approval of the Compensation Committee of the Board of Directors, to grant a variety of awards, including stock options, restricted shares and restricted stock units (both time-based and performance-based) and other forms of equity awards, or any combination thereof, to any director, officer, employee or consultant (including any prospective director, officer, employee or consultant) of the Company. Stock options (which have not been awarded since 2015) are granted to employees with an exercise price equal to the market price of the Company’s common shares on the date of grant, generally vest over a four-year period from the date of grant and have a term of 10 years. Time-based restricted stock units granted to employees generally vest over a four-year period from the date of grant, subject to the continued employment of the employee by the Company. Performance-based restricted stock units generally vest over a three-year performance cycle, which includes the year of the grant, and are based upon the Company’s achievement of specified performance metrics. Awards under the 2010 Plan to non-employee directors

11

have been in the form of restricted stock units, which vest in equal quarterly installments over a one-year period, starting on the grant date.

As of March 31, 2018, 2.8 million additional common shares were available for issuance under the Company’s 2010 Plan.

All share-based payments to employees, including grants of employee stock options, are recognized in the financial statements based on their grant date fair values. The total compensation cost recognized for stock-based awards was $2.9 million and $2.2 million for the three months ended March 31, 2018 and 2017, respectively. The total income tax benefit recognized in the condensed consolidated income statement for stock-based awards was $0.7 million and $0.8 million for the three months ended March 31, 2018 and 2017, respectively. The compensation expense for stock-based awards is recognized over the vesting period of the awards using the straight-line method. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model. Awards of restricted stock units and performance-based restricted stock units are valued at the closing market price of the Company’s common shares on the date of grant. For performance-based restricted stock units, compensation expense is based on the probability that the performance goals will be achieved, which is monitored by management throughout the requisite service period. When it becomes probable, based on the Company’s expectation of performance during the measurement period, that more or less than the previous estimate of the awarded shares will vest, an adjustment to stock-based compensation expense is recognized as a change in accounting estimate.

As of March 31, 2018, the unrecognized compensation cost and remaining weighted-average amortization period related to stock-based awards were as follows:

					Performance-
					based
			Restricted		Restricted
		Stock	Stock		Stock
(in thousands, except remaining period data)		Options	Units		Units(1)
Unrecognized compensation cost		$  266		$  18,401		$  5,985
Remaining weighted-average
amortization period	0.9 years			3.1 years		2.1 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 three months ended March 31, 2018 and 2017 was approximately $3.1 million and $5.1 million, respectively. The actual tax benefit realized as a result of stock option exercises and the vesting of other share-based awards during the three months ended March 31, 2018 and 2017 was $1.8 million and $2.8 million, respectively. For the three months ended March 31, 2018 and 2017, the total intrinsic value of stock options exercised was $2.0 million and $3.1 million, respectively.

The Company awarded performance-based restricted stock units to employees during the three months ended March 31, 2018 and 2017. The number of performance-based restricted stock units that will ultimately be earned will not be determined until the end of the corresponding performance periods, and may vary from as low as zero to as high as 2.5 times the target number depending on the level of achievement of certain performance goals. The level of achievement of these goals is based upon the financial results of the Company for the last full calendar year within the performance period. The performance goals consist of certain levels of achievement using the following financial metrics: revenue growth, operating margin expansion, 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

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vest and will be forfeited. Shares subject to forfeited performance-based restricted stock units will be available for issuance under the Company’s 2010 Plan.

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

			Weighted-
		Weighted-	Average	Aggregate
	Number of	Average	Remaining	Intrinsic
	Options	Exercise	Contractual	Value
	(in thousands)	Price	Term (Years)	(in thousands)
Outstanding as of December 31, 2017	596	$19.72
Exercised	(168)	18.40
Forfeited or expired	(19)	22.97
Outstanding as of March 31, 2018	409	$20.12	4.99	$  3,985
Exercisable as of March 31, 2018	372	$19.82	3.95	$  3,735

The aggregate intrinsic value in the table above is before income taxes and is calculated as the difference between the exercise price of the underlying options and the Company’s closing stock price as of the last business day of the period ended March 31, 2018 for options that had exercise prices that were below the closing price.

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

		Weighted-
	Number of	Average
	Units	Grant Date
	(in thousands)	Fair Value
Non-vested awards outstanding as of December 31, 2017	593	$27.47
Granted	333	30.01
Vested	(198)	26.21
Forfeited	(56)	26.60
Non-vested awards outstanding as of March 31, 2018	672	$29.18

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

		Weighted-
	Number of	Average
	Units	Grant Date
	(in thousands)	Fair Value
Non-vested units outstanding as of December 31, 2017	346	$26.88
Granted (1)	109	29.92
Forfeited or expired	(145)	23.97
Non-vested units outstanding as of March 31, 2018	310	$29.31

⁽¹⁾  Represents target number of units that can vest based on the achievement of the performance goals.

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Note 5 – Earnings Per Share

Basic earnings per share is computed using the weighted-average number of shares outstanding. Diluted earnings per share is computed using the weighted-average number of shares outstanding adjusted for the incremental shares attributed to outstanding stock equivalents. Stock equivalents include common shares issuable upon the exercise of stock options and other equity instruments, and are computed using the treasury stock method. Under the treasury stock method, the exercise price of a share, the amount of compensation cost, if any, for future service that the Company has not yet recognized are assumed to be used to repurchase shares in the current period.

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

		Three Months Ended
		March 31,
(in thousands, except per share data)			2018		2017
Net income (loss)		$	(23,641)	$	8,555
Denominator for basic earnings per share - weighted-average number of
	common shares outstanding during the period		48,517		49,511
Incremental common shares attributable to exercise of dilutive options			—		361
Incremental common shares attributable to outstanding restricted
	stock units		—		208
Denominator for diluted earnings per share			48,517		50,080
Basic earnings (loss) per share			$(0.49)		$0.17
Diluted earnings (loss) per share			$(0.49)		$0.17

Potentially dilutive securities totaling 0.3 million common shares for the three months ended March 31, 2018 were not included in the computation of diluted loss per share because their effect would have decreased the loss per share.

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Note 6 – Goodwill and Other Intangible Assets

Goodwill allocated to the Company’s reportable segments was as follows:

(in thousands)		Americas		Asia		Total
Goodwill as of December 31, 2017 and March 31, 2018	$	153,514	$	38,102	$	191,616

Other assets consist primarily of acquired identifiable intangible assets and capitalized purchased software costs. Intangible assets as of March 31, 2018 and December 31, 2017 were as follows:

		As of March 31, 2018
		Gross				Net
		Carrying	Accumulated			Carrying
(in thousands)		Amount	Amortization			Amount
Customer relationships	$	100,234	$	(35,992)	$	64,242
Purchased software costs		36,156		(29,880)		6,276
Technology licenses		28,800		(18,662)		10,138
Trade names and trademarks		7,800		—		7,800
Other		868		(267)		601
Total	$	173,858	$	(84,801)	$	89,057
		As of December 31, 2017
		Gross				Net
		Carrying	Accumulated			Carrying
(in thousands)		Amount	Amortization			Amount
Customer relationships	$	100,200	$	(34,372)	$	65,828
Purchased software costs		35,328		(29,612)		5,716
Technology licenses		28,800		(17,887)		10,913
Trade names and trademarks		7,800		—		7,800
Other		868		(261)		607
Total	$	172,996	$	(82,132)	$	90,864

Customer relationships are being amortized on a straight-line basis over a period of 10 to 14 years. Capitalized purchased software costs are being amortized on a straight-line basis over the estimated useful life of the related software, which ranges from 2 to 10 years. Technology licenses are being amortized over their estimated useful lives in proportion to the economic benefits consumed. The Company’s acquired trade names and trademarks have been determined to have an indefinite life. Amortization for the three months ended March 31, 2018 and 2017 was as follows:

	Three Months Ended
	March 31,
(in thousands)		2018		2017
Amortization of intangible assets	$	2,366	$	2,481
Amortization of capitalized purchased software costs		259		276
Amortization of debt costs		218		196
	$	2,843	$	2,953

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The estimated future amortization expense of acquired intangible assets for each of the next five years is as follows (in thousands):

Year ending December 31,		Amount
2018 (remaining nine months)	$	8,066
2019		11,093
2020		10,177
2021		7,231
2022		7,203

Note 7 – Borrowing Facilities

The Company has a $430 million Credit Agreement (the Credit Agreement) with JPMorgan Chase Bank, N.A. as administrative agent and collateral agent (the Administrative Agent), and the financial institutions acting as lenders thereunder from time to time. This Credit Agreement provides for a five-year $200 million revolving credit facility and a five-year $230 million term loan facility (the Term Loan), both with a maturity date of November 12, 2020. The revolving credit facility is available for general corporate purposes, may be drawn in foreign currencies up to an amount equivalent to $20 million, and may be used for letters of credit up to $20 million. The Credit Agreement includes an accordion feature, pursuant to which total commitments under the facility may be increased by an additional $150 million, subject to satisfaction of certain conditions.

The Term Loan is payable in minimum quarterly principal installments of $4.3 million in 2018, $5.8 million in 2019, and $8.6 million in 2020, with the balance payable on the maturity date.

Interest on outstanding borrowings under the Credit Agreement accrues, at our option, at (a) the adjusted London interbank offered rate (LIBOR) plus 1.25% to 2.25%, or (b) the alternative base rate plus 0.25% to 1.25%, and is payable quarterly in arrears. The alternative base rate is equal to the highest of (i) the Administrative Agent’s prime rate, (ii) the federal funds rate plus 0.50% and (iii) the adjusted LIBOR rate plus 1.00%. The margin on the interest rates fluctuates based upon the ratio of the Company’s debt to its consolidated EBITDA. As of March 31, 2018, $152.0 million of the outstanding debt under the Credit Agreement was effectively at a fixed interest rate as a result of a $152.0 million notional interest rate swap contract discussed in Note 16. A commitment fee of 0.30% to 0.40% per annum (based on the debt to EBITDA ratio) on the unused portion of the revolving credit line 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) any debt owed to Benchmark and its subsidiaries and (c) all or substantially all other personal property of Benchmark and its domestic subsidiaries (including, accounts receivable, inventory and fixed assets of Benchmark and its domestic subsidiaries), in each case, subject to customary exceptions and limitations. The Credit Agreement contains financial covenants as to debt leverage and interest coverage, and certain customary affirmative and negative covenants, including restrictions on our 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 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 March 31, 2018 and December 31, 2017, the Company was in compliance with all of these covenants and restrictions.

As of March 31, 2018, the Company had $202.7 million in borrowings outstanding under the Term Loan facility and $2.8 million in letters of credit outstanding under the revolving credit facility. The Company has $197.2 million available for future borrowings under the revolving credit facility.

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The Company’s Thailand subsidiary has a multi-purpose credit facility with Kasikornbank Public Company Limited (the Thai Credit Facility) that provides for 350 million Thai baht working capital availability. The Thai Credit Facility is secured by land and buildings in Thailand owned by the Company’s Thailand subsidiary. Availability of funds under the Thai Credit Facility is reviewed annually and is currently accessible through October 2018. As of both March 31, 2018 and December 31, 2017, there were no working capital borrowings outstanding under the facility.

Note 8 – Contract Assets

As of March 31, 2018 and December 31, 2017, the Company had $147.6 million and $146.5 million in contract receivables from contracts with customers. The contract receivables primarily relate to the Company’s right to consideration for work completed but not billed at the reporting date. The contract receivables are transferred to accounts receivable when the rights become unconditional.

Significant changes in the contract asset balance during the period are as follows:

	Three Months Ended
	March 31,
(in thousands)		2018		2017
Transferred to receivables from contract assets recognized at
the beginning of the period	$	(145,217)	$	(156,206)
Contract assets recognized, net of reclassification to accounts receivable		146,344		149,645
Net change	$	1,127	$	(6,561)

Note 9 – Inventories
Inventory costs are summarized as follows:
	March 31,		December 31,
(in thousands)		2018		2017
			(as adjusted)
Raw materials	$	294,699	$	258,228
Work in process		7,853		8,600
Finished goods		3,428		2,089
	$	305,980	$	268,917

Note 10 – Accounts Receivable Sale Program

In connection with a trade accounts receivable sale program with an unaffiliated financial institution, the Company may elect to sell, at a discount, on an ongoing basis, up to a maximum of $40.0 million, of specific accounts receivable at any one time.

During the three months ended March 31, 2018, the Company sold $40.0 million of accounts receivable under this program, and in exchange, the Company received cash proceeds of $39.9 million, net of the discount. During the three months ended March 31, 2017, the Company sold $25.0 million of accounts receivable under this program, and in exchange, the Company received cash proceeds of $24.9 million, net of the discount. The loss on the sale resulting from the discount during the three months ended March 31, 2018 and 2017 was $0.1 million for both periods and was recorded to other expense within the Condensed Consolidated Statements of Income.

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Note 11 – Income Taxes
Income tax expense consists of the following:
	Three Months Ended
	March 31,
(in thousands)		2018		2017
			(as adjusted)
Federal – current	$	(304)	$	(212)
Foreign – current		2,154		1,112
State – current		306		128
Deferred		39,000		74
	$	41,156	$	1,102

The U.S. Tax Cuts and Jobs Act (U.S. Tax Reform), which was signed into law on December 22, 2017, significantly changed U.S. tax law by, among other things, lowering corporate income tax rates, implementing a territorial tax system and imposing a transition tax on deemed repatriated earnings of foreign subsidiaries. The U.S. Tax Reform reduced the U.S. corporate income tax rate from a maximum of 35% to a flat 21% rate, effective January 1, 2018.

To minimize tax base erosion with a territorial tax system, the U.S. Tax Reform enacted a new global intangible low-taxed income (GILTI) provision. Under the GILTI provision, certain foreign subsidiary earnings in excess of an allowable return on the foreign subsidiary’s depreciable tangible assets are included in U.S. taxable income offset by a limited deemed paid foreign tax credit. The Company is subject to the GILTI provisions due to its operations in foreign jurisdictions.

As of December 31, 2017, the Company had approximately $928 million in cumulative undistributed foreign earnings outside the U.S. Substantially all of these undistributed earnings are subject to the U.S. mandatory repatriation tax and are eligible to be repatriated to the U.S. without additional U.S. tax under the U.S. Tax Reform. The Company has historically asserted its intention to indefinitely reinvest undistributed foreign earnings. The Company no longer consider these earnings to be indefinitely reinvested in its foreign subsidiaries. As a result of this change in assertion for undistributed earnings prior to December 31, 2017, the Company has recorded $30.7 million of deferred tax expense for foreign withholding tax from Asia and $9.4 million of deferred U.S. state income tax expense in the first quarter of 2018. During the three months ended March 31, 2018, the Company repatriated $277.0 million of foreign earnings to the U.S. The Company expects to repatriate an additional $223.0 million of foreign earnings to the U.S. in 2018. For future undistributed earnings earned after December 31, 2017, the Company will assert its intention to indefinitely reinvest certain future undistributed foreign earnings from certain jurisdictions, and repatriate future earnings from other specific jurisdictions as part of its foreign cash management strategy around the world.

Excluding the impact of these items, income tax expense differs from the amount computed by applying the U.S. federal statutory income tax rate to income before income tax primarily due to the mix of taxable income by taxing jurisdiction, the impact of tax incentives and tax holidays in foreign locations, state income taxes (net of federal benefit) and the U.S. tax under GILTI.

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The Company has been granted certain tax incentives, including tax holidays, for its subsidiaries in China, Malaysia and Thailand that will expire at various dates, unless extended or otherwise renegotiated, through 2018 in China, 2021 in Malaysia and 2028 in Thailand, and are subject to certain conditions with which the Company expects to comply. The net impact of these tax incentives was to lower income tax expense for the three months ended March 31, 2018 and 2017 by approximately $2.9 million (approximately 0.06 per diluted share) and $1.3 million (approximately $0.03 per diluted share), respectively, as follows:

	Three Months Ended
	March 31,
(in thousands)		2018		2017
China	$	422	$	167
Malaysia		1,308		532
Thailand		1,144		556
	$	2,874	$	1,255

As of March 31, 2018, the total amount of the reserve for uncertain tax benefits including interest was $0.3 million. The reserve is classified as a current or long-term liability in the condensed consolidated balance sheets based on the Company’s expectation of when the items will be settled. The amount of accrued potential interest on unrecognized tax benefits included in the reserve as of March 31, 2018, was $47.0 thousand. There was no reserve for potential penalties.

During the three months ended March 31, 2018, the Company released $0.5 million of uncertain tax benefits from a U.S. Internal Revenue Service (IRS) audit related to the Secure Communication Systems, Inc. acquisition. During the first quarter of 2018, the IRS indicated that this examination of years 2013 to 2015 was closed. In addition, the IRS also notified the Company that the examination of the Company’s consolidated U.S. income tax return filings for 2014 was also closed with no additional tax costs.

The Company and its subsidiaries in Brazil, China, Ireland, Luxembourg, Malaysia, Mexico, the Netherlands, Romania, Singapore, Thailand and the United States remain open to examination by the various local taxing authorities, in total or in part, for fiscal years 2011 to 2017. Currently, the Company does not have any ongoing tax examinations by any jurisdiction.

During the course of such examinations, disputes may occur as to matters of fact or law. Also, in most tax jurisdictions, the passage of time without examination will result in the expiration of applicable statutes of limitations thereby precluding examination of the tax period(s) for which such statute of limitation has expired. The Company believes that it has adequately provided for its tax liabilities.

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Note 12 – Segment and Geographic Information

The Company currently has manufacturing facilities in the Americas, Asia and Europe to serve its customers. The Company is operated and managed geographically, and management evaluates performance and allocates the Company’s resources on a geographic basis. Intersegment sales are generally recorded at prices that approximate arm’s length transactions. Operating segments’ measure of profitability is based on income from operations. The accounting policies for the reportable operating segments are the same as for the Company taken as a whole. The Company has three reportable operating segments: Americas, Asia and Europe. Information about operating segments is as follows:

		Three Months Ended
		March 31,
(in thousands)			2018		2017
				(as adjusted)
Net sales:
	Americas	$	378,785	$	361,320
	Asia		195,122		179,304
	Europe		50,796		40,644
	Elimination of intersegment sales		(16,567)		(23,365)
		$	608,136	$	557,903
Depreciation and amortization:
	Americas	$	5,609	$	5,505
	Asia		2,822		3,166
	Europe		884		657
	Corporate		3,069		2,945
		$	12,384	$	12,273
Income from operations:
	Americas	$	16,737	$	12,621
	Asia		17,649		13,379
	Europe		2,995		2,370
	Corporate and intersegment eliminations		(19,414)		(17,481)
		$	17,967	$	10,889
Other income (expense):
	Interest expense		(2,428)		(2,225)
	Interest income		1,933		1,074
	Other income (expense)		43		(81)
	Income before income taxes	$	17,515	$	9,657
Capital expenditures:
	Americas	$	12,849	$	3,266
	Asia		5,713		2,410
	Europe		1,022		914
	Corporate		1,293		988
		$	20,877	$	7,578

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			March 31,	December 31,
(in thousands)			2018		2017
				(as adjusted)
Total assets:
	Americas	$	786,480	$	812,187
	Asia		726,481		674,783
	Europe		206,237		470,786
	Corporate and other		338,808		151,548
		$	2,058,006	$	2,109,304

Geographic net sales information reflects the destination of the product shipped. Long-lived assets
information is based upon the physical location of the asset.
		Three Months Ended
		March 31,
(in thousands)			2018		2017
				(as adjusted)
Geographic net sales:
	United States	$	391,967	$	368,717
	Asia		106,991		93,632
	Europe		80,541		74,922
	Other foreign		28,637		20,632
		$	608,136	$	557,903
			March 31,	December 31,
			2018		2017
Long-lived assets:
	United States	$	179,386	$	167,858
	Asia		78,867		77,750
	Europe		11,194		11,042
	Other foreign		26,900		25,830
		$	296,347	$	282,480

Note 13 – Supplemental Cash Flow and Non-Cash Information
The following is additional information concerning supplemental disclosures of cash payments.
	Three Months Ended
	March 31,
(in thousands)		2018		2017
Income taxes paid, net	$	1,416	$	816
Interest paid		2,256		2,214
Non-cash investing activity:
Additions to property, plant and equipment in accounts payable	$	11,035	$	3,301

Note 14 – Contingencies

The Company is involved in various legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Company’s consolidated financial position or results of operations.

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Note 15 – Restructuring Charges

The Company has undertaken initiatives to restructure its business operations to improve utilization and realize cost savings. These initiatives have included changing the number and location of production facilities, largely to align capacity and infrastructure with current and anticipated customer demand. This alignment includes transferring programs from higher cost geographies to lower cost geographies. The process of restructuring entails moving production between facilities, reducing staff levels, realigning our business processes, reorganizing our management and other activities.

The Company recognized restructuring charges during 2018 and 2017 primarily related to facility transition and closures in the Americas, capacity reduction and reductions in workforce in certain facilities across various regions.

The following table summarizes the 2018 activity in the accrued restructuring balances related to the restructuring activities initiated prior to March 31, 2018:

		Balance as of						Foreign			Balance as of
		December 31,		Restructuring			Cash	Exchange			March 31,
(in thousands)			2017		Charges		Payment	Adjustments			2018
2018 Restructuring:
	Severance	$	—	$	765	$	(746)	$	—	$	19
	Other exit costs		—		298		(168)		—		130
			—		1,063		(914)		—		149
2017 Restructuring:
	Severance		47		—		—		—		47
	Leased facilities and equipment		—		96		(96)		—		—
	Other exit costs		198		244		(210)		(1)		231
			245		340		(306)		(1)		278
2016 Restructuring:
	Severance		29		(1)		(3)		—		25
	Other exit costs		16		35		(16)		—		35
			45		34		(19)		—		60
Total		$	290	$	1,437	$	(1,239)	$	(1)	$	487

Note 16 – Fair Value

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A three-tier fair value hierarchy of inputs is employed to determine fair value measurements.

·Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets and liabilities.

·Level 2 inputs are observable prices that are not quoted on active exchanges, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

·Level 3 inputs are unobservable inputs employed for measuring the fair value of assets or liabilities.

This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value.

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The Company’s financial instruments include cash equivalents, accounts and other receivables, accounts payable, accrued liabilities and long-term debt and capital lease obligations. The Company believes that the carrying values of these instruments approximate fair value. As of March 31, 2018, the Company’s long-term investments and derivative instruments were recorded at fair value using Level 3 inputs. 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 forward currency exchange contracts in place as of March 31, 2018 have not been designated as accounting hedges and, therefore, changes in fair value are recorded within the Condensed Consolidated Statements of Income.

The Company has an interest rate swap agreement, which had a notional amount of $152.0 million and $155.3 million as of March 31, 2018 and December 31, 2017, respectively, to hedge a portion of its interest rate exposure on outstanding borrowings under the Credit Agreement. Under this interest rate swap agreement, the Company receives variable rate interest payments based on the one-month LIBOR rate and pays fixed rate interest payments. The fixed interest rate for the contract is 1.4935%. The effect of this swap is to convert a portion of the floating rate interest expense to fixed interest rate expense. Based on the terms of the interest rate swap contract and the underlying borrowings outstanding under the Credit Agreement, the interest rate contract was determined to be effective, and thus qualifies and has been designated as a cash flow hedge. As such, changes in the fair value of the interest rate swap are recorded in other comprehensive income on the accompanying Condensed Consolidated Balance Sheets until earnings are affected by the variability of cash flows. The fair value of the interest rate swap was a $3.1 million asset as of March 31, 2018 and a $2.0 million asset as of December 31, 2017.During the three months ended  March 31, 2018, the Company recorded unrealized gain of $1.1 million ($0.8 million net of tax) on the swap in other comprehensive income. See Note 17.

Note 17 – Accumulated Other Comprehensive Loss

The changes in accumulated other comprehensive loss by component were as follows:

			Foreign			Unrealized
			currency		Derivative	loss on
			translation		instruments,	investments,
(in thousands)			adjustments		net of tax		net of tax		Other		Total
Balances, December 31, 2017		$	(9,567)	$	1,478	$	(41)	$	(19)	$	(8,149)
	Other comprehensive gain
	before reclassifications		1,332		833		—		—		2,165
Net current period other comprehensive gain			1,332		833		—		—		2,165
Balances, March 31, 2018		$	(8,235)	$	2,311	$	(41)	$	(19)	$	(5,984)

See Note 16 for further explanation of the change in derivative instruments that is recorded to Accumulated Other Comprehensive Loss.

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Note 18 – Shareholders’ Equity

Dividends

On March 6, 2018, the Company declared a quarterly cash dividend of $0.15 per share of the Company’s common stock to shareholders of record as of March 29, 2018. The dividend of $7.5 million was paid on April 11, 2018.

Share Repurchase Authorization

On December 7, 2015 and on March 6, 2018, the Board of Directors approved the repurchase of up to $100.0 million and $250.0 million, respectively, of the Company’s common shares. As of March 31, 2018, the Company had $245.0 million remaining under the share repurchase authorization.

During the first quarter of 2018, the Company entered into an accelerated stock repurchase agreement (ASR) with a third party to purchase shares of its common stock for a payment of $50.0 million and received an initial delivery of 1.3 million shares of common stock, representing 80% of the expected shares. The remaining shares will be settled at the end of the contract period.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This quarterly report (this Report) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act). These forward-looking statements are identified as any statement that does not relate strictly to historical or current facts and may include words such as “anticipate,” “believe,” “intend,” “plan,” “projection,” “forecast,” “strategy,” “position,” “continue,” “estimate,” “expect,” “may,” “will,” or the negative or other variations thereof. In particular, statements, express or implied, concerning future operating results or the ability to generate sales, income or cash flow are forward-looking statements. Undue reliance should not be placed on any forward-looking statements. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions that are beyond our ability to control or predict, including those discussed in Part I, Item 1A of the 2017 10-K and any added underPart II, Item 1A of this Report. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes, including the future results of our operations, may vary materially from those indicated. The following discussion should be read in conjunction with the Condensed Consolidated Financial Statements and accompanying notes, and the 2017 10-K.

OVERVIEW

We are a worldwide provider of engineering services, integrated technology solutions and manufacturing services (both EMS and precision technology manufacturing machining services) for more complex products. In this Report, references to Benchmark, the Company or use of the words “we”, “our” and “us” include Benchmark’s subsidiaries unless otherwise noted.

We provide our services to OEMs of industrial equipment, products used in the A&D industries, telecommunication equipment, computers and related products for business enterprises, medical devices, and test and instrumentation products. Our services include comprehensive and integrated design and manufacturing services and solutions—from initial product concept to volume production, including direct order fulfillment and aftermarket services.

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Our customer engagement focuses on three principal areas:

•  Engineering Services, which include design for manufacturability, manufacturing process and test development, concurrent and sustaining engineering, turnkey product design and regulatory services. Our engineering services may be for systems, sub-systems, printed circuit boards and assemblies, and components. We provide these services across all the industries we serve, but focus primarily in regulated industries such as medical, complex industrials, aerospace and defense, and next generation telecommunications.

•  Technology Solutions, which involve developing a library of building blocks or reference designs primarily in defense solutions, surveillance systems, radio frequency and high-speed design, and front-end Internet-of-things data collection systems. We often merge these technology solutions with engineering services in support of manufacturing services. Our reference designs can be utilized across a variety of industries but we have significant capabilities for the aerospace and defense markets.

•  Manufacturing Services, which include printed circuit board assemblies (PCBAs) and subsystem assembly, box build and systems integration. Systems integration is often building a finished assembly that includes PCBAs, complex subsystem assemblies, mechatronics, displays, optics, and other components. These final products may be configured to order and delivered directly to the end-customer across all the industries we serve. Manufacturing services also includes precision technology manufacturing comprised of precision machining, advanced metal joining, assembly and functional testing primarily for customers in the test & instrumentation market (which includes semiconductor capital equipment) as well as the medical and aerospace and defense markets.

Our core strength lies in our ability to provide concept-to-production solutions in support of our customers. Our global manufacturing presence increases our ability to respond to our customers’ needs by providing accelerated time-to-market and time-to-volume production of high-quality products – especially for complex products with lower volume and higher mix in regulated markets. These capabilities enable us to build strong strategic relationships with our customers and to become an integral part of their business.

We believe our primary competitive advantages are our engineering services (including product design), technology solutions, and manufacturing services (including electronics and precision technology capabilities) provided by highly skilled personnel. We continue to invest in our business to expand our skills and service offerings from direct customer inputs. We have a closed-loop feedback system in place to respond to customer ideas to enhance our future flexible design and manufacturing solutions in support of the full life cycle of their products. These solutions provide accelerated time-to-market, faster time-to-volume production, and reduced product development costs. Working closely with our customers and responding promptly to their needs, we become an integral part of their process to bring products to market faster and more economically.

In addition, we believe that a strong focus on human capital through the talent we hire and retain is critical to maintaining our competitiveness. We are driving a customer-centric organization with a high degree of accountability and ownership to develop processes necessary to exceed customer expectations and deliver financial performance aligned to our goals. Through our employee feedback process, we solicit and act upon information to improve our company and better support our customers and business processes in the future. We have taken steps to attract the best leaders and are accelerating our efforts to mentor and develop key leaders for the future.

Our customers often face challenges in designing supply chains, planning demand, procuring materials and managing their inventories efficiently due to fluctuations in their customer demand, product design

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changes, short product life cycles and component price fluctuations.

We employ enterprise resource planning (ERP) systems and lean manufacturing principles to manage the procurement and manufacturing processes in an efficient and cost-effective manner so that, where possible, components arrive on a just-in-time, as-and-when-needed basis. Because we are a significant purchaser of electronic components and other raw materials, we are able to capitalize on the economies of scale associated with our relationships with suppliers to negotiate price discounts, obtain components and other raw materials that are in short supply, and return excess components. Our agility and expertise in supply chain management and our relationships with suppliers across the supply chain enable us to help reduce our customers’ cost of goods sold and inventory exposure.

We recognize revenue from the sale of manufactured products built to customer specifications. We also generate revenue from design, development and engineering services, in addition to the sale of excess inventory.

Revenue is measured based on a consideration specified in a contract with a customer. We recognize revenue when we have satisfied a performance obligation by transferring control over a manufactured product to a customer. Our contracts with customers are short-term in nature. Customers are generally billed when the product is shipped or as services are performed. Under the majority of our 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, we recognize revenue upon transfer of control of product to the customer. Revenue from design, development and engineering services is recognized over time as the services are performed. We assume no significant obligations after shipment as we typically warrant workmanship only. Therefore, the warranty provisions are generally not significant.

2018 Highlights

Sales for the three months ended March 31, 2018 increased 9% to $608.1 million compared to $557.9 million for 2017. During the first quarter of 2018, sales to customers in our various industry sectors fluctuated from the comparable 2017 period as follows:

·Industrials increased by 6%,

·A&D decreased by 2%,

·Medical increased by 15%,

·Test & Instrumentation increased by 35%,

·Computing increased by 3%, and

·Telecommunications increased by 3%.

The overall revenue increase was driven by strong Test & Instrumentation growth in our precision manufacturing machining operations serving the semi-capital equipment market, Medical growth from higher demand and program ramps from new and existing customers, and Industrials growth from improved demand from new and existing customers.

Our sales depend on the success of our customers, some of which operate in businesses associated with rapid technological change and consequent product obsolescence. Developments adverse to our major customers or their products, or the failure of a major customer to pay for components or services, can adversely affect us. A substantial percentage of our sales is made to a small number of customers, and the loss of a major customer, if not replaced, would adversely affect us. Sales to our 10 largest customers represented 44% of our sales in both the three months ended March 31, 2018 and 2017. 

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We experience fluctuations in gross profit from period to period. Different programs contribute different gross profits depending on factors such as the type of services involved, location of production, size of the program, complexity of the product and level of material costs associated with the various products. Moreover, new programs can contribute relatively less to our gross profit in their early stages when manufacturing volumes are usually lower, resulting in inefficiencies and unabsorbed manufacturing overhead costs. In addition, a number of our new and higher-volume programs remain subject to competitive constraints that can exert downward pressure on our margins. During periods of low production volume, we generally have idle capacity and reduced gross profit.

We have undertaken initiatives to restructure our business operations with the intention of improving utilization and reducing costs. During the first three months of 2018, we recognized $1.4 million of restructuring charges, primarily related to the closure of facilities in the Americas and reductions in workforce in certain facilities primarily in the Americas. In addition, we incurred $0.8 million in costs related to the transition of our corporate headquarters to Arizona.

RESULTS OF OPERATIONS

The following table presents the percentage relationship that certain items in our Condensed Consolidated Statements of Income bear to sales for the periods indicated. The financial information and the discussion below should be read in conjunction with the Condensed Consolidated Financial Statements and Notes thereto in Item 1 of this Report. For ease of reference, we refer to the first quarter of 2018 below simply as “2018” and the first quarter of 2017 simply as “2017”.

		Three Months Ended
		March 31,
			2018			2017
					(as adjusted)
Sales			100.0	%		100.0	%
Cost of sales			90.4			91.5
	Gross profit		9.6			8.5
Selling, general and administrative expenses			5.9			5.9
Amortization of intangible assets			0.4			0.4
Restructuring charges and other costs			0.4			0.3
	Income from operations		3.0			2.0
Other expense, net			(0.1)			(0.2)
	Income before income taxes		2.9			1.7
Income tax expense			6.8			0.2
	Net income (loss)		(3.9)	%		1.5	%

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Sales

As noted above, sales increased 9% in 2018 from 2017. The percentages of our sales by sector were as follows:

	Three Months Ended
	March 31,
		2018			2017
Higher-Value Markets				(as adjusted)
Industrials		20	%		21	%
A&D		16			18
Medical		16			15
Test & Instrumentation		17			14
		69			68
Traditional Markets
Computing		17			18
Telecommunications		14			14
		31			32
Total		100	%		100	%

Industrials.2018  sales increased 6% to $124.5 million from $117.2 million in 2017 primarily from improved overall demand from new and existing customers. 

Aerospace and Defense.2018  sales decreased 2% to $97.9 million from $99.9 million in 2017 primarily due to new program qualification delays and ramp execution issues at two of our locations. 

Medical.2018  sales increased 15% to $97.3 million from $84.9 million in 2017 primarily due to higher demand from program ramps from new and existing customers.

Test & Instrumentation.2018  sales increased 35% to $102.2 million from $75.7 million in 2017. The increase reflected strong demand in our precision manufacturing machining operations serving the semi-capital equipment market.

Computing.2018 sales increased 3% to $103.5 million from $100.3 million in 2017. The increase is primarily due to increased demand from data security customers.

Telecommunications.2018  sales increased 3% to $82.7 million from $79.9 million in 2017. The increase related primarily to demand increases from existing customers in the satellite, edge broadband, and network testing spaces. 

Our international operations are subject to the risks of doing business abroad. See Part I, Item 1A of our 2017 10-K for factors pertaining to our international sales and fluctuations in the exchange rates of foreign currency and for further discussion of potential adverse effects in operating results associated with the risks of doing business abroad. During 2018 and 2017, 48% and 46%, respectively, of our sales were from international operations.

Gross Profit

Gross profit increased 23% to $58.3 million for 2018 from $47.5 million in 2017. For the three months ended March 31, 2017, we incurred a $3.4 million charge for the write-down of inventory associated with the insolvency of a customer. Including the inventory charge in the first quarter of 2017 and the partial

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recoveries in the first quarter of 2018, gross profit as a percentage of sales was 9.6% for the three months ended March 31, 2018 and 8.5% for the three months ended March 31, 2017. Excluding these items, gross profit as a percentage of sales increased to 9.5% for the three months ended March 31, 2018 from 9.1% in 2017 primarily due to higher sales and a better mix of higher-value sales.

Selling, General and Administrative Expenses

SG&A increased 10% to $35.8 million in 2018 from $32.7 million in 2017. During 2017, we had a $1.7 million charge for a provision to accounts receivable associated with the insolvency of a customer. Including this provision to accounts receivable, SG&A, as a percentage of sales, was 5.9% in both 2018 and 2017. Excluding this provision to accounts receivable, SG&A, as a percentage of sales, increased to 5.9% in 2018 from 5.5% in 2017 primarily due to increased stock-based compensation and investments in our sales and marketing organization and solutions capabilities.

Restructuring Charges and Other Costs

During 2018, we recognized $1.4 million of restructuring charges, primarily related to facility transition and closures in the Americas and reductions in workforce in certain facilities primarily in the Americas. In addition, during 2018 we incurred $0.8 million in costs related to the transition of our corporate headquarters to Arizona. We expect to incur additional restructuring charges of approximately $1.0 million to $1.5 million in the second quarter of 2018. In 2017, we recognized $1.5 million of restructuring charges and other costs, primarily related to reductions in workforce in certain facilities across various regions. See Note 15 to the Condensed Consolidated Financial Statements in Item 1 of this Report.

Interest Income

Interest income increased to $1.9 million in 2018 from $1.1 million in 2017 due to investment of higher levels of available cash in interest bearing cash equivalents at higher interest rates.

Income Tax Expense

Income tax expense of $41.2 million represented an effective tax rate of 235.0% for 2018, compared with $1.1 million for 2017, which represented an effective tax rate of 11.4%. During the first quarter of 2018, we changed our historical repatriation strategy. We have historically asserted our intention to indefinitely reinvest undistributed foreign earnings. We no longer consider these earnings to be indefinitely reinvested in our foreign subsidiaries. As a result of this change in assertion for undistributed earnings prior to December 31, 2017, we recorded a $30.7 million deferred tax expense for foreign withholding tax from Asia and $9.4 million for deferred U.S. state income tax expense in the first quarter of 2018. In addition, during 2018 we released $0.5 million of uncertain tax benefits from a U.S. Internal Revenue Service (IRS) audit related to the Secure Communication Systems, Inc. acquisition. During the first quarter of 2018, the IRS indicated that this examination of years 2013 to 2015 was closed. Excluding these tax items, the effective tax rate in 2018 would have been 8.7%. The decrease in the effective rate for 2018 is primarily a result of credits for deferred tax true-up adjustments and the reduction in the corporate income tax rate to 21% rate from 35%, offset by increased U.S. tax under GILTI as a result of the U.S. Tax Reform.

We have been granted certain tax incentives, including tax holidays, for our subsidiaries in China, Malaysia and Thailand that will expire at various dates, unless extended or otherwise renegotiated, through 2018 in China, 2021 in Malaysia, and 2028 in Thailand. See Note 11 to the Condensed Consolidated Financial Statements in Item 1 of this Report.

Net Income (Loss)

We reported a net loss of $23.6 million, or  $0.49 per diluted share, for the first three months of 2018, compared with net income of $8.6 million, or $0.17 per diluted share, for the same period in 2017. The net decrease of $32.2 million from 2017 was primarily the result of the tax expense related to the change in our

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historical repatriation strategy discussed above.

LIQUIDITY AND CAPITAL RESOURCES

We have historically financed our organic growth and operations through funds generated from operations and occasional borrowings under our revolving credit facility. Cash and cash equivalents totaled $676.3 million at March 31, 2018 and $742.5 million at December 31, 2017, of which $438.1 million and $673.4 million, respectively, were held outside the U.S. in various foreign subsidiaries. During the three months ended March 31, 2018, we repatriated $277.0 million of foreign earnings to the U.S. and expect to repatriate an additional $223.0 million in future quarters.

Cash provided by operating activities during the first three months was $24.5 million for 2018 and consisted primarily of $23.6 million of net loss adjusted for $12.4 million of depreciation and amortization and $39.0 million in deferred income taxes, a $33.4 million decrease in accounts receivable, and a $38.2 million increase in inventories. The deferred income taxes are a result of the change in assertion related to undistributed foreign earnings. The increase in inventories is primarily related to raw materials in support of the ramp of new programs into production. Working capital was $1.1 billion at March 31, 2018 and $1.2 billion at December 31, 2017.

We purchase components only after customer orders or forecasts are received, which mitigates, but does not eliminate, the risk of loss on inventories. Supplies of electronic components and other materials used in operations are subject to industry-wide shortages. In certain instances, suppliers may allocate available quantities to us. If shortages of these components and other material supplies used in operations occur, vendors may not ship the quantities we need for production, and we may be forced to delay shipments, which can increase backorders and impact cash flows.

Cash used in investing activities was $21.0 million for 2018, primarily due to purchases of additional property, plant and equipment totaling $20.1 million. The purchases of property, plant and equipment were primarily for machinery and equipment in the Americas and Asia.

Cash used in financing activities was $70.6 million for 2018. Share repurchases totaled $58.4 million, equity forward contract payment totaled $10.0 million, net principal payments on long-term debt totaled $4.6 million, and we received $3.1 million from the exercise of stock options.

Under the terms of our $430.0 million Credit Agreement, in addition to the Term Loan facility, we have a $200.0 million five-year revolving credit facility to be used for general corporate purposes, both with a maturity date of November 12, 2020. The Credit Agreement includes an accordion feature pursuant to which total commitments under the facility may be increased by an additional $150.0 million, subject to satisfaction of certain conditions. As of March 31, 2018, we had $202.7 million in borrowings outstanding under the Term Loan facility and $2.8 million in letters of credit outstanding under the revolving credit facility. $197.2 million remains available for future borrowings under the revolving credit facility. See Note 7 to the Condensed Consolidated Financial Statements included in Item 1 of this Report for more information regarding the terms of the Credit Agreement.

Our operations, and the operations of businesses we acquire, are subject to certain foreign, federal, state and local regulatory requirements relating to environmental, waste management, health and safety matters. We believe we operate in substantial compliance with all applicable requirements and we seek to ensure that newly acquired businesses comply or will comply substantially with applicable requirements. To date, the costs of compliance and workplace and environmental remediation have not been material to us. However, material costs and liabilities may arise from these requirements or from new, modified or more stringent requirements in the future. In addition, our past, current and future operations, and the operations

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of businesses we have or may acquire, may give rise to claims of exposure by employees or the public, or to other claims or liabilities relating to environmental, waste management or health and safety concerns.

As of March 31, 2018, we had cash and cash equivalents totaling $676.3 million and had $197.2 million available for borrowings under the Credit Agreement. During the next 12 months, we believe our capital expenditures will approximate $50 to $60 million, principally for machinery and equipment as well as expansion investments to support our ongoing business around the globe.

In December 2015 and March 2018, our Board of Directors approved the repurchase of up to $100.0 million and $250.0 million, respectively, of our outstanding common shares. As of March 31, 2018, we had $245.0 million remaining under the share repurchase authorization to purchase additional shares. We are under no commitment or obligation to repurchase any particular amount of common shares. Management believes that our existing cash balances and funds generated from operations will be sufficient to permit us to meet our liquidity requirements over the next 12 months. Management further believes that our ongoing cash flows from operations and any borrowings we may incur under our revolving credit facility will enable us to meet operating cash requirements in future years. If we consummated significant acquisitions in the future, our capital needs would increase and could possibly result in our need to increase available borrowings under our Credit Agreement or access public or private debt and equity markets. There can be no assurance, however, that we would be successful in raising additional debt or equity on acceptable terms.

CONTRACTUAL OBLIGATIONS

We have certain contractual obligations for operating and capital leases that were summarized in a table of Contractual Obligations in our 2017 10-K. There have been no material changes to our contractual obligations, outside of the ordinary course of our business, since December 31, 2017.

OFF-BALANCE SHEET ARRANGEMENTS

As of March 31, 2018, we did not have any significant off-balance sheet arrangements. See Note 16 to the Condensed Consolidated Financial Statements.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES AND RECENTLY ENACTED ACCOUNTING PRINCIPLES

Management’s discussion and analysis is based upon our condensed consolidated financial statements, which have been prepared in accordance with U.S. GAAP. Our significant accounting policies are summarized in Note 1 to the Consolidated Financial Statements included in our 2017 10-K. See Note 2  to the Condensed Consolidated Financial Statements for a discussion of recently enacted accounting principles.

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Item 3 – Quantitative and Qualitative Disclosures About Market Risk

Our international sales comprise a significant portion of our net sales. We are exposed to risks associated with operating internationally, including:

•      Foreign currency exchange risk;

•      Import and export duties, taxes and regulatory changes;

•      Inflationary economies or currencies; and

•      Economic and political instability.

Additionally, some of our operations are in developing countries. Certain events, including natural disasters, can impact the infrastructure of a developing country more severely than they would impact the infrastructure of a developed country. A developing country can also take longer to recover from such events, which could lead to delays in our ability to resume full operations.

We transact business in various foreign countries and are subject to foreign currency fluctuation risks. We use natural hedging and forward contracts to economically hedge transactional exposure primarily associated with trade accounts receivable, other receivables and trade accounts payable that are denominated in a currency other than the functional currency of the respective operating entity. We do not use derivative financial instruments for speculative purposes. The forward contracts in place as of March 31, 2018 have not been designated as accounting hedges and, therefore, changes in fair value are recorded within our Consolidated Statements of Income.

Our sales are substantially denominated in U.S. dollars. Our foreign currency cash flows are generated in certain European and Asian countries and Mexico.

We are also exposed to market risk for changes in interest rates on our financial instruments, a portion of which relates to our invested cash balances. We do not use derivative financial instruments in our investing activities. We place cash and cash equivalents and investments with various major financial institutions. We protect our invested principal funds by limiting default risk, market risk and reinvestment risk. We mitigate default risk by generally investing in investment-grade securities.

We are also exposed to interest rate risk on borrowings under our Credit Agreement. As of March 31, 2018, we had $202.7 million outstanding on the floating rate Term Loan facility, and we have an interest rate swap agreement with a notional amount of $152.0 million. Under this swap agreement, we receive variable rate interest payments and pay fixed rate interest payments. The effect of this swap is to convert a portion of our floating rate interest expense to fixed interest rate expense. The interest rate swap is designated as a cash flow hedge. For additional information, see Note 16 to the Condensed Consolidated Financial Statements in Item 1 of this Report.

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Item 4 –  Controls and Procedures

As of the end of the period covered by this Report, the Company’s management (with the participation of our Chief Executive Officer (CEO) and Chief Financial Officer (CFO)) conducted an evaluation pursuant to Rule 13a-15 under the Exchange Act, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures. Based on this evaluation, the CEO and CFO concluded that as of the end of the period covered by this Report such disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed by the Company in reports it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC, and include controls and procedures designed to ensure that information required to be disclosed by the Company in such reports is accumulated and communicated to our management, including the CEO and CFO, as appropriate to allow timely decisions regarding required disclosure.

There has been no change in our internal control over financial reporting that occurred during the last fiscal quarter covered by this Report that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Our management, including our CEO and CFO, does not expect that our disclosure controls and internal controls will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within a company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple errors or mistakes. Additionally, controls can be circumvented by individuals’ acts, by collusion of two or more people, or by management overriding the control. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, a control may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

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PART II—OTHER INFORMATION

Item 1.  Legal Proceedings

We are involved in various legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on our consolidated financial position or results of operations.

Item 1A.        Risk Factors

There are no material changes to the risk factors set forth in Part I, Item 1A of our 2017 10-K. 

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds

(c)  The following table provides information for the quarter ended March 31, 2018 about the Company’s repurchases of its equity securities registered pursuant to Section 12 of the Exchange Act, at a total cost of $58.4 million:

ISSUER PURCHASES OF EQUITY SECURITIES
				(d) Maximum
			(c) Total	Number (or
			Number of	Approximate
			Shares	Dollar Value)
			(or Units)	of Shares
			Purchased as	(or Units) that
	(a) Total		Part of	May Yet Be
	Number of		Publicly	Purchased
	Shares (or	(b) Average	Announced	Under the
	Units)	Price Paid per Share	Plans or	Plans or
Period	Purchased(1)	(or Unit)(2)	Programs	Programs(3)
January 1 to 31, 2018	380,000	$29.75	380,000	$52.1 million
February 1 to 28, 2018	239,031	$29.04	239,031	$45.2 million
March 1 to 31, 2018	1,292,347	$31.05	1,292,347	$245.0 million
Total	1,911,378	$30.54	1,911,378

⁽¹⁾ All share repurchases were made on the open market.

⁽²⁾ Average price paid per share is calculated on a settlement basis and excludes commission.

⁽³⁾ On December 7, 2015 and on March 6, 2018, the Board of Directors approved the repurchase of up to $100.0 million and $250.0 million, respectively, of the Company’s common shares. As of March 31, 2018, the Company had $245.0 million remaining under the share purchase authorization. Share purchases may be made in the open market, in privately negotiated transactions or block transactions, at the discretion of the Company’s management and as market conditions warrant. Purchases are funded from available cash and may be commenced, suspended or discontinued at any time without prior notice. Shares repurchased under the program are retired.

During the first quarter of 2018, the Company entered into an accelerated stock repurchase agreement (ASR) with a third party to purchase shares of its common stock for a payment of $50.0 million and received an initial delivery of 1.3 million shares of common stock, representing 80% of the expected shares. See Note 18 to the Condensed Consolidated Financial Statements in Item 1 of this report. The remaining shares to be received in connection with the ASR agreement will be reflected in the share repurchase table in future quarters.

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Item 6.           Exhibits

Exhibit
Number	Description of Exhibit

3.1                      Restated Certificate of Formation dated May 17, 2016 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K dated May 17, 2016) (the 8-K) (Commission file number 1-10560)

3.2                      Amended and Restated Bylaws of the Company dated May 11, 2016 (incorporated by reference to Exhibit 3.2 to the 8-K)

4.1                      Specimen form of certificate evidencing the Common Shares (incorporated by reference to Exhibit 4.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2014) (Commission file number 1-10560)

10.1⁽¹⁾Amendment to Employment Agreement, dated as of February 22, 2018, between the Company and Paul J. Tufano (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K dated February 23, 2018 (Commission file number 1-10560))

31.1 ⁽²⁾               Section 302 Certification of Chief Executive Officer

31.2 ⁽²⁾               Section 302 Certification of Chief Financial Officer

32.1 ⁽²⁾               Section 1350 Certification of Chief Executive Officer

32.2 ⁽²⁾               Section 1350 Certification of Chief Financial Officer

101.INS ⁽³⁾        XBRL Instance Document

101.SCH ⁽³⁾       XBRL Taxonomy Extension Schema Document

101.CAL ⁽³⁾       XBRL Taxonomy Extension Calculation Linkbase Document

101.LAB ⁽³⁾       XBRL Taxonomy Extension Label Linkbase Document

101.PRE ⁽³⁾       XBRL Taxonomy Extension Presentation Linkbase Document

101.DEF ⁽³⁾       XBRL Taxonomy Extension Definition Linkbase Document

⁽¹⁾Indicates management contract or compensatory plan or arrangement.

⁽²⁾Filed herewith.

⁽³⁾  XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934 and otherwise is not subject to liability under these sections.

35

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized on May 9, 2018.  

BENCHMARK ELECTRONICS, INC.

(Registrant)

By: /s/ Paul J. Tufano

Paul J. Tufano

President and Chief Executive Officer

(Principal Executive Officer)

By: /s/ Roop K. Lakkaraju

Roop K. Lakkaraju

Chief Financial Officer

(Principal Financial Officer)

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EX-31.1

 

Exhibit 31.1

Section 302 Certification of Chief Executive Officer

I, Paul J. Tufano, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Benchmark Electronics, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.Benchmark’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for Benchmark and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to Benchmark, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of Benchmark’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in Benchmark’s internal control over financial reporting that occurred during Benchmark’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, Benchmark’s internal control over financial reporting; and

5.Benchmark’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to Benchmark’s auditors and the audit committee of Benchmark’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect Benchmark’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in Benchmark’s internal control over financial reporting.

By: /s/ Paul J. Tufano

Paul J. Tufano

President and Chief Executive Officer

May 9, 2018

EX-31.2

 

Exhibit 31.2

Section 302 Certification of Chief Financial Officer

I, Roop K. Lakkaraju, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Benchmark Electronics, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.Benchmark’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for Benchmark and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to Benchmark, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of Benchmark’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in Benchmark’s internal control over financial reporting that occurred during Benchmark’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, Benchmark’s internal control over financial reporting; and

5.Benchmark’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to Benchmark’s auditors and the audit committee of Benchmark’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect Benchmark’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in Benchmark’s internal control over financial reporting.

By: /s/ Roop K. Lakkaraju

Roop K. Lakkaraju

Chief Financial Officer

May 9, 2018

EX-32.1

 

Exhibit 32.1

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
(Section 906 of the Sarbanes-Oxley Act of 2002)

In connection with the Quarterly Report of Benchmark Electronics, Inc. (the Company) on Form 10-Q for the period ending March 31, 2018 (the Report), I certify to the best of my knowledge that:

(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

By: /s/ Paul J. Tufano

Paul J. Tufano

President and Chief Executive Officer

May 9, 2018

EX-32.2

 

Exhibit 32.2

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
(Section 906 of the Sarbanes-Oxley Act of 2002)

In connection with the Quarterly Report of Benchmark Electronics, Inc. (the Company) on Form 10-Q for the period ending March 31, 2018 (the Report), I certify to the best of my knowledge that:

(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

By: /s/ Roop K. Lakkaraju

Roop K. Lakkaraju

Chief Financial Officer

May 9, 2018

XML

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 07, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q1
Entity Registrant Name	BENCHMARK ELECTRONICS INC
Entity Central Index Key	0000863436
Trading Symbol	BHE
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		47,482,451
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No

XML

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Assets
Cash and cash equivalents	$ 676,327	$ 742,546
Accounts receivable, net of allowance for doubtful accounts of $105 and $105, respectively	403,767	436,560
Contract assets	147,623	146,496
Inventories	305,980	268,917
Prepaid expenses and other assets	31,729	36,018
Income taxes receivable	66	120
Total current assets	1,565,492	1,630,657
Property, plant and equipment, net of accumulated depreciation of $438,435 and $432,043, respectively	200,422	186,473
Goodwill	191,616	191,616
Deferred income taxes	4,034	4,034
Other, net	96,442	96,524
Total assets	2,058,006	2,109,304
Current liabilities:
Current installments of long-term debt and capital lease obligations	19,746	18,274
Accounts payable	368,625	362,701
Income taxes payable	12,808	11,663
Accrued liabilities	83,652	85,679
Total current liabilities	484,831	478,317
Long-term debt and capital lease obligations, less current installments	187,601	193,406
Other long-term liabilities	90,270	89,749
Deferred income taxes	47,973	8,694
Shareholders' equity:
Common stock, $0.10 par value; 145,000 shares authorized; issued and outstanding - 47,572 and 49,143, respectively	4,757	4,914
Additional paid-in capital	608,092	634,192
Retained earnings	640,466	708,181
Accumulated other comprehensive loss	(5,984)	(8,149)
Total shareholders' equity	1,247,331	1,339,138
Total liabilities and shareholders' equity	$ 2,058,006	$ 2,109,304

XML

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Condensed Consolidated Balance Sheets [Abstract]
Allowance for doubtful accounts, accounts receivable	$ 105	$ 105
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment	$ 438,435	$ 432,043
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	47,572	49,143
Common stock, outstanding	47,572	49,143

XML

Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Condensed Consolidated Statements Of Income (Loss) [Abstract]
Revenues	$ 608,136	$ 557,903
Cost of sales	549,818	510,371
Gross profit	58,318	47,532
Selling, general and administrative expenses	35,750	32,651
Amortization of intangible assets	2,366	2,481
Restructuring charges and other costs	2,235	1,511
Income from operations	17,967	10,889
Interest expense	(2,428)	(2,225)
Interest income	1,933	1,074
Other income (expense), net	43	(81)
Income before income taxes	17,515	9,657
Income tax expense	41,156	1,102
Net income (loss)	$ (23,641)	$ 8,555
Earnings (loss) per share:
Basic	$ (0.49)	$ 0.17
Diluted	$ (0.49)	$ 0.17
Weighted-average number of shares outstanding:
Basic	48,517	49,511
Diluted	48,517	50,080

XML

Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Consolidated Statements Of Comprehensive Income [Abstract]
Net income (loss)	$ (23,641)	$ 8,555
Other comprehensive income:
Foreign currency translation adjustments	1,332	608
Unrealized gain on investments, net of tax	0	4
Unrealized gain on derivative, net of tax	833	365
Other	0	(13)
Other comprehensive income	2,165	964
Comprehensive income (loss)	$ (21,476)	$ 9,519

XML

Consolidated Statements Of Shareholders' Equity - 3 months ended Mar. 31, 2018 - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Additional Paid In Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]
Balances, shares at Dec. 31, 2017	49,143	49,143
Balances, value at Dec. 31, 2017	$ 1,339,138	$ 4,914	$ 634,192	$ 708,181	$ (8,149)
Stock-based compensation expense	$ 2,870	$ 0	2,870	0	0
Shares repurchased and retired, shares	(1,911)	(1,911)
Shares repurchased and retired, value	$ (68,381)	$ (191)	(31,252)	(36,938)	0
Stock options exercised, shares	168	168
Stock options exercised, value	$ 3,079	$ 17	3,062	0	0
Vesting of restricted stock units, shares	198	198
Vesting of restricted stock units, value	$ 0	$ 20	(20)	0	0
Shares withheld for taxes, shares	(26)	(26)
Shares withheld for taxes, value	$ (763)	$ (3)	(760)	0	0
Dividend	(7,136)	0	0	(7,136)	0
Net income (loss)	(23,641)	0	0	(23,641)	0
Other comprehensive income	$ 2,165	$ 0	0	0	2,165
Balances, shares at Mar. 31, 2018	47,572	47,572
Balances, value at Mar. 31, 2018	$ 1,247,331	$ 4,757	$ 608,092	$ 640,466	$ (5,984)

XML

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net income (loss)	$ (23,641)	$ 8,555
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	9,541	9,320
Amortization	2,843	2,953
Deferred income taxes	39,000	74
Asset impairments	0	0
Gain on the sale of property, plant and equipment	(46)	(197)
Stock-based compensation expense	2,870	2,160
Excess tax benefit from stock-based compensation	0	0
Changes in operating assets and liabilities, net of effects from business acquisitions:
Accounts receivable	33,419	59,685
Contract assets	(1,127)	6,561
Inventories	(38,210)	(29,582)
Prepaid expenses and other assets	5,944	(3,292)
Accounts payable	2,337	16,225
Accrued liabilities	(9,116)	5,256
Income taxes	716	187
Net cash provided by operations	24,530	77,905
Cash flows from investing activities:
Proceeds from sales of investments at par	0	0
Additions to property, plant and equipment	(20,059)	(7,012)
Proceeds from the sale of property, plant and equipment	57	217
Additions to purchased software	(818)	(566)
Business acquisitions, net of cash acquired	0	0
Other	(179)	(108)
Net cash used in investing activities	(20,999)	(7,469)
Cash flows from financing activities:
Proceeds from stock options exercised	3,079	5,141
Excess tax benefits from stock-based compensation	0	0
Employee taxes paid for shares withheld	(763)	(358)
Borrowings under credit agreement	50,000	0
Principal payments on long-term debt and capital lease obligations	(54,551)	(3,082)
Share repurchases	(58,381)	(1,000)
Equity forward contract related to accelerated share repurchase	(10,000)	0
Debt issuance costs	0	(434)
Net provided by (used in) financing activities	(70,616)	267
Effect of exchange rate changes	866	341
Net increase (decrease) in cash and cash equivalents	(66,219)	71,044
Cash and cash equivalents at beginning of year	742,546	681,433
Cash and cash equivalents at end of period	$ 676,327	$ 752,477

XML

Basis of Presentation

3 Months Ended

Mar. 31, 2018

Basis of Presentation [Abstract]

Basis of Presentation

Note 1 – Basis of Presentation

Benchmark Electronics, Inc. (the Company) is a Texas corporation that provides worldwide engineering services, integrated technology solutions and manufacturing services (both electronic manufacturing services (EMS) and precision technology manufacturing services) to original equipment manufacturers (OEMs) in the following industries: industrial controls, aerospace and defense (A&D), telecommunications, computers and related products for business enterprises, medical devices, and test and instrumentation. 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). The financial statements reflect all normal and recurring adjustments necessary in the opinion of management for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. The results of operations for the periods presented are not necessarily indicative of the results to be expected for the full year. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and notes included in the Company’s annual report on Form 10-K for the year ended December 31, 2017 (the 2017 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 financial statements in accordance with generally accepted accounting principles in the United States (U.S. GAAP). Actual results could differ from those estimates and assumptions.

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Impact Of Recently Enacted Accounting Standards

3 Months Ended

Mar. 31, 2018

New Accounting Pronouncements And Changes In Accounting Principles [Abstract]

Impact of Recently Enacted Accounting Standards

Note 2 – New Accounting Pronouncements

Adopted in 2018

In May 2017, the Financial Accounting Standards Board (FASB) issued a new accounting standards update that provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. The Company adopted the new guidance effective January 1, 2018.The impact of adoption on the Company's consolidated financial statements is dependent on future changes to stock-based compensation awards.

In August 2016, the FASB issued a new accounting standards update, which seeks to reduce the existing diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The Company adopted this new update effective January 1, 2018.The adoption of this guidance had no impact on the consolidated financial statements of the Company.

In May 2014, the FASB issued a new standard (commonly referred to as ASC 606), which changed the way the Company recognizes revenue and significantly expanded the disclosure requirements for revenue arrangements. The Company adopted ASC 606 with a date of the initial application of January 1, 2018. As a result, the Company has changed its accounting policy for revenue recognition as detailed below.

The Company applied ASC 606 using the full retrospective transition method. The Company elected the ASC 606 practical expedient and does not disclose the information about remaining performance obligations that have original expected durations of one year or less. Amounts prior to January 1, 2018 that have been adjusted in accordance with ASC 606 as described herein are noted “as adjusted”.

Previously, the Company recognized revenue from the sale of manufactured products built to customer specifications and excess inventory when title and risk of ownership passed, the price to the buyer was fixed or determinable and recoverability was reasonably assured, which was generally when the goods were shipped. Under ASC 606, the Company recognizes revenue as the customer takes control of the products. 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. Accordingly, the Company will recognize revenue under these contracts earlier than under the previous accounting rules. Under other manufacturing contracts, the customer does not take control of the product until it is completed. Under these contracts, the Company continues to recognize revenue upon transfer of control of product to the customer. Revenue from design, development and engineering services also continues to be recognized over time as the services are performed.

The following tables summarize the impacts of ASC 606 adoption on the Company’s 2017consolidated financial statements.

Condensed Consolidated Balance Sheet
December 31, 2017
				Impact of changes in accounting policies
				As previously
(in thousands)					reported	Adjustments			As adjusted
	Cash and cash equivalents			$	742,546	$	-	$	742,546
	Accounts receivable, net				436,560		-		436,560
	Contract assets				-		146,496		146,496
	Inventories				397,181		(128,264)		268,917
	Prepaid expenses and other assets				42,263		(6,245)		36,018
	Income taxes receivable				120		-		120
	Property, plant and equipment, net				186,473		-		186,473
	Goodwill				191,616		-		191,616
	Deferred income taxes				4,034		-		4,034
	Other, net				96,524		-		96,524
			Total assets	$	2,097,317	$	11,987	$	2,109,304
	Current installments of long-term debt and
		capital lease obligations		$	18,274	$	-	$	18,274
	Accounts payable				362,701		-		362,701
	Income taxes payable				11,662		1		11,663
	Accrued liabilities				85,679		-		85,679
	Long-term debt and capital lease obligations, less
		current installments			193,406		-		193,406
	Other long-term liabilities				89,749		-		89,749
	Deferred income taxes				7,027		1,667		8,694
			Total liabilities		768,498		1,668		770,166
	Common stock				4,914		-		4,914
	Additional paid-in capital				634,192		-		634,192
	Retained earnings				697,862		10,319		708,181
	Accumulated other comprehensive loss				(8,149)		-		(8,149)
			Total shareholders’ equity		1,328,819		10,319		1,339,138
			Total liabilities and shareholders’ equity	$	2,097,317	$	11,987	$	2,109,304

Condensed Consolidated Statement of Income
Three Months Ended March 31, 2017
		Impact of changes in accounting policies
		As previously
(in thousands, except per share data)			reported	Adjustments			As adjusted
Sales		$	566,501	$	(8,598)	$	557,903
Cost of sales			(517,441)		7,070		(510,371)
Selling, general and administrative expenses			(32,651)		-		(32,651)
Amortization of intangible assets			(2,481)		-		(2,481)
Restructuring charges and other costs			(1,511)		-		(1,511)
Interest expense			(2,225)		-		(2,225)
Interest income			1,074		-		1,074
Other expense, net			(81)		-		(81)
Income tax expense			(1,498)		396		(1,102)
	Net income	$	9,687	$	(1,132)	$	8,555
Earnings per share:
	Basic	$	0.20	$	(0.02)	$	0.17
	Diluted	$	0.19	$	(0.02)	$	0.17
Weighted-average number of shares outstanding:
	Basic		49,511		49,511		49,511
	Diluted		50,080		50,080		50,080

Condensed Consolidated Statement of Cashflows
Three Months Ended March 31, 2017
					Impact of changes in accounting policies
					As previously
(in thousands)						reported	Adjustments			As adjusted
	Net income				$	9,687	$	(1,132)	$	8,555
	Adjustments to reconcile net income to net cash provided
		by operating activities:
			Depreciation			9,320		-		9,320
			Amortization			2,953		-		2,953
			Deferred income taxes			1,041		(967)		74
			Gain on the sale of property, plant and equipment			(197)		-		(197)
			Stock-based compensation expense			2,160		-		2,160
	Changes in operating assets and liabilities:
			Accounts receivable			59,685		-		59,685
			Contract assets			-		6,561		6,561
			Inventories			(22,512)		(7,070)		(29,582)
			Prepaid expenses and other assets			(5,329)		2,037		(3,292)
			Accounts payable			16,225		-		16,225
			Accrued liabilities			5,256		-		5,256
			Income taxes			(384)		571		187
				Net cash provided by operations		77,905		-		77,905
				Net cash used in investing activities		(7,469)		-		(7,469)
				Net cash provided by financing activities		267		-		267
	Effect of exchange rate changes					341		-		341
	Net increase in cash and cash equivalents					71,044		-		71,044
	Cash and cash equivalents at beginning of year					681,433		-		681,433
	Cash and cash equivalents at end of period				$	752,477	$	-	$	752,477

Other

The Company’s performance obligations generally have an expected duration of one year or less. The Company applies the practical expedients and does not disclose information about remaining performance obligations that have original expected durations of one year or less or any significant financing components in the contracts.

The Company recognizes the incremental costs, if any, of obtaining contracts as an expense when incurred since the amortization period of the assets that the Company otherwise would have recognized is one year less.

Not Yet Adopted

In February 2018, the FASB issued new accounting guidance on the reclassification of certain tax effects from accumulated other comprehensive income to retained earnings. This optional guidance is effective January 1, 2019, with early adoption permitted. The Company is evaluating whether it will adopt this new guidance along with any impacts on the Company’s financial position, results of operations and cash flows, none of which are expected to be material.

In June 2016, the FASB issued a new accounting standards update, which replaces the current incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This update is effective for annual reporting periods beginning after December 15, 2019. The Company does not expect the implementation of this update to have a material impact on its consolidated financial position, results of operations or cash flows.

In February 2016, the FASB issued a new accounting standards update changing the accounting for leases, including a requirement to record all leases on the consolidated balance sheets as assets and liabilities. This update is effective for fiscal years beginning after December 15, 2018. The Company will adopt this update effective January 1, 2019, which will impact its consolidated balance sheet. The Company is currently evaluating the impact this standard will have on its consolidated financial statements.

The Company has determined that other recently issued accounting standards will either have no material impact on its consolidated financial position, results of operations or cash flows, or will not apply to its operations.

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Revenue

3 Months Ended

Mar. 31, 2018

Revenue From Contract With Customer [Abstract]

Revenue

Note 3 – Revenue

The Company’s revenues are generated primarily from the sale of manufactured products built to customer specifications. The Company also generates revenue from design, development and engineering services, in addition to the sale of excess inventory.

Revenue is measured based on a 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 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 product to the customer.Revenue from design, development and engineering services is recognized over time as the services are performed.The Company assumes no significant obligations after shipment as it typically warrants workmanship only.Therefore, the warranty provisions are generally not significant.

If the Company had recorded revenue, but not issued an invoice, a contract asset is recognized.The contract asset is transferred to accounts receivable when the entitlement to payment becomes unconditional.

Taxes assessed by governmental authorities that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer, are excluded from revenue.

Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as fulfillment costs and are included in cost of sales.

Disaggregation of revenue

In the following table, revenue is disaggregated by market sector. The table also includes a reconciliation of the disaggregated revenue with the reportable operating segments.

			Reportable Operating Segments
			March 31, 2018
(in thousands)			Americas		Asia		Europe		Total
Market Sector:
	Industrials	$	52,729	$	53,657	$	18,174	$	124,560
	A&D		88,414		1,130		8,323		97,867
	Medical		54,992		38,263		4,032		97,287
	Test and instrumentation		45,869		39,233		17,112		102,214
	Computing		86,221		14,900		2,417		103,538
	Telecommunication		43,894		38,085		691		82,670
	External revenue		372,119		185,268		50,749		608,136
	Elimination of intersegment sales		6,666		9,854		47		16,567
	Segment revenue	$	378,785	$	195,122	$	50,796	$	624,703
			March 31, 2017 (as adjusted)
			Americas		Asia		Europe		Total
Market Sector:
	Industrials	$	54,097	$	45,791	$	17,298	$	117,186
	A&D		93,409		132		6,359		99,900
	Medical		47,601		32,477		4,847		84,925
	Test and instrumentation		32,654		34,694		8,402		75,750
	Computing		77,813		19,566		2,880		100,259
	Telecommunication		47,914		31,164		805		79,883
	External revenue		353,488		163,824		40,591		557,903
	Elimination of intersegment sales		7,832		15,480		53		23,365
	Segment revenue	$	361,320	$	179,304	$	40,644	$	581,268

For the three months endedMarch 31,2018 and 2017, 94.4% and 95.7%, respectively, of the Company’s revenue was recognized as products and services are transferred over time.

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Stock-Based Compensation

3 Months Ended

Mar. 31, 2018

Stock-Based Compensation [Abstract]

Stock-Based Compensation

Note 4 – Stock-Based Compensation

The Company’s 2010 Omnibus Incentive Compensation Plan (the 2010 Plan) authorizes, the Company, upon approval of the Compensation Committee of the Board of Directors, to grant a variety of awards, including stock options, restricted shares and restricted stock units (both time-based and performance-based) and other forms of equity awards, or any combination thereof, to any director, officer, employee or consultant (including any prospective director, officer, employee or consultant) of the Company. Stock options (which have not been awarded since 2015) are granted to employees with an exercise price equal to the market price of the Company’s common shares on the date of grant, generally vest over a four-year period from the date of grant and have a term of 10 years. Time-based restricted stock units granted to employees generally vest over a four-year period from the date of grant, subject to the continued employment of the employee by the Company. Performance-based restricted stock units generally vest over a three-year performance cycle, which includes the year of the grant, and are based upon the Company’s achievement of specified performance metrics. Awards under the 2010 Plan to non-employee directors have been in the form of restricted stock units, which vest in equal quarterly installments over a one-year period, starting on the grant date.

As of March 31,2018, 2.8 million additional common shares were available for issuance under the Company’s 2010 Plan.

All share-based payments to employees, including grants of employee stock options, are recognized in the financial statements based on their grant date fair values. The total compensation cost recognized for stock-based awards was$2.9 million and $2.2 million for the three months endedMarch 31,2018 and 2017, respectively. The total income tax benefit recognized in the condensed consolidated income statement for stock-based awards was $0.7 million and $0.8 million for the three months endedMarch 31,2018 and 2017, respectively. The compensation expense for stock-based awards is recognized over the vesting period of the awards using the straight-line method. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model. Awards of restricted stock units and performance-based restricted stock units are valued at the closing market price of the Company’s common shares on the date of grant. For performance-based restricted stock units, compensation expense is based on the probability that the performance goals will be achieved, which is monitored by management throughout the requisite service period. When it becomes probable, based on the Company’s expectation of performance during the measurement period, that more or less than the previous estimate of the awarded shares will vest, an adjustment to stock-based compensation expense is recognized as a change in accounting estimate.

As of March 31,2018, the unrecognized compensation cost and remaining weighted-average amortization period related to stock-based awards were as follows:

					Performance-
					based
			Restricted		Restricted
		Stock	Stock		Stock
(in thousands, except remaining period data)		Options	Units		Units(1)
Unrecognized compensation cost		$ 266		$ 18,401		$ 5,985
Remaining weighted-average
amortization period	0.9 years			3.1 years		2.1 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 three months endedMarch 31,2018 and 2017 was approximately $3.1 million and $5.1 million, respectively. The actual tax benefit realized as a result of stock option exercises and the vesting of other share-based awards during the three months endedMarch 31,2018 and 2017 was $1.8million and $2.8 million, respectively. For the three months endedMarch 31,2018 and 2017, the total intrinsic value of stock options exercised was $2.0 million and $3.1 million, respectively.

The Company awarded performance-based restricted stock units to employees during the three months endedMarch 31,2018and 2017. The number of performance-based restricted stock units that will ultimately be earned will not be determined until the end of the corresponding performance periods, and may vary from as low as zero to as high as 2.5 times the target number depending on the level of achievement of certain performance goals. The level of achievement of these goals is based upon the financial results of the Company for the last full calendar year within the performance period. The performance goals consist of certain levels of achievement using the following financial metrics: revenue growth, operating margin expansion, and return on invested capital. If the performance goals are not met based on the Company’s financial results, the applicable performance-based restricted stock units will not vest and will be forfeited. Shares subject to forfeited performance-based restricted stock units will be available for issuance under the Company’s 2010 Plan.

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

			Weighted-
		Weighted-	Average	Aggregate
	Number of	Average	Remaining	Intrinsic
	Options	Exercise	Contractual	Value
	(in thousands)	Price	Term (Years)	(in thousands)
Outstanding as of December 31, 2017	596	$19.72
Exercised	(168)	18.40
Forfeited or expired	(19)	22.97
Outstanding as of March 31, 2018	409	$20.12	4.99	$ 3,985
Exercisable as of March 31, 2018	372	$19.82	3.95	$ 3,735

The aggregate intrinsic value in the table above is before income taxes and is calculated as the difference between the exercise price of the underlying options and the Company’s closing stock price as of the last business day of the period ended March 31,2018 for options that hadexercise prices that were below the closing price.

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

		Weighted-
	Number of	Average
	Units	Grant Date
	(in thousands)	Fair Value
Non-vested awards outstanding as of December 31, 2017	593	$27.47
Granted	333	30.01
Vested	(198)	26.21
Forfeited	(56)	26.60
Non-vested awards outstanding as of March 31, 2018	672	$29.18

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

		Weighted-
	Number of	Average
	Units	Grant Date
	(in thousands)	Fair Value
Non-vested units outstanding as of December 31, 2017	346	$26.88
Granted (1)	109	29.92
Forfeited or expired	(145)	23.97
Non-vested units outstanding as of March 31, 2018	310	$29.31

⁽¹⁾Represents target number of units that can vest based on the achievement of the performance goals.

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Earnings Per Share

3 Months Ended

Mar. 31, 2018

Earnings Per Share [Abstract]

Earnings Per Share

Note 5 – Earnings Per Share

Basic earnings per share is computed using the weighted-average number of shares outstanding. Diluted earnings per share is computed using the weighted-average number of shares outstanding adjusted for the incremental shares attributed to outstanding stock equivalents. Stock equivalents include common shares issuable upon the exercise of stock options and other equity instruments, and are computed using the treasury stock method. Under the treasury stock method, the exercise price of a share, the amount of compensation cost, if any, for future service that the Company has not yet recognized are assumed to be used to repurchase shares in the current period.

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

		Three Months Ended
		March 31,
(in thousands, except per share data)			2018		2017
Net income (loss)		$	(23,641)	$	8,555
Denominator for basic earnings per share - weighted-average number of
	common shares outstanding during the period		48,517		49,511
Incremental common shares attributable to exercise of dilutive options			—		361
Incremental common shares attributable to outstanding restricted
	stock units		—		208
Denominator for diluted earnings per share			48,517		50,080
Basic earnings (loss) per share			$(0.49)		$0.17
Diluted earnings (loss) per share			$(0.49)		$0.17

Potentially dilutive securities totaling 0.3 million common shares for the three months ended March 31,2018were not included in the computation of diluted loss per share because their effect would have decreased the loss per share.

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Goodwill And Other Intangible Assets

3 Months Ended

Mar. 31, 2018

Goodwill And Other Intangible Assets [Abstract]

Goodwill And Other Intangible Assets

Note 6 – Goodwill and Other Intangible Assets

Goodwill allocated to the Company’s reportable segments was as follows:

(in thousands)		Americas		Asia		Total
Goodwill as of December 31, 2017 and March 31, 2018	$	153,514	$	38,102	$	191,616

Other assets consist primarily of acquired identifiable intangible assets and capitalized purchased software costs. Intangible assets as ofMarch 31,2018 and December 31, 2017were as follows:

		As of March 31, 2018
		Gross				Net
		Carrying	Accumulated			Carrying
(in thousands)		Amount	Amortization			Amount
Customer relationships	$	100,234	$	(35,992)	$	64,242
Purchased software costs		36,156		(29,880)		6,276
Technology licenses		28,800		(18,662)		10,138
Trade names and trademarks		7,800		—		7,800
Other		868		(267)		601
Total	$	173,858	$	(84,801)	$	89,057
		As of December 31, 2017
		Gross				Net
		Carrying	Accumulated			Carrying
(in thousands)		Amount	Amortization			Amount
Customer relationships	$	100,200	$	(34,372)	$	65,828
Purchased software costs		35,328		(29,612)		5,716
Technology licenses		28,800		(17,887)		10,913
Trade names and trademarks		7,800		—		7,800
Other		868		(261)		607
Total	$	172,996	$	(82,132)	$	90,864

Customer relationships are being amortized on a straight-line basis over a period of 10 to 14 years. Capitalized purchased software costs are being amortized on a straight-line basis over the estimated useful life of the related software, which ranges from 2 to 10 years. Technology licenses are being amortized over their estimated useful lives in proportion to the economic benefits consumed. The Company’s acquired trade names and trademarks have been determined to have an indefinite life. Amortization for the three months endedMarch 31,2018 and 2017 was as follows:

	Three Months Ended
	March 31,
(in thousands)		2018		2017
Amortization of intangible assets	$	2,366	$	2,481
Amortization of capitalized purchased software costs		259		276
Amortization of debt costs		218		196
	$	2,843	$	2,953

The estimated future amortization expense of acquired intangible assets for each of the next five years is as follows (in thousands):

Year ending December 31,		Amount
2018 (remaining nine months)	$	8,066
2019		11,093
2020		10,177
2021		7,231
2022		7,203

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Borrowing Facilities

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Borrowing Facilities

Note 7 – Borrowing Facilities

The Company has a $430 million Credit Agreement (the Credit Agreement) with JPMorgan Chase Bank, N.A. as administrative agent and collateral agent (the Administrative Agent), and the financial institutions acting as lenders thereunder from time to time. This Credit Agreement provides for a five-year $200 million revolving credit facility and a five-year $230 million term loan facility (the Term Loan), both with a maturity date of November 12, 2020. The revolving credit facility is available for general corporate purposes, may be drawn in foreign currencies up to an amount equivalent to $20 million, and may be used for letters of credit up to $20 million. The Credit Agreement includes an accordion feature, pursuant to which total commitments under the facility may be increased by an additional $150 million, subject to satisfaction of certain conditions.

The Term Loan is payable in minimum quarterly principal installments of $4.3 million in 2018, $5.8 million in 2019, and $8.6 million in 2020, with the balance payable on the maturity date.

Interest on outstanding borrowings under the Credit Agreement accrues, at our option, at (a) the adjusted London interbank offered rate (LIBOR) plus 1.25% to 2.25%, or (b) the alternative base rate plus 0.25% to 1.25%, and is payable quarterly in arrears. The alternative base rate is equal to the highest of (i) the Administrative Agent’s prime rate, (ii) the federal funds rate plus 0.50% and (iii) the adjusted LIBOR rate plus 1.00%. The margin on the interest rates fluctuates based upon the ratio of the Company’s debt to its consolidated EBITDA. As of March 31,2018, $152.0 million of the outstanding debt under the Credit Agreement was effectively at a fixed interest rate as a result of a $152.0 million notional interest rate swap contract discussed in Note 16. A commitment fee of 0.30% to 0.40% per annum (based on the debt to EBITDAratio) on the unused portion of the revolving credit line 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) any debt owed to Benchmark and its subsidiaries and (c) all or substantially all other personal property of Benchmark and its domestic subsidiaries (including, accounts receivable, inventory and fixed assets of Benchmark and its domestic subsidiaries), in each case, subject to customary exceptions and limitations. The Credit Agreement contains financial covenants as to debt leverage and interest coverage, and certain customary affirmative and negative covenants, including restrictions on our 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 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 March 31,2018 and December 31, 2017, the Company was in compliance with all of these covenants and restrictions.

As of March 31,2018, the Company had $202.7 million in borrowings outstanding under the Term Loan facility and $2.8 million in letters of credit outstanding under the revolving credit facility. The Company has $197.2 million available for future borrowings under the revolving credit facility.

The Company’s Thailand subsidiary has a multi-purpose credit facility with Kasikornbank Public Company Limited (the Thai Credit Facility) that provides for 350 million Thai baht working capital availability. The Thai Credit Facility is secured by land and buildings in Thailand owned by the Company’s Thailand subsidiary. Availability of funds under the Thai Credit Facility is reviewed annually and is currently accessible through October 2018. As of both March 31,2018 and December 31, 2017, there were no working capital borrowings outstanding under the facility.

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Contract Assets

3 Months Ended

Mar. 31, 2018

Contract With Customer Asset And Liability [Abstract]

Contract assets

Note 8 – Contract Assets

As of March 31,2018 and December 31, 2017, the Company had $147.6 million and $146.5 million in contract receivables from contracts with customers. The contract receivables primarily relate to the Company’s right to consideration for work completed but not billed at the reporting date. The contract receivables are transferred to accounts receivable when the rights become unconditional.

Significant changes in the contract asset balance during the period are as follows:

	Three Months Ended
	March 31,
(in thousands)		2018		2017
Transferred to receivables from contract assets recognized at
the beginning of the period	$	(145,217)	$	(156,206)
Contract assets recognized, net of reclassification to accounts receivable		146,344		149,645
Net change	$	1,127	$	(6,561)

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Inventories

3 Months Ended

Mar. 31, 2018

Inventories [Abstract]

Inventories

Note 9 – Inventories
Inventory costs are summarized as follows:
	March 31,		December 31,
(in thousands)		2018		2017
			(as adjusted)
Raw materials	$	294,699	$	258,228
Work in process		7,853		8,600
Finished goods		3,428		2,089
	$	305,980	$	268,917

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Accounts Receivable Sale Program

3 Months Ended

Mar. 31, 2018

Receivables [Abstract]

Accounts Receivable Sales Program

Note 10 – Accounts Receivable Sale Program

In connection with a trade accounts receivable sale program with an unaffiliated financial institution, the Company may elect to sell, at a discount, on an ongoing basis, up to a maximum of $40.0 million, of specific accounts receivable at any one time.

During the three months ended March 31,2018, the Company sold $40.0 million of accounts receivable under this program, and in exchange, the Company received cash proceeds of $39.9 million, net of the discount. During the three months ended March 31,2017, the Company sold $25.0 million of accounts receivable under this program, and in exchange, the Company received cash proceeds of $24.9 million, net of the discount. The loss on the saleresulting from the discount during the threemonths ended March 31,2018 and 2017 was $0.1 million for both periods and was recorded to other expense within the Condensed Consolidated Statements of Income.

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Income Taxes

3 Months Ended

Mar. 31, 2018

Income Taxes [Abstract]

Income Taxes

Note 11 – Income Taxes
Income tax expense consists of the following:
	Three Months Ended
	March 31,
(in thousands)		2018		2017
			(as adjusted)
Federal – current	$	(304)	$	(212)
Foreign – current		2,154		1,112
State – current		306		128
Deferred		39,000		74
	$	41,156	$	1,102

The U.S. Tax Cuts and Jobs Act (U.S. Tax Reform), which was signed into law on December 22, 2017, significantly changed U.S. tax law by, among other things, lowering corporate income tax rates, implementing a territorial tax system and imposing a transition tax on deemed repatriated earnings of foreign subsidiaries. The U.S. Tax Reform reduced the U.S. corporate income tax rate from a maximum of 35% to a flat 21% rate, effective January 1, 2018.

To minimize tax base erosion with a territorial tax system, the U.S. Tax Reform enacted a new global intangible low-taxed income (GILTI) provision. Under the GILTI provision, certain foreign subsidiary earnings in excess of an allowable return on the foreign subsidiary’s depreciable tangible assets are included in U.S. taxable income offset by a limited deemed paid foreign tax credit. The Company is subject to the GILTI provisions due to its operations in foreign jurisdictions.

As of December 31, 2017, the Company had approximately $928 million in cumulative undistributed foreign earnings outside the U.S. Substantially all of these undistributed earnings are subject to the U.S. mandatory repatriation tax and are eligible to be repatriated to the U.S. without additional U.S. tax under the U.S. Tax Reform. The Company has historically asserted its intention to indefinitely reinvest undistributed foreign earnings. The Company no longer consider these earnings to be indefinitely reinvested in its foreign subsidiaries. As a result of this change in assertion for undistributed earnings prior to December 31, 2017, the Company has recorded $30.7 million of deferred tax expense for foreign withholding tax from Asia and $9.4 million of deferred U.S. state income tax expense in the first quarter of 2018. During the three months ended March 31, 2018, the Company repatriated$277.0 million of foreign earnings to the U.S. The Company expects to repatriate an additional $223.0 million of foreign earnings to the U.S. in 2018. For future undistributed earnings earned after December 31, 2017, the Company will assert its intention to indefinitely reinvest certain future undistributed foreign earnings from certain jurisdictions, and repatriate future earnings from other specific jurisdictions as part of its foreign cash management strategy around the world.

Excluding the impact of these items, income tax expense differs from the amount computed by applying the U.S. federal statutory income tax rate to income before income tax primarily due to the mix of taxable income by taxing jurisdiction, the impact of tax incentives and tax holidays in foreign locations, state income taxes (net of federal benefit) and the U.S. tax under GILTI.

The Company has been granted certain tax incentives, including tax holidays, for its subsidiaries in China, Malaysia and Thailand that will expire at various dates, unless extended or otherwise renegotiated, through 2018 in China, 2021 in Malaysia and 2028 in Thailand, and are subject to certain conditions with which the Company expects to comply. The net impact of these tax incentives was to lower income tax expense for the three months endedMarch 31,2018 and 2017 by approximately $2.9 million (approximately 0.06per diluted share) and $1.3 million (approximately $0.03 per diluted share), respectively, as follows:

	Three Months Ended
	March 31,
(in thousands)		2018		2017
China	$	422	$	167
Malaysia		1,308		532
Thailand		1,144		556
	$	2,874	$	1,255

As of March 31,2018, the total amount of the reserve for uncertain tax benefits including interest was $0.3 million. The reserve is classified as a current or long-term liability in the condensed consolidated balance sheets based on the Company’s expectation of when the items will be settled. The amount of accrued potential intereston unrecognized tax benefits included in the reserve as of March 31,2018, was $47.0 thousand. There was no reserve for potential penalties.

During the three months endedMarch 31,2018, the Company released $0.5 million of uncertain tax benefits from a U.S. Internal Revenue Service (IRS)audit related to the Secure Communication Systems, Inc. acquisition. During the first quarter of 2018, the IRS indicated that this examination of years 2013 to 2015 was closed. In addition, the IRS also notified the Company that the examination of the Company’s consolidated U.S. income tax return filings for 2014 was also closed with no additional tax costs.

The Company and its subsidiaries in Brazil, China, Ireland, Luxembourg, Malaysia, Mexico, the Netherlands, Romania, Singapore, Thailand and the United States remain open to examination by the various local taxing authorities, in total or in part, for fiscal years 2011 to 2017.Currently, the Company does not have any ongoing tax examinations by any jurisdiction.

During the course of such examinations, disputes may occur as to matters of fact or law. Also, in most tax jurisdictions, the passage of time without examination will result in the expiration of applicable statutes of limitations thereby precluding examination of the tax period(s) for which such statute of limitation has expired. The Company believes that it has adequately provided for its tax liabilities.

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Segment And Geographic Information

3 Months Ended

Mar. 31, 2018

Segment And Geographic Information [Abstract]

Segment And Geographic Information

Note 12 – Segment and Geographic Information

The Company currently has manufacturing facilities in the Americas, Asia and Europe to serve its customers. The Company is operated and managed geographically, and management evaluates performance and allocates the Company’s resources on a geographic basis. Intersegment sales are generally recorded at prices that approximate arm’s length transactions. Operating segments’ measure of profitability is based on income from operations. The accounting policies for the reportable operating segments are the same as for the Company taken as a whole. The Company has three reportable operating segments: Americas, Asia and Europe. Information about operating segments is as follows:

		Three Months Ended
		March 31,
(in thousands)			2018		2017
				(as adjusted)
Net sales:
	Americas	$	378,785	$	361,320
	Asia		195,122		179,304
	Europe		50,796		40,644
	Elimination of intersegment sales		(16,567)		(23,365)
		$	608,136	$	557,903
Depreciation and amortization:
	Americas	$	5,609	$	5,505
	Asia		2,822		3,166
	Europe		884		657
	Corporate		3,069		2,945
		$	12,384	$	12,273
Income from operations:
	Americas	$	16,737	$	12,621
	Asia		17,649		13,379
	Europe		2,995		2,370
	Corporate and intersegment eliminations		(19,414)		(17,481)
		$	17,967	$	10,889
Other income (expense):
	Interest expense		(2,428)		(2,225)
	Interest income		1,933		1,074
	Other income (expense)		43		(81)
	Income before income taxes	$	17,515	$	9,657
Capital expenditures:
	Americas	$	12,849	$	3,266
	Asia		5,713		2,410
	Europe		1,022		914
	Corporate		1,293		988
		$	20,877	$	7,578

			March 31,	December 31,
(in thousands)			2018		2017
				(as adjusted)
Total assets:
	Americas	$	786,480	$	812,187
	Asia		726,481		674,783
	Europe		206,237		470,786
	Corporate and other		338,808		151,548
		$	2,058,006	$	2,109,304

Geographic net sales information reflects the destination of the product shipped. Long-lived assets
information is based upon the physical location of the asset.
		Three Months Ended
		March 31,
(in thousands)			2018		2017
				(as adjusted)
Geographic net sales:
	United States	$	391,967	$	368,717
	Asia		106,991		93,632
	Europe		80,541		74,922
	Other foreign		28,637		20,632
		$	608,136	$	557,903
			March 31,	December 31,
			2018		2017
Long-lived assets:
	United States	$	179,386	$	167,858
	Asia		78,867		77,750
	Europe		11,194		11,042
	Other foreign		26,900		25,830
		$	296,347	$	282,480

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Supplemental Cash Flow and Non-Cash Information

3 Months Ended

Mar. 31, 2018

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow and Non-Cash Information

Note 13 – Supplemental Cash Flow and Non-Cash Information
The following is additional information concerning supplemental disclosures of cash payments.
	Three Months Ended
	March 31,
(in thousands)		2018		2017
Income taxes paid, net	$	1,416	$	816
Interest paid		2,256		2,214
Non-cash investing activity:
Additions to property, plant and equipment in accounts payable	$	11,035	$	3,301

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Contingencies

3 Months Ended

Mar. 31, 2018

Contingencies [Abstract]

Contingencies

Note 14 – Contingencies

The Company is involved in various legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Company’s consolidated financial position or results of operations.

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Restructuring Charges

3 Months Ended

Mar. 31, 2018

Restructuring Charges [Abstract]

Restructuring Charges

Note 15 – Restructuring Charges

The Company has undertaken initiatives to restructure its business operations to improve utilization and realize cost savings. These initiatives have included changing the number and location of production facilities, largely to align capacity and infrastructure with current and anticipated customer demand. This alignment includes transferring programs from higher cost geographies to lower cost geographies. The process of restructuring entails moving production between facilities, reducing staff levels, realigning our business processes, reorganizing our managementand other activities.

The Company recognized restructuring charges during 2018 and 2017primarily related tofacility transition and closures in the Americas, capacity reduction and reductions in workforce in certain facilities across various regions.

The following table summarizes the 2018 activity in the accrued restructuring balances related to the restructuring activities initiated prior to March 31,2018:

		Balance as of						Foreign			Balance as of
		December 31,		Restructuring			Cash	Exchange			March 31,
(in thousands)			2017		Charges		Payment	Adjustments			2018
2018 Restructuring:
	Severance	$	—	$	765	$	(746)	$	—	$	19
	Other exit costs		—		298		(168)		—		130
			—		1,063		(914)		—		149
2017 Restructuring:
	Severance		47		—		—		—		47
	Leased facilities and equipment		—		96		(96)		—		—
	Other exit costs		198		244		(210)		(1)		231
			245		340		(306)		(1)		278
2016 Restructuring:
	Severance		29		(1)		(3)		—		25
	Other exit costs		16		35		(16)		—		35
			45		34		(19)		—		60
Total		$	290	$	1,437	$	(1,239)	$	(1)	$	487

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Fair Value

3 Months Ended

Mar. 31, 2018

Fair Value [Abstract]

Fair Value

Note 16 – Fair Value

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A three-tier fair value hierarchy of inputs is employed to determine fair value measurements.

• Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets and liabilities.
• Level 2 inputs are observable prices that are not quoted on active exchanges, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.
• Level 3 inputs are unobservable inputs employed for measuring the fair value of assets or liabilities.

This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value.

The Company’s financial instruments include cash equivalents, accounts and other receivables, accounts payable, accrued liabilities and long-term debt and capital lease obligations. The Company believes that the carrying values of these instruments approximate fair value. As of March 31,2018, the Company’s long-term investments and derivative instruments were recorded at fair value using Level 3 inputs.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 forward currency exchange contracts in place as of March 31,2018 have not been designated as accounting hedges and, therefore, changes in fair value are recorded within theCondensed Consolidated Statements of Income.

The Company has an interest rate swap agreement, which had a notional amount of $152.0 million and $155.3 million as of March 31,2018 and December 31, 2017, respectively, to hedge a portion of its interest rate exposure on outstanding borrowings under the Credit Agreement. Under this interest rate swap agreement, the Company receives variable rate interest payments based on the one-month LIBOR rate and pays fixed rate interest payments. The fixed interest rate for the contract is 1.4935%. The effect of this swap is to convert a portion of the floating rate interest expense to fixed interest rate expense. Based on the terms of the interest rate swap contract and the underlying borrowings outstanding under the Credit Agreement, the interest rate contract was determined to be effective, and thus qualifies and has been designated as a cash flow hedge. As such, changes in the fair value of the interest rate swap are recorded in other comprehensive income on the accompanying Condensed Consolidated Balance Sheets until earnings are affected by the variability of cash flows. The fair value of the interest rate swap was a $3.1 million asset as of March 31,2018 and a $2.0 million asset as of December 31, 2017.During the three months endedMarch 31,2018, the Company recorded unrealized gain of $1.1 million ($0.8 million net of tax) on the swap in other comprehensive income. See Note 17.

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Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2018

Comprehensive Income Net Of Tax [Abstract]

Accumulated Other Comprehensive Loss

Note 17– Accumulated Other Comprehensive Loss

The changes in accumulated other comprehensive loss by component were as follows:

			Foreign			Unrealized
			currency		Derivative	loss on
			translation		instruments,	investments,
(in thousands)			adjustments		net of tax		net of tax		Other		Total
Balances, December 31, 2017		$	(9,567)	$	1,478	$	(41)	$	(19)	$	(8,149)
	Other comprehensive gain
	before reclassifications		1,332		833		—		—		2,165
Net current period other comprehensive gain			1,332		833		—		—		2,165
Balances, March 31, 2018		$	(8,235)	$	2,311	$	(41)	$	(19)	$	(5,984)

See Note 16for further explanation of the change inderivative instruments that is recorded to Accumulated Other Comprehensive Loss.

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Shareholders' Equity

3 Months Ended

Mar. 31, 2018

Equity [Abstract]

Shareholders' Equity

Note 18 – Shareholders’ Equity

Dividends

On March 6, 2018, the Company declared a quarterly cash dividend of $0.15 per share of the Company’s common stock to shareholders of record as of March 29, 2018. The dividend of $7.5 million was paid on April 11, 2018.

Share Repurchase Authorization

On December 7, 2015 and on March 6, 2018, the Board of Directors approved the repurchase of up to $100.0 million and $250.0 million, respectively, of the Company’s common shares. As of March 31, 2018, the Company had $245.0 million remaining under the share repurchase authorization.

During the first quarter of 2018, the Company entered into an accelerated stock repurchase agreement (ASR) with a third party to purchase shares of its common stock for a payment of $50.0 million and received an initial delivery of 1.3 million shares of common stock, representing 80% of the expected shares. The remaining shares will be settled at the end of the contract period.

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New Accounting Pronouncements (Tables)

3 Months Ended

Mar. 31, 2018

New Accounting Pronouncements And Changes In Accounting Principles [Abstract]

Impacts of ASC 606 Adoption

The following tables summarize the impacts of ASC 606 adoption on the Company’s 2017consolidated financial statements.

Condensed Consolidated Balance Sheet
December 31, 2017
				Impact of changes in accounting policies
				As previously
(in thousands)					reported	Adjustments			As adjusted
	Cash and cash equivalents			$	742,546	$	-	$	742,546
	Accounts receivable, net				436,560		-		436,560
	Contract assets				-		146,496		146,496
	Inventories				397,181		(128,264)		268,917
	Prepaid expenses and other assets				42,263		(6,245)		36,018
	Income taxes receivable				120		-		120
	Property, plant and equipment, net				186,473		-		186,473
	Goodwill				191,616		-		191,616
	Deferred income taxes				4,034		-		4,034
	Other, net				96,524		-		96,524
			Total assets	$	2,097,317	$	11,987	$	2,109,304
	Current installments of long-term debt and
		capital lease obligations		$	18,274	$	-	$	18,274
	Accounts payable				362,701		-		362,701
	Income taxes payable				11,662		1		11,663
	Accrued liabilities				85,679		-		85,679
	Long-term debt and capital lease obligations, less
		current installments			193,406		-		193,406
	Other long-term liabilities				89,749		-		89,749
	Deferred income taxes				7,027		1,667		8,694
			Total liabilities		768,498		1,668		770,166
	Common stock				4,914		-		4,914
	Additional paid-in capital				634,192		-		634,192
	Retained earnings				697,862		10,319		708,181
	Accumulated other comprehensive loss				(8,149)		-		(8,149)
			Total shareholders’ equity		1,328,819		10,319		1,339,138
			Total liabilities and shareholders’ equity	$	2,097,317	$	11,987	$	2,109,304

Condensed Consolidated Statement of Income
Three Months Ended March 31, 2017
		Impact of changes in accounting policies
		As previously
(in thousands, except per share data)			reported	Adjustments			As adjusted
Sales		$	566,501	$	(8,598)	$	557,903
Cost of sales			(517,441)		7,070		(510,371)
Selling, general and administrative expenses			(32,651)		-		(32,651)
Amortization of intangible assets			(2,481)		-		(2,481)
Restructuring charges and other costs			(1,511)		-		(1,511)
Interest expense			(2,225)		-		(2,225)
Interest income			1,074		-		1,074
Other expense, net			(81)		-		(81)
Income tax expense			(1,498)		396		(1,102)
	Net income	$	9,687	$	(1,132)	$	8,555
Earnings per share:
	Basic	$	0.20	$	(0.02)	$	0.17
	Diluted	$	0.19	$	(0.02)	$	0.17
Weighted-average number of shares outstanding:
	Basic		49,511		49,511		49,511
	Diluted		50,080		50,080		50,080

Condensed Consolidated Statement of Cashflows
Three Months Ended March 31, 2017
					Impact of changes in accounting policies
					As previously
(in thousands)						reported	Adjustments			As adjusted
	Net income				$	9,687	$	(1,132)	$	8,555
	Adjustments to reconcile net income to net cash provided
		by operating activities:
			Depreciation			9,320		-		9,320
			Amortization			2,953		-		2,953
			Deferred income taxes			1,041		(967)		74
			Gain on the sale of property, plant and equipment			(197)		-		(197)
			Stock-based compensation expense			2,160		-		2,160
	Changes in operating assets and liabilities:
			Accounts receivable			59,685		-		59,685
			Contract assets			-		6,561		6,561
			Inventories			(22,512)		(7,070)		(29,582)
			Prepaid expenses and other assets			(5,329)		2,037		(3,292)
			Accounts payable			16,225		-		16,225
			Accrued liabilities			5,256		-		5,256
			Income taxes			(384)		571		187
				Net cash provided by operations		77,905		-		77,905
				Net cash used in investing activities		(7,469)		-		(7,469)
				Net cash provided by financing activities		267		-		267
	Effect of exchange rate changes					341		-		341
	Net increase in cash and cash equivalents					71,044		-		71,044
	Cash and cash equivalents at beginning of year					681,433		-		681,433
	Cash and cash equivalents at end of period				$	752,477	$	-	$	752,477

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Revenue (Tables)

3 Months Ended

Mar. 31, 2018

Revenue From Contract With Customer [Abstract]

Disaggregation of revenue

Disaggregation of revenue

In the following table, revenue is disaggregated by market sector. The table also includes a reconciliation of the disaggregated revenue with the reportable operating segments.

			Reportable Operating Segments
			March 31, 2018
(in thousands)			Americas		Asia		Europe		Total
Market Sector:
	Industrials	$	52,729	$	53,657	$	18,174	$	124,560
	A&D		88,414		1,130		8,323		97,867
	Medical		54,992		38,263		4,032		97,287
	Test and instrumentation		45,869		39,233		17,112		102,214
	Computing		86,221		14,900		2,417		103,538
	Telecommunication		43,894		38,085		691		82,670
	External revenue		372,119		185,268		50,749		608,136
	Elimination of intersegment sales		6,666		9,854		47		16,567
	Segment revenue	$	378,785	$	195,122	$	50,796	$	624,703
			March 31, 2017 (as adjusted)
			Americas		Asia		Europe		Total
Market Sector:
	Industrials	$	54,097	$	45,791	$	17,298	$	117,186
	A&D		93,409		132		6,359		99,900
	Medical		47,601		32,477		4,847		84,925
	Test and instrumentation		32,654		34,694		8,402		75,750
	Computing		77,813		19,566		2,880		100,259
	Telecommunication		47,914		31,164		805		79,883
	External revenue		353,488		163,824		40,591		557,903
	Elimination of intersegment sales		7,832		15,480		53		23,365
	Segment revenue	$	361,320	$	179,304	$	40,644	$	581,268

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Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2018

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 March 31,2018, the unrecognized compensation cost and remaining weighted-average amortization period related to stock-based awards were as follows:

					Performance-
					based
			Restricted		Restricted
		Stock	Stock		Stock
(in thousands, except remaining period data)		Options	Units		Units(1)
Unrecognized compensation cost		$ 266		$ 18,401		$ 5,985
Remaining weighted-average
amortization period	0.9 years			3.1 years		2.1 years
(1) Based on the probable achievement of the performance goals identified in each award.

Summary Of Stock Options

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

			Weighted-
		Weighted-	Average	Aggregate
	Number of	Average	Remaining	Intrinsic
	Options	Exercise	Contractual	Value
	(in thousands)	Price	Term (Years)	(in thousands)
Outstanding as of December 31, 2017	596	$19.72
Exercised	(168)	18.40
Forfeited or expired	(19)	22.97
Outstanding as of March 31, 2018	409	$20.12	4.99	$ 3,985
Exercisable as of March 31, 2018	372	$19.82	3.95	$ 3,735

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:

		Weighted-
	Number of	Average
	Units	Grant Date
	(in thousands)	Fair Value
Non-vested awards outstanding as of December 31, 2017	593	$27.47
Granted	333	30.01
Vested	(198)	26.21
Forfeited	(56)	26.60
Non-vested awards outstanding as of March 31, 2018	672	$29.18

Performance-Based Restricted Stock Units [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary Of Stock-Based Awards

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

		Weighted-
	Number of	Average
	Units	Grant Date
	(in thousands)	Fair Value
Non-vested units outstanding as of December 31, 2017	346	$26.88
Granted (1)	109	29.92
Forfeited or expired	(145)	23.97
Non-vested units outstanding as of March 31, 2018	310	$29.31

⁽¹⁾Represents target number of units that can vest based on the achievement of the performance goals.

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Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2018

Earnings Per Share [Abstract]

Calculation of Basic and Diluted Earnings per Share

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

		Three Months Ended
		March 31,
(in thousands, except per share data)			2018		2017
Net income (loss)		$	(23,641)	$	8,555
Denominator for basic earnings per share - weighted-average number of
	common shares outstanding during the period		48,517		49,511
Incremental common shares attributable to exercise of dilutive options			—		361
Incremental common shares attributable to outstanding restricted
	stock units		—		208
Denominator for diluted earnings per share			48,517		50,080
Basic earnings (loss) per share			$(0.49)		$0.17
Diluted earnings (loss) per share			$(0.49)		$0.17

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Goodwill And Other Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2018

Goodwill And Other Intangible Assets [Abstract]

Goodwill Rollforward

Goodwill allocated to the Company’s reportable segments was as follows:

(in thousands)		Americas		Asia		Total
Goodwill as of December 31, 2017 and March 31, 2018	$	153,514	$	38,102	$	191,616

Schedule Of Intangible Assets

Intangible assets as ofMarch 31,2018 and December 31, 2017were as follows:

		As of March 31, 2018
		Gross				Net
		Carrying	Accumulated			Carrying
(in thousands)		Amount	Amortization			Amount
Customer relationships	$	100,234	$	(35,992)	$	64,242
Purchased software costs		36,156		(29,880)		6,276
Technology licenses		28,800		(18,662)		10,138
Trade names and trademarks		7,800		—		7,800
Other		868		(267)		601
Total	$	173,858	$	(84,801)	$	89,057
		As of December 31, 2017
		Gross				Net
		Carrying	Accumulated			Carrying
(in thousands)		Amount	Amortization			Amount
Customer relationships	$	100,200	$	(34,372)	$	65,828
Purchased software costs		35,328		(29,612)		5,716
Technology licenses		28,800		(17,887)		10,913
Trade names and trademarks		7,800		—		7,800
Other		868		(261)		607
Total	$	172,996	$	(82,132)	$	90,864

Schedule Of Amortization Expense

Amortization for the three months endedMarch 31,2018 and 2017 was as follows:

	Three Months Ended
	March 31,
(in thousands)		2018		2017
Amortization of intangible assets	$	2,366	$	2,481
Amortization of capitalized purchased software costs		259		276
Amortization of debt costs		218		196
	$	2,843	$	2,953

Schedule Of Estimated Future Amortization Expense

The estimated future amortization expense of acquired intangible assets for each of the next five years is as follows (in thousands):

Year ending December 31,		Amount
2018 (remaining nine months)	$	8,066
2019		11,093
2020		10,177
2021		7,231
2022		7,203

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Contract Assets (Tables)

3 Months Ended

Mar. 31, 2018

Contract With Customer Asset And Liability [Abstract]

Changes In Contract Assets

Significant changes in the contract asset balance during the period are as follows:

	Three Months Ended
	March 31,
(in thousands)		2018		2017
Transferred to receivables from contract assets recognized at
the beginning of the period	$	(145,217)	$	(156,206)
Contract assets recognized, net of reclassification to accounts receivable		146,344		149,645
Net change	$	1,127	$	(6,561)

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Inventories (Tables)

3 Months Ended

Mar. 31, 2018

Inventories [Abstract]

Schedule Of Inventory Costs

Note 9 – Inventories
Inventory costs are summarized as follows:
	March 31,		December 31,
(in thousands)		2018		2017
			(as adjusted)
Raw materials	$	294,699	$	258,228
Work in process		7,853		8,600
Finished goods		3,428		2,089
	$	305,980	$	268,917

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Income Taxes (Tables)

3 Months Ended

Mar. 31, 2018

Income Taxes [Abstract]

Schedule Of Income Tax Expense

Note 11 – Income Taxes
Income tax expense consists of the following:
	Three Months Ended
	March 31,
(in thousands)		2018		2017
			(as adjusted)
Federal – current	$	(304)	$	(212)
Foreign – current		2,154		1,112
State – current		306		128
Deferred		39,000		74
	$	41,156	$	1,102

Schedule Of Tax Incentives

The net impact of these tax incentives was to lower income tax expense for the three months endedMarch 31,2018 and 2017 by approximately $2.9 million (approximately 0.06per diluted share) and $1.3 million (approximately $0.03 per diluted share), respectively, as follows:

	Three Months Ended
	March 31,
(in thousands)		2018		2017
China	$	422	$	167
Malaysia		1,308		532
Thailand		1,144		556
	$	2,874	$	1,255

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Segment And Geographic Information (Tables)

3 Months Ended

Mar. 31, 2018

Segment And Geographic Information [Abstract]

Schedule Of Operating Segments

Information about operating segments is as follows:

		Three Months Ended
		March 31,
(in thousands)			2018		2017
				(as adjusted)
Net sales:
	Americas	$	378,785	$	361,320
	Asia		195,122		179,304
	Europe		50,796		40,644
	Elimination of intersegment sales		(16,567)		(23,365)
		$	608,136	$	557,903
Depreciation and amortization:
	Americas	$	5,609	$	5,505
	Asia		2,822		3,166
	Europe		884		657
	Corporate		3,069		2,945
		$	12,384	$	12,273
Income from operations:
	Americas	$	16,737	$	12,621
	Asia		17,649		13,379
	Europe		2,995		2,370
	Corporate and intersegment eliminations		(19,414)		(17,481)
		$	17,967	$	10,889
Other income (expense):
	Interest expense		(2,428)		(2,225)
	Interest income		1,933		1,074
	Other income (expense)		43		(81)
	Income before income taxes	$	17,515	$	9,657
Capital expenditures:
	Americas	$	12,849	$	3,266
	Asia		5,713		2,410
	Europe		1,022		914
	Corporate		1,293		988
		$	20,877	$	7,578

			March 31,	December 31,
(in thousands)			2018		2017
				(as adjusted)
Total assets:
	Americas	$	786,480	$	812,187
	Asia		726,481		674,783
	Europe		206,237		470,786
	Corporate and other		338,808		151,548
		$	2,058,006	$	2,109,304

Schedule Of Geographic Net Sales And Long-Lived Assets

Geographic net sales information reflects the destination of the product shipped. Long-lived assets
information is based upon the physical location of the asset.
		Three Months Ended
		March 31,
(in thousands)			2018		2017
				(as adjusted)
Geographic net sales:
	United States	$	391,967	$	368,717
	Asia		106,991		93,632
	Europe		80,541		74,922
	Other foreign		28,637		20,632
		$	608,136	$	557,903
			March 31,	December 31,
			2018		2017
Long-lived assets:
	United States	$	179,386	$	167,858
	Asia		78,867		77,750
	Europe		11,194		11,042
	Other foreign		26,900		25,830
		$	296,347	$	282,480

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Supplemental Cash Flow and Non-Cash Information (Tables)

3 Months Ended

Mar. 31, 2018

Supplemental Cash Flow Information [Abstract]

Schedule Of Supplemental Cash Flow and Non-Cash Information

Note 13 – Supplemental Cash Flow and Non-Cash Information
The following is additional information concerning supplemental disclosures of cash payments.
	Three Months Ended
	March 31,
(in thousands)		2018		2017
Income taxes paid, net	$	1,416	$	816
Interest paid		2,256		2,214
Non-cash investing activity:
Additions to property, plant and equipment in accounts payable	$	11,035	$	3,301

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Restructuring Charges (Tables)

3 Months Ended

Mar. 31, 2018

Restructuring Charges [Abstract]

Schedule Of Accrued Restructuring

The following table summarizes the 2018 activity in the accrued restructuring balances related to the restructuring activities initiated prior to March 31,2018:

		Balance as of						Foreign			Balance as of
		December 31,		Restructuring			Cash	Exchange			March 31,
(in thousands)			2017		Charges		Payment	Adjustments			2018
2018 Restructuring:
	Severance	$	—	$	765	$	(746)	$	—	$	19
	Other exit costs		—		298		(168)		—		130
			—		1,063		(914)		—		149
2017 Restructuring:
	Severance		47		—		—		—		47
	Leased facilities and equipment		—		96		(96)		—		—
	Other exit costs		198		244		(210)		(1)		231
			245		340		(306)		(1)		278
2016 Restructuring:
	Severance		29		(1)		(3)		—		25
	Other exit costs		16		35		(16)		—		35
			45		34		(19)		—		60
Total		$	290	$	1,437	$	(1,239)	$	(1)	$	487

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Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Mar. 31, 2018

Comprehensive Income Net Of Tax [Abstract]

Schedule Of Accumulated Other Comprehensive Loss

The changes in accumulated other comprehensive loss by component were as follows:

			Foreign			Unrealized
			currency		Derivative	loss on
			translation		instruments,	investments,
(in thousands)			adjustments		net of tax		net of tax		Other		Total
Balances, December 31, 2017		$	(9,567)	$	1,478	$	(41)	$	(19)	$	(8,149)
	Other comprehensive gain
	before reclassifications		1,332		833		—		—		2,165
Net current period other comprehensive gain			1,332		833		—		—		2,165
Balances, March 31, 2018		$	(8,235)	$	2,311	$	(41)	$	(19)	$	(5,984)

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New Accounting Pronouncements (Condensed Consolidated Balance Sheet) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Condensed Consolidated Balance Sheets [Abstract]
Cash and cash equivalents	$ 676,327	$ 742,546	$ 752,477	$ 681,433
Accounts receivable, net	403,767	436,560
Contract assets	147,623	146,496
Inventories, net	305,980	268,917
Prepaid expenses and other assets	31,729	36,018
Income taxes receivable	66	120
Property, plant and equipment, net	200,422	186,473
Goodwill	191,616	191,616
Deferred income taxes	4,034	4,034
Other, net	96,442	96,524
Assets	2,058,006	2,109,304
Current installments of long-term debt and capital lease obligations	19,746	18,274
Accounts payable	368,625	362,701
Income taxes payable	12,808	11,663
Accrued liabilities	83,652	85,679
Long-term debt and capital lease obligations, less current installments	187,601	193,406
Other long-term liabilities	90,270	89,749
Deferred income taxes	47,973	8,694
Total liabilities		770,166
Common stock	4,757	4,914
Additional paid-in capital	608,092	634,192
Retained earnings	640,466	708,181
Total shareholders' equity	1,247,331	1,339,138
Accumulated other comprehensive loss	(5,984)	(8,149)
Total liabilities and shareholders' equity	$ 2,058,006	2,109,304
Accounting Standards Update 2014-09 [Member] | As Previously Reported [Member] | Calculated Under Revenue Guidance In Effect Before Topic 606 [Member]
Condensed Consolidated Balance Sheets [Abstract]
Cash and cash equivalents		742,546	752,477	681,433
Accounts receivable, net		436,560
Contract assets		0
Inventories, net		397,181
Prepaid expenses and other assets		42,263
Income taxes receivable		120
Property, plant and equipment, net		186,473
Goodwill		191,616
Deferred income taxes		4,034
Other, net		96,524
Assets		2,097,317
Current installments of long-term debt and capital lease obligations		18,274
Accounts payable		362,701
Income taxes payable		11,662
Accrued liabilities		85,679
Long-term debt and capital lease obligations, less current installments		193,406
Other long-term liabilities		89,749
Deferred income taxes		7,027
Total liabilities		768,498
Common stock		4,914
Additional paid-in capital		634,192
Retained earnings		697,862
Total shareholders' equity		1,328,819
Accumulated other comprehensive loss		(8,149)
Total liabilities and shareholders' equity		2,097,317
Accounting Standards Update 2014-09 [Member] | Restatement Adjustment [Member] | Adjustments [Member]
Condensed Consolidated Balance Sheets [Abstract]
Cash and cash equivalents		0	$ 0	$ 0
Accounts receivable, net		0
Contract assets		146,496
Inventories, net		(128,264)
Prepaid expenses and other assets		(6,245)
Income taxes receivable		0
Property, plant and equipment, net		0
Goodwill		0
Deferred income taxes		0
Other, net		0
Assets		11,987
Current installments of long-term debt and capital lease obligations		0
Accounts payable		0
Income taxes payable		1
Accrued liabilities		0
Long-term debt and capital lease obligations, less current installments		0
Other long-term liabilities		0
Deferred income taxes		1,667
Total liabilities		1,668
Common stock		0
Additional paid-in capital		0
Retained earnings		10,319
Total shareholders' equity		10,319
Accumulated other comprehensive loss		0
Total liabilities and shareholders' equity		$ 11,987

XML

New Accounting Pronouncements (Condensed Consolidated Statement of Income) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Condensed Consolidated Statements Of Income (Loss) [Abstract]
Revenues	$ 608,136	$ 557,903
Cost of sales	549,818	510,371
Selling, general and administrative expenses	35,750	32,651
Amortization of Intangible Assets	2,366	2,481
Restructuring charges and other costs	2,235	1,511
Interest expense	2,428	2,225
Interest income	1,933	1,074
Other income (expense), net	43	(81)
Income tax expense	41,156	1,102
Net income (loss)	$ (23,641)	$ 8,555
Earnings Per Share [Abstract]
Basic	$ (0.49)	$ 0.17
Diluted	$ (0.49)	$ 0.17
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Basic	48,517	49,511
Diluted	48,517	50,080
Accounting Standards Update 2014-09 [Member] | As Previously Reported [Member] | Calculated Under Revenue Guidance In Effect Before Topic 606 [Member]
Condensed Consolidated Statements Of Income (Loss) [Abstract]
Revenues		$ 566,501
Cost of sales		(517,441)
Selling, general and administrative expenses		(32,651)
Amortization of Intangible Assets		(2,481)
Restructuring charges and other costs		(1,511)
Interest expense		2,225
Interest income		1,074
Other income (expense), net		(81)
Income tax expense		(1,498)
Net income (loss)		$ 9,687
Earnings Per Share [Abstract]
Basic		$ 0.2
Diluted		$ 0.19
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Basic		49,511
Diluted		50,080
Accounting Standards Update 2014-09 [Member] | Restatement Adjustment [Member] | Adjustments [Member]
Condensed Consolidated Statements Of Income (Loss) [Abstract]
Revenues		$ (8,598)
Cost of sales		7,070
Selling, general and administrative expenses		0
Amortization of Intangible Assets		0
Restructuring charges and other costs		0
Interest expense		0
Interest income		0
Other income (expense), net		0
Income tax expense		396
Net income (loss)		$ (1,132)
Earnings Per Share [Abstract]
Basic		$ (0.02)
Diluted		$ (0.02)
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Basic		49,511
Diluted		50,080

XML

New Accounting Pronouncements (Condensed Consolidated Cash Flow) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net income (loss)	$ (23,641)	$ 8,555
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	9,541	9,320
Amortization	2,843	2,953
Deferred income taxes	39,000	74
Gain on the sale of property, plant and equipment	(46)	(197)
Stock-based compensation expense	2,870	2,160
Changes in operating assets and liabilities:
Accounts receivable	33,419	59,685
Contract assets	(1,127)	6,561
Inventories	(38,210)	(29,582)
Prepaid expenses and other assets	5,944	(3,292)
Accounts payable	2,337	16,225
Accrued liabilities	(9,116)	5,256
Income taxes	716	187
Net cash provided by operations	24,530	77,905
Cash flows from investing activities:
Net cash used in investing activities	(20,999)	(7,469)
Cash flows from financing activities:
Net provided by financing activities	(70,616)	267
Effect of exchange rate changes	866	341
Net increase in cash and cash equivalents	(66,219)	71,044
Cash and cash equivalents at beginning of year	742,546	681,433
Cash and cash equivalents at end of period	676,327	752,477
Accounting Standards Update 2014-09 [Member] | As Previously Reported [Member] | Calculated Under Revenue Guidance In Effect Before Topic 606 [Member]
Cash flows from operating activities:
Net income (loss)		9,687
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation		9,320
Amortization		2,953
Deferred income taxes		1,041
Gain on the sale of property, plant and equipment		(197)
Stock-based compensation expense		2,160
Changes in operating assets and liabilities:
Accounts receivable		59,685
Contract assets		0
Inventories		(22,512)
Prepaid expenses and other assets		(5,329)
Accounts payable		16,225
Accrued liabilities		5,256
Income taxes		(384)
Net cash provided by operations		77,905
Cash flows from investing activities:
Net cash used in investing activities		(7,469)
Cash flows from financing activities:
Net provided by financing activities		267
Effect of exchange rate changes		341
Net increase in cash and cash equivalents		71,044
Cash and cash equivalents at beginning of year	742,546	681,433
Cash and cash equivalents at end of period		752,477
Accounting Standards Update 2014-09 [Member] | Restatement Adjustment [Member] | Adjustments [Member]
Cash flows from operating activities:
Net income (loss)		(1,132)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation		0
Amortization		0
Deferred income taxes		(967)
Gain on the sale of property, plant and equipment		0
Stock-based compensation expense		0
Changes in operating assets and liabilities:
Accounts receivable		0
Contract assets		6,561
Inventories		(7,070)
Prepaid expenses and other assets		2,037
Accounts payable		0
Accrued liabilities		0
Income taxes		571
Net cash provided by operations		0
Cash flows from investing activities:
Net cash used in investing activities		0
Cash flows from financing activities:
Net provided by financing activities		0
Effect of exchange rate changes		0
Net increase in cash and cash equivalents		0
Cash and cash equivalents at beginning of year	$ 0	0
Cash and cash equivalents at end of period		$ 0

XML

Revenue (Disaggregation of revenue) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 624,703	$ 581,268
Operating Segments [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	608,136	557,903
Operating Segments [Member] | Industrial Sector [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	124,560	117,186
Operating Segments [Member] | Aerospace And Defense Sector [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	97,867	99,900
Operating Segments [Member] | Medical Sector [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	97,287	84,925
Operating Segments [Member] | Test And Instrumentation Sector [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	102,214	75,750
Operating Segments [Member] | Computing Sector [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	103,538	100,259
Operating Segments [Member] | Telecommunications Sector [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	82,670	79,883
Elimination Of Intersegment Sales [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	16,567	23,365
Americas [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	378,785	361,320
Americas [Member] | Operating Segments [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	372,119	353,488
Americas [Member] | Operating Segments [Member] | Industrial Sector [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	52,729	54,097
Americas [Member] | Operating Segments [Member] | Aerospace And Defense Sector [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	88,414	93,409
Americas [Member] | Operating Segments [Member] | Medical Sector [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	54,992	47,601
Americas [Member] | Operating Segments [Member] | Test And Instrumentation Sector [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	45,869	32,654
Americas [Member] | Operating Segments [Member] | Computing Sector [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	86,221	77,813
Americas [Member] | Operating Segments [Member] | Telecommunications Sector [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	43,894	47,914
Americas [Member] | Elimination Of Intersegment Sales [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	6,666	7,832
Asia [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	195,122	179,304
Asia [Member] | Operating Segments [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	185,268	163,824
Asia [Member] | Operating Segments [Member] | Industrial Sector [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	53,657	45,791
Asia [Member] | Operating Segments [Member] | Aerospace And Defense Sector [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,130	132
Asia [Member] | Operating Segments [Member] | Medical Sector [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	38,263	32,477
Asia [Member] | Operating Segments [Member] | Test And Instrumentation Sector [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	39,233	34,694
Asia [Member] | Operating Segments [Member] | Computing Sector [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	14,900	19,566
Asia [Member] | Operating Segments [Member] | Telecommunications Sector [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	38,085	31,164
Asia [Member] | Elimination Of Intersegment Sales [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	9,854	15,480
Europe [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	50,796	40,644
Europe [Member] | Operating Segments [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	50,749	40,591
Europe [Member] | Operating Segments [Member] | Industrial Sector [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	18,174	17,298
Europe [Member] | Operating Segments [Member] | Aerospace And Defense Sector [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	8,323	6,359
Europe [Member] | Operating Segments [Member] | Medical Sector [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	4,032	4,847
Europe [Member] | Operating Segments [Member] | Test And Instrumentation Sector [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	17,112	8,402
Europe [Member] | Operating Segments [Member] | Computing Sector [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	2,417	2,880
Europe [Member] | Operating Segments [Member] | Telecommunications Sector [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	691	805
Europe [Member] | Elimination Of Intersegment Sales [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 47	$ 53

XML

Stock-Based Compensation (Narrative) (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares available for issuance	2.8
Compensation cost recognized for stock-based awards	$ 2.9	$ 2.2
Income tax benefit recognized in the income statement for stock-based awards	0.7	0.8
Total cash received as a result of stock option exercises	3.1	5.1
Tax benefit realized as a result of stock option exercises and the vesting of other share-based awards	1.8	2.8
Total intrinsic value of stock options exercised	$ 2.0	$ 3.1
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of options	10 years
Employee Awards [Member] | Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Employee Awards [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Employee Awards [Member] | Performance-Based Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Non-Employee Awards [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year

XML

Stock-Based Compensation (Schedule Of Unrecognized Compensation Cost And Remaining Weighted-Average Amortization Period) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018 USD ($)
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 266
Remaining weighted-average amortization period	10 months 24 days
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 18,401
Remaining weighted-average amortization period	3 years 1 month 6 days
Performance-Based Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 5,985
Remaining weighted-average amortization period	2 years 1 month 6 days

XML

Stock-Based Compensation (Summary Of Stock Options) (Details) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018 USD ($) $ / shares shares
Stock-Based Compensation [Abstract]
Number of Options, Outstanding, Beginning balance | shares	596
Number of Options, Exercised | shares	(168)
Number of Options, Forfeited or expired | shares	(19)
Number of Options, Outstanding, Ending balance | shares	409
Number of Options, Exercisable as of December 31, 2017 | shares	372
Weighted-Average Exercise Price, Outstanding, Beginning balance | $ / shares	$ 19.72
Weighted-Average Exercise Price, Exercised | $ / shares	18.4
Weighted-Average Exercise Price, Forfeited or expired | $ / shares	22.97
Weighted-Average Exercise Price, Outstanding, Ending balance | $ / shares	20.12
Weighted-Average Exercise Price, Exercisable as of December 31, 2017 | $ / shares	$ 19.82
Weighted-Average Remaining Contractual Term (Years), Outstanding	4 years 11 months 26 days
Weighted-Average Remaining Contractual Term (Years), Exercisable as of December 31, 2017	3 years 11 months 12 days
Aggregate Intrinsic Value, Outstanding as of December 31, 2017 | $	$ 3,985
Aggregate Intrinsic Value, Exercisable as of December 31, 2017 | $	$ 3,735

XML

Stock-Based Compensation (Summary Of Stock-Based Awards) (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2018 $ / shares shares
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares outstanding, shares or units, beginning balance | shares	593
Granted, shares or units | shares	333
Vested, shares or units | shares	(198)
Forfeited, shares or units | shares	(56)
Non-vested shares outstanding, shares or units, ending balance | shares	672
Non-vested outstanding, weighted-average grant date fair value, beginning balance | $ / shares	$ 27.47
Granted, weighted-average grant date fair value | $ / shares	30.01
Vested, weighted-average grant date fair value | $ / shares	26.21
Forfeited, weighted-average grant date fair value | $ / shares	26.6
Non-vested outstanding, weighted-average grant date fair value, ending balance | $ / shares	$ 29.18
Performance-Based Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares outstanding, shares or units, beginning balance | shares	346
Granted, shares or units | shares	109
Forfeited, shares or units | shares	(145)
Non-vested shares outstanding, shares or units, ending balance | shares	310
Non-vested outstanding, weighted-average grant date fair value, beginning balance | $ / shares	$ 26.88
Granted, weighted-average grant date fair value | $ / shares	29.92
Forfeited, weighted-average grant date fair value | $ / shares	23.97
Non-vested outstanding, weighted-average grant date fair value, ending balance | $ / shares	$ 29.31

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Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Earnings Per Share Reconciliation [Line Items]
Net income (loss)	$ (23,641)	$ 8,555
Denominator for basic earnings per share - weighted-average number of common shares outstanding during the period	48,517	49,511
Denominator for diluted earnings per share	48,517	50,080
Basic earnings per share	$ (0.49)	$ 0.17
Diluted earnings per share	$ (0.49)	$ 0.17
Anti-dilutive securities to purchase common shares	300
Stock Options [Member]
Earnings Per Share Reconciliation [Line Items]
Incremental common shares attributable to stock-based awards	0	361
Restricted Stock Units [Member]
Earnings Per Share Reconciliation [Line Items]
Incremental common shares attributable to stock-based awards	0	208

XML

Goodwill And Other Intangible Assets (Narrative) (Details)	3 Months Ended
	Mar. 31, 2018
Minimum [Member] | Customer Relationships [Member]
Goodwill And Other Intangible Assets [Line Items]
Estimated useful life	10 years
Minimum [Member] | Purchased Software Costs [Member]
Goodwill And Other Intangible Assets [Line Items]
Estimated useful life	2 years
Maximum [Member] | Customer Relationships [Member]
Goodwill And Other Intangible Assets [Line Items]
Estimated useful life	14 years
Maximum [Member] | Purchased Software Costs [Member]
Goodwill And Other Intangible Assets [Line Items]
Estimated useful life	10 years

XML

Goodwill and Other Intangible Assets (Schedule of Goodwill by Reportable Segments) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Goodwill [Line Items]
Goodwill	$ 191,616	$ 191,616
Americas [Member]
Goodwill [Line Items]
Goodwill	153,514	153,514
Asia [Member]
Goodwill [Line Items]
Goodwill	$ 38,102	$ 38,102

XML

Goodwill And Other Intangible Assets (Schedule Of Other Intangible Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 173,858	$ 172,996
Accumulated amortization	(84,801)	(82,132)
Net carrying amount	89,057	90,864
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	100,234	100,200
Accumulated amortization	(35,992)	(34,372)
Net carrying amount	64,242	65,828
Purchased Software Costs [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	36,156	35,328
Accumulated amortization	(29,880)	(29,612)
Net carrying amount	6,276	5,716
Technology Licenses [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	28,800	28,800
Accumulated amortization	(18,662)	(17,887)
Net carrying amount	10,138	10,913
Trade Names and Trademarks [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	7,800	7,800
Accumulated amortization	0	0
Net carrying amount	7,800	7,800
Other Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	868	868
Accumulated amortization	(267)	(261)
Net carrying amount	$ 601	$ 607

XML

Goodwill And Other Intangible Assets (Schedule Of Amortization Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Goodwill And Other Intangible Assets [Abstract]
Amortization of intangible assets	$ 2,366	$ 2,481
Amortization of capitalized purchased software costs	259	276
Amortization of debt costs	218	196
Total amortization	$ 2,843	$ 2,953

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Goodwill And Other Intangible Assets (Schedule Of Estimated Future Amortization Expense) (Details) $ in Thousands	Mar. 31, 2018 USD ($)
Goodwill And Other Intangible Assets [Abstract]
2018 (remaining nine months)	$ 8,066
2019	11,093
2020	10,177
2021	7,231
2022	$ 7,203

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Borrowing Facilities (Details) ฿ in Millions, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2018 THB (฿)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Mar. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Nov. 12, 2015 USD ($)
Line of Credit Facility [Line Items]
Credit Agreement maturity date	Nov. 12, 2020
Derivative Notional Amount					$ 152.0	$ 155.3
Credit Agreement [Member]
Line of Credit Facility [Line Items]
Credit Agreement capacity					430.0
Description of variable interest rate basis	Interest on outstanding borrowings under the Credit Agreement accrues, at our option, at (a) the adjusted London interbank offered rate (LIBOR) plus 1.25% to 2.25%, or (b) the alternative base rate plus 0.25% to 1.25%, and is payable quarterly in arrears. The alternative base rate is equal to the highest of (i) the Administrative Agent’s prime rate, (ii) the federal funds rate plus 0.50% and (iii) the adjusted LIBOR rate plus 1.00%. The margin on the interest rates fluctuates based upon the ratio of the Company’s debt to its consolidated EBITDA.
Credit Agreement covenant terms	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) any debt owed to Benchmark and its subsidiaries and (c) all or substantially all other personal property of Benchmark and its domestic subsidiaries (including, accounts receivable, inventory and fixed assets of Benchmark and its domestic subsidiaries), in each case, subject to customary exceptions and limitations. The Credit Agreement contains financial covenants as to debt leverage and interest coverage, and certain customary affirmative and negative covenants, including restrictions on our 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 specified events of default, including a failure to pay amounts due, breach of a covenant, material inaccuracy of a representation, or occurrence of bankruptcy or insolvency, subject, in some cases, to cure periods.
Credit agreement, secured by percentage of stock of the Company's domestic subsidiaries	100.00%
Credit agreement, secured by percentage of voting capital stock of each direct foreign subsidiary	65.00%
Credit Agreement covenant compliance	As of March 31, 2018 and December 31, 2017, the Company was in compliance with all of these covenants and restrictions.
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Credit Agreement capacity					200.0
Term period	5 years
Credit Agreement maturity date	Nov. 12, 2020
Possible increase to total commitments under Credit Agreement					150.0
Letters of credit outstanding amount					2.8
Revolving credit facility, available for future borrowings					197.2
Term Loan Facility [Member]
Line of Credit Facility [Line Items]
Term period	5 years
Credit Agreement maturity date	Nov. 12, 2020
Term Loan proceeds							$ 230.0
Term Loan frequency of periodic payments	quarterly
Derivative Notional Amount					152.0
Principal amount					202.7
Term Loan Facility [Member] | Interest Rate Swap [Member]
Line of Credit Facility [Line Items]
Derivative Notional Amount					152.0
Term Loan Facility [Member] | Scenario Forecast [Member]
Line of Credit Facility [Line Items]
Quarterly principal installments		$ 8.6	$ 5.8	$ 4.3
Standby Letters Of Credit [Member]
Line of Credit Facility [Line Items]
Revolving credit facility, available for future borrowings					20.0
Foreign currencies [Member]
Line of Credit Facility [Line Items]
Revolving credit facility, available for future borrowings					$ 20.0
Thailand Credit Facility [Member]
Line of Credit Facility [Line Items]
Credit Agreement maturity date	Oct. 31, 2018
Benchmark Electronics (Thailand) Public Company Limited [Member] | Thailand Credit Facility [Member]
Line of Credit Facility [Line Items]
Credit Agreement capacity | ฿	฿ 350
Minimum [Member] | Credit Agreement [Member]
Line of Credit Facility [Line Items]
U.S. Credit facility, commitment fee	0.30%
Maximum [Member] | Credit Agreement [Member]
Line of Credit Facility [Line Items]
U.S. Credit facility, commitment fee	0.40%
LIBOR Plus [Member] | Minimum [Member] | Credit Agreement [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.25%
LIBOR Plus [Member] | Maximum [Member] | Credit Agreement [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.25%
Alternate Base Rate Plus [Member] | Minimum [Member] | Credit Agreement [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.25%
Alternate Base Rate Plus [Member] | Maximum [Member] | Credit Agreement [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.25%

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Contract Assets (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Contract With Customer Asset And Liability [Abstract]
Contract assets	$ 147,623	$ 146,496

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Contract Assets (Schedule Of Changes) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Change In Contract With Customer Asset [Abstract]
Transferred to receivables from contract assets recognized at the beginning of the period	$ (145,217)	$ (156,206)
Contract assets recognized, net of reclassification to accounts receivable	146,344	149,645
Net change	$ 1,127	$ (6,561)

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Inventories (Schedule Of Inventory Costs) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Inventories [Abstract]
Raw materials	$ 294,699	$ 258,228
Work in process	7,853	8,600
Finished goods	3,428	2,089
Inventories	$ 305,980	$ 268,917

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Accounts Receivable Sale Program (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Receivables [Abstract]
Maximum Limit Accounts Receivable Sale Program	$ 40.0
Trade Accounts Receivable Sold	40.0	$ 25.0
Amount Received From Trade Accounts Receivable Sold To Third Party	39.9	24.9
Loss on sale of accounts receivable resulting from discount	$ 0.1	$ 0.1

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Income Taxes (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Income Taxes [Line Items]
Cumulative undistributed earnings of foreign subsidiaries				$ 928,000
Foreign earnings repatriated	$ 277,000
Income tax incentives	$ 2,874	$ 1,255
Net impact of tax incentives, per diluted share	$ 0.06	$ 0.03
Unrecognized tax benefits including interest and penalties	$ 300
Interest on unrecognized tax	47
Decreases related to prior year tax positions	500
Scenario Forecast [Member]
Income Taxes [Line Items]
Foreign earnings repatriated			$ 223,000
State And Local Jurisdiction [Member]
Income Taxes [Line Items]
Income tax expense on foreign earnings expected to be repatriated	9,400
Foreign Country [Member]
Income Taxes [Line Items]
Income tax expense on foreign earnings expected to be repatriated	$ 30,700
China [Member]
Income Taxes [Line Items]
Income tax holidays expiration date	2018
Income tax incentives	$ 422	$ 167
Malaysia [Member}
Income Taxes [Line Items]
Income tax holidays expiration date	2021
Income tax incentives	$ 1,308	532
Thailand [Member]
Income Taxes [Line Items]
Income tax holidays expiration date	2028
Income tax incentives	$ 1,144	$ 556

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Income Taxes (Schedule Of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income Taxes [Abstract]
Federal - Current	$ (304)	$ (212)
Foreign - Current	2,154	1,112
State - Current	306	128
U.S. Deferred tax benefit	39,000	74
Total income tax expense (benefit)	$ 41,156	$ 1,102

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Income Taxes (Schedule Of Tax Incentives) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income tax incentives	$ 2,874	$ 1,255
China [Member]
Income tax incentives	422	167
Malaysia [Member}
Income tax incentives	1,308	532
Thailand [Member]
Income tax incentives	$ 1,144	$ 556

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Segment And Geographic Information (Operating Segments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Segment Reporting Information [Line Items]
Sales to our largest customers	$ 608,136	$ 557,903
Depreciation and amortization	12,384	12,273
Income from operations	17,967	10,889
Interest expense	2,428	2,225
Interest income	1,933	1,074
Other Non operating Income Expense	43	(81)
Income before income taxes	17,515	9,657
Capital expenditures	20,877	7,578
Total assets	2,058,006		$ 2,109,304
Elimination Of Intersegment Sales [Member]
Segment Reporting Information [Line Items]
Sales to our largest customers	(16,567)	(23,365)
Corporate And Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Income from operations	(19,414)	(17,481)
Americas [Member]
Segment Reporting Information [Line Items]
Sales to our largest customers	378,785	361,320
Depreciation and amortization	5,609	5,505
Income from operations	16,737	12,621
Capital expenditures	12,849	3,266
Total assets	786,480		812,187
Asia [Member]
Segment Reporting Information [Line Items]
Sales to our largest customers	195,122	179,304
Depreciation and amortization	2,822	3,166
Income from operations	17,649	13,379
Capital expenditures	5,713	2,410
Total assets	726,481		674,783
Europe [Member]
Segment Reporting Information [Line Items]
Sales to our largest customers	50,796	40,644
Depreciation and amortization	884	657
Income from operations	2,995	2,370
Capital expenditures	1,022	914
Total assets	206,237		470,786
Corporate And Other [Member]
Segment Reporting Information [Line Items]
Total assets	338,808		$ 151,548
Corporate [Member]
Segment Reporting Information [Line Items]
Depreciation and amortization	3,069	2,945
Capital expenditures	$ 1,293	$ 988

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Segment And Geographic Information (Schedule Of Geographic Net Sales And Long-Lived Assets) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Segment Reporting Information [Line Items]
Geographic net sales	$ 608,136	$ 557,903
Long-lived assets	296,347		$ 282,480
United States [Member]
Segment Reporting Information [Line Items]
Geographic net sales	391,967	368,717
Long-lived assets	179,386		167,858
Asia [Member]
Segment Reporting Information [Line Items]
Geographic net sales	106,991	93,632
Long-lived assets	78,867		77,750
Europe [Member]
Segment Reporting Information [Line Items]
Geographic net sales	80,541	74,922
Long-lived assets	11,194		11,042
Other Foreign [Member]
Segment Reporting Information [Line Items]
Geographic net sales	28,637	$ 20,632
Long-lived assets	$ 26,900		$ 25,830

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Supplemental Cash Flow and Non-Cash Information (Table Of Supplmental Cash Flow Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Supplemental Cash Flow Information [Abstract]
Income taxes paid, net	$ 1,416	$ 816
Interest paid	2,256	2,214
Cash Flow Non-cash Investing And Financing Activities Disclosure [Abstract]
Additions to property, plant and equipment in accounts payable	$ 11,035	$ 3,301

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Restructuring Charges (Schedule Of Accrued Restructuring) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018 USD ($)
Restructuring Cost and Reserve [Line Items]
Beginning Balance	$ 290
Restructuring charges	1,437
Cash Payment	(1,239)
Foreign Exchange Adjustments	(1)
Ending Balance	487
2018 [Member]
Restructuring Cost and Reserve [Line Items]
Beginning Balance	0
Restructuring charges	1,063
Cash Payment	(914)
Foreign Exchange Adjustments	0
Ending Balance	149
2017 [Member]
Restructuring Cost and Reserve [Line Items]
Beginning Balance	245
Restructuring charges	340
Cash Payment	(306)
Foreign Exchange Adjustments	(1)
Ending Balance	278
2016 [Member]
Restructuring Cost and Reserve [Line Items]
Beginning Balance	45
Restructuring charges	34
Cash Payment	(19)
Non-Cash Activity	0
Foreign Exchange Adjustments	0
Ending Balance	60
Severance [Member] | 2018 [Member]
Restructuring Cost and Reserve [Line Items]
Beginning Balance	0
Restructuring charges	765
Cash Payment	(746)
Foreign Exchange Adjustments	0
Ending Balance	19
Severance [Member] | 2017 [Member]
Restructuring Cost and Reserve [Line Items]
Beginning Balance	47
Restructuring charges	0
Cash Payment	0
Foreign Exchange Adjustments	0
Ending Balance	47
Severance [Member] | 2016 [Member]
Restructuring Cost and Reserve [Line Items]
Beginning Balance	29
Restructuring Reserve Accrual Adjustment	(1)
Cash Payment	(3)
Non-Cash Activity	0
Foreign Exchange Adjustments	0
Ending Balance	25
Lease Facility Costs [Member] | 2017 [Member]
Restructuring Cost and Reserve [Line Items]
Beginning Balance	0
Restructuring charges	96
Cash Payment	(96)
Foreign Exchange Adjustments	0
Ending Balance	0
Lease Facility Costs [Member] | 2016 [Member]
Restructuring Cost and Reserve [Line Items]
Beginning Balance	0
Restructuring charges	0
Cash Payment	0
Non-Cash Activity	0
Foreign Exchange Adjustments	0
Ending Balance	0
Other Exit Costs | 2018 [Member]
Restructuring Cost and Reserve [Line Items]
Beginning Balance	0
Restructuring charges	298
Cash Payment	(168)
Foreign Exchange Adjustments	0
Ending Balance	130
Other Exit Costs | 2017 [Member]
Restructuring Cost and Reserve [Line Items]
Beginning Balance	198
Restructuring charges	244
Cash Payment	(210)
Foreign Exchange Adjustments	(1)
Ending Balance	231
Other Exit Costs | 2016 [Member]
Restructuring Cost and Reserve [Line Items]
Beginning Balance	16
Restructuring charges	35
Cash Payment	(16)
Foreign Exchange Adjustments	0
Ending Balance	$ 35

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Fair Value (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items]
Interest rate swap notional amount	$ 152,000		$ 155,300
Unrealized gain on derivative, net of tax	$ 833	$ 365
Interest Rate Swap [Member]
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items]
Fixed interest rate	1.4935%
Fair value of interest rate swap	$ 3,100		$ 2,000
Unrealized gain on interest rate swap	1,100
Unrealized gain on derivative, net of tax	$ 800

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Accumulated Other Comprehensive Loss (Schedule Of Accumulated Other Comprehensive Loss By Component) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Accumulated other comprehensive income loss [Line Items]
Accumulated other comprehensive loss, net of tax, beginning balance	$ (8,149)
Other comprehensive gain (loss) before reclassifications	2,165
Other comprehensive income	2,165	$ 964
Accumulated other comprehensive loss, net of tax, ending balance	(5,984)
Foreign currency translaction adjustments [Member]
Accumulated other comprehensive income loss [Line Items]
Accumulated other comprehensive loss, net of tax, beginning balance	(9,567)
Other comprehensive gain (loss) before reclassifications	1,332
Other comprehensive income	1,332
Accumulated other comprehensive loss, net of tax, ending balance	(8,235)
Derivative instruments, net of tax [Member]
Accumulated other comprehensive income loss [Line Items]
Accumulated other comprehensive loss, net of tax, beginning balance	1,478
Other comprehensive gain (loss) before reclassifications	833
Other comprehensive income	833
Accumulated other comprehensive loss, net of tax, ending balance	2,311
Unrealized loss on investments, net of tax [Member]
Accumulated other comprehensive income loss [Line Items]
Accumulated other comprehensive loss, net of tax, beginning balance	(41)
Other comprehensive gain (loss) before reclassifications	0
Other comprehensive income	0
Accumulated other comprehensive loss, net of tax, ending balance	(41)
Other, net of tax [Member]
Accumulated other comprehensive income loss [Line Items]
Accumulated other comprehensive loss, net of tax, beginning balance	(19)
Other comprehensive gain (loss) before reclassifications	0
Other comprehensive income	0
Accumulated other comprehensive loss, net of tax, ending balance	$ (19)

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Shareholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended
	Apr. 11, 2018	Mar. 31, 2018	Mar. 09, 2018	Mar. 06, 2018	Dec. 07, 2015
Dividends Payable [Line Items]
Quarterly cash dividend declared		$ 0.15
Dividend declared date		Mar. 06, 2018
Dividend record date		Mar. 29, 2018
Dividend paid date		Apr. 11, 2018
Equity Class Of Treasury Stock [Line Items]
Repurchase of common shares program authorized amount				$ 250.0	$ 100.0
Repurchase of common shares remaining authorized amount		$ 245.0
Subsequent Event [Member]
Dividends Payable [Line Items]
Dividends paid	$ 7.5
Accelerated Stock Repurchase Agreement [Member]
Equity Class Of Treasury Stock [Line Items]
Accelerated Share Repurchases Payment			$ (50.0)
Initial ASR share delivery			1.3
ASR Repurchase, Common, Percent of Expected Shares			80.00%