Company: BHE
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000950170-25-025644
Chunk: 75

Company: BENCHMARK ELECTRONICS INC
Filing Date: 2025-02-24
Form: 10-K
Item: Item 1B
Chunk 75
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 generally investing in investment grade securities.

We are also exposed to interest rate risk on borrowings under our Credit Agreement. As of December 31, 2024, we had $123.0 million outstanding on the floating rate term loan facility, and we have an interest rate swap agreement with a notional amount of $123.0 million. Under this swap agreement, we receive variable rate interest rate payments and pay fixed rate interest payments. The effect of this swap is to convert 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 12 to the consolidated financial statements in Part II, Item 8 of this Report.

42

Item 8. Financial Statements and Supplementary Data

BENCHMARK ELECTRONICS, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

    December 31,

    (in thousands, except par value)
     
    2024

    2023

    Assets

    Current assets:

    Cash and cash equivalents
     
    $
    315,152

    $
    277,391

    Restricted cash

    12,875

    5,822

    Accounts receivable, net of allowance for doubtful accounts of   $241 and $470, respectively

    412,458

    449,404

    Contract assets

    167,578

    174,979

    Inventories

    553,654

    683,801

    Prepaid expenses and other current assets

    42,512

    44,350

    Total current assets

    1,504,229

    1,635,747

    Property, plant and equipment, net

    225,097

    227,698

    Operating lease right-of-use assets

    117,995

    130,830

    Goodwill

    192,116

    192,116

    Deferred income taxes

    33,892

    26,943

    Other long-term assets

    66,135

    61,421

    Total assets
     
    $
    2,139,464

    $
    2,274,755

    Liabilities and Shareholders’ Equity

    Current liabilities:

    Current installments of long-term debt
     
    $
    6,737

    $