Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 25, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'STONERIDGE INC | ' |
Entity Central Index Key | '0001043337 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Trading Symbol | 'SRI | ' |
Entity Common Stock, Shares Outstanding | ' | 28,483,366 |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2013 | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $46,057 | $44,555 |
Accounts receivable, less reserves of $3,185 and $3,394, respectively | 150,988 | 141,503 |
Inventories, net | 118,976 | 96,032 |
Prepaid expenses and other current assets | 29,709 | 28,964 |
Total current assets | 345,730 | 311,054 |
Long-term assets: | ' | ' |
Property, plant and equipment, net | 112,953 | 119,147 |
Other assets: | ' | ' |
Intangible assets, net | 73,570 | 84,397 |
Goodwill | 61,235 | 66,381 |
Investments and other long-term assets, net | 10,116 | 11,712 |
Total long-term assets | 257,874 | 281,637 |
Total assets | 603,604 | 592,691 |
Current liabilities: | ' | ' |
Current portion of debt | 9,210 | 18,925 |
Revolving credit facilities | ' | 1,160 |
Accounts payable | 86,368 | 76,303 |
Accrued expenses and other current liabilities | 65,856 | 57,081 |
Total current liabilities | 161,434 | 153,469 |
Long-term liabilities: | ' | ' |
Long-term debt, net | 187,452 | 181,311 |
Deferred income taxes | 55,407 | 59,819 |
Other long-term liabilities | 4,123 | 4,258 |
Total long-term liabilities | 246,982 | 245,388 |
Shareholders' equity: | ' | ' |
Preferred Shares, without par value, authorized 5,000 shares, none issued | ' | ' |
Common Shares, without par value, authorized 60,000 shares, issued 28,803 and 28,433 shares and outstanding 28,484 and 27,913 shares at September 30, 2013 and December 31, 2012, respectively, with no stated value | ' | ' |
Additional paid-in capital | 186,857 | 184,822 |
Common Shares held in treasury, 319 and 520 shares at September 30, 2013 and December 31, 2012, respectively, at no cost | -519 | -1,885 |
Accumulated deficit | -7,975 | -22,902 |
Accumulated other comprehensive loss | -24,598 | -10,282 |
Total Stoneridge Inc. shareholders' equity | 153,765 | 149,753 |
Noncontrolling interest | 41,423 | 44,081 |
Total shareholders' equity | 195,188 | 193,834 |
Total liabilities and shareholders' equity | $603,604 | $592,691 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Accounts receivable, reserves (in dollars) | $3,185 | $3,394 |
Preferred Shares, authorized | 5,000,000 | 5,000,000 |
Preferred Shares, issued | 0 | 0 |
Common Shares, authorized | 60,000,000 | 60,000,000 |
Common Shares, issued | 28,803,000 | 28,433,000 |
Common Shares, outstanding | 28,484,000 | 27,913,000 |
Common Shares held in treasury, shares | 319,000 | 520,000 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $233,511 | $219,256 | $712,006 | $715,788 |
Costs and expenses: | ' | ' | ' | ' |
Cost of goods sold | 179,992 | 168,018 | 539,538 | 545,753 |
Selling, general and administrative | 42,814 | 44,623 | 139,646 | 149,954 |
Operating income | 10,705 | 6,615 | 32,822 | 20,081 |
Interest expense, net | 4,544 | 4,878 | 13,693 | 15,395 |
Equity in earnings of investees | -99 | -207 | -396 | -443 |
Other expense (income), net | -269 | 972 | 178 | 3,375 |
Income before income taxes | 6,529 | 972 | 19,347 | 1,754 |
Provision for income taxes | 1,016 | 383 | 3,160 | 717 |
Net income | 5,513 | 589 | 16,187 | 1,037 |
Net income (loss) attributable to noncontrolling interest | 466 | 170 | 1,260 | -1,703 |
Net income attributable to Stoneridge, Inc. | $5,047 | $419 | $14,927 | $2,740 |
Earnings per share attributable to Stoneridge, Inc.: | ' | ' | ' | ' |
Basic (in dollars per share) | $0.19 | $0.02 | $0.56 | $0.10 |
Diluted (in dollars per share) | $0.19 | $0.02 | $0.55 | $0.10 |
Weighted average shares outstanding: | ' | ' | ' | ' |
Basic (in shares) | 26,691,996 | 26,430,300 | 26,663,335 | 26,358,285 |
Diluted (in shares) | 27,176,784 | 27,143,817 | 27,235,803 | 27,009,469 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $5,513 | $589 | $16,187 | $1,037 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Foreign currency translation adjustments | 167 | 1,018 | -11,947 | -9,327 |
Unrealized gain (loss) on derivatives | 309 | 3,979 | -2,369 | 9,464 |
Other comprehensive income (loss), net of tax: | 476 | 4,997 | -14,316 | 137 |
Consolidated comprehensive loss | 5,989 | 5,586 | 1,871 | 1,174 |
Income (loss) attributable to noncontrolling interest | 466 | 170 | 1,260 | -1,703 |
Comprehensive income attributable to Stoneridge, Inc. | $5,523 | $5,416 | $611 | $2,877 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
OPERATING ACTIVITIES: | ' | ' |
Net income | $16,187 | $1,037 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation | 21,706 | 21,632 |
Amortization, including accretion of debt discount | 4,762 | 5,430 |
Deferred income taxes | -2,872 | -911 |
Earnings of equity method investees | -396 | -443 |
Gain on sale of fixed assets | 44 | -236 |
Share-based compensation expense | 4,142 | 3,583 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable, net | -11,918 | 7,444 |
Inventories, net | -26,292 | 8,579 |
Prepaid expenses and other | -2,492 | -1,106 |
Accounts payable | 10,672 | -8,611 |
Accrued expenses and other | 8,901 | 3,631 |
Net cash provided by operating activities | 22,444 | 40,029 |
INVESTING ACTIVITIES: | ' | ' |
Capital expenditures | -18,522 | -20,243 |
Proceeds from sale of fixed assets | 94 | 490 |
Payment for additional interest in PST | ' | -19,779 |
Net cash used for investing activities | -18,428 | -39,532 |
FINANCING ACTIVITIES: | ' | ' |
Revolving credit facility borrowings | ' | 11,420 |
Revolving credit facility payments | -1,160 | -38,433 |
Proceeds from issuance of other debt | 21,574 | 21,315 |
Repayments of other debt | -22,262 | -37,973 |
Other financing costs | ' | -134 |
Repurchase of Common Shares to satisfy employee tax withholding | -729 | -1,135 |
Net cash used for financing activities | -2,577 | -44,940 |
Effect of exchange rate changes on cash and cash equivalents | 63 | 1,278 |
Net change in cash and cash equivalents | 1,502 | -43,165 |
Cash and cash equivalents at beginning of period | 44,555 | 78,731 |
Cash and cash equivalents at end of period | 46,057 | 35,566 |
Supplemental disclosure of non-cash financing activities: | ' | ' |
Change in fair value of interest rate swap | -1,019 | 1,450 |
Issuance of Common Shares for acquisition of additional PST interest | ' | $10,197 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Basis of Presentation [Abstract] | ' |
Basis of Presentation | ' |
(1) Basis of Presentation | |
The accompanying condensed consolidated financial statements have been prepared by Stoneridge, Inc. (the "Company") without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The information furnished in the condensed consolidated financial statements includes normal recurring adjustments and reflects all adjustments, which are, in the opinion of management, necessary for a fair presentation of such financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted pursuant to the SEC's rules and regulations. The results of operations for the three and nine months ended September 30, 2013 are not necessarily indicative of the results to be expected for the full year. | |
Although the Company believes that the disclosures are adequate to make the information presented not misleading, it is suggested that these condensed consolidated financial statements be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company's Form 10-K for the year ended December 31, 2012. | |
Certain prior period amounts have been reclassified to conform to their 2013 presentation in the condensed consolidated financial statements due to a change in reportable segments in the fourth quarter of 2012 | |
Inventories
Inventories | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Inventories [Abstract] | ' | |||||
Inventories | ' | |||||
(2) Inventories | ||||||
Inventories are valued at the lower of cost (using either the first-in, first-out ("FIFO") or average cost methods) or market. The Company evaluates and adjusts as necessary its excess and obsolescence reserve at a minimum on a quarterly basis. Excess inventories are quantities of items that exceed anticipated sales or usage for a reasonable period. The Company has guidelines for calculating provisions for excess inventories based on the number of months of inventories on hand compared to anticipated sales or usage. Management uses its judgment to forecast sales or usage and to determine what constitutes a reasonable period. | ||||||
Inventory cost includes material, labor and overhead. Inventories consisted of the following: | ||||||
September 30, | December 31, | |||||
2013 | 2012 | |||||
Raw materials | $ | 76,806 | $ | 64,340 | ||
Work-in-progress | 16,355 | 13,621 | ||||
Finished goods | 25,815 | 18,071 | ||||
Total inventories, net | $ | 118,976 | $ | 96,032 | ||
Inventory valued using the FIFO method was $70,903 and $57,004 at September 30, 2013 and December 31, 2012, respectively. Inventory valued using the average cost method was $48,073 and $39,028 at September 30, 2013 and December 31, 2012, respectively. | ||||||
. | ||||||
Financial_Instruments_and_Fair
Financial Instruments and Fair Value Measurements | 9 Months Ended | |||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||
Financial Instruments and Fair Value Measurements [Abstract] | ' | |||||||||||||||||||||||||||||
Financial Instruments and Fair Value Measurements | ' | |||||||||||||||||||||||||||||
(3) Financial Instruments and Fair Value Measurements | ||||||||||||||||||||||||||||||
Financial Instruments | ||||||||||||||||||||||||||||||
A financial instrument is cash or a contract that imposes an obligation to deliver, or conveys a right to receive cash or another financial instrument. The carrying values of cash and cash equivalents, accounts receivable and accounts payable are considered to be representative of fair value because of the short maturity of these instruments. The estimated fair value of the Company's senior secured notes with a face value of $175,000 (fixed rate debt) at September 30, 2013 and December 31, 2012 was $190,313 and $188,895, respectively, and was determined using market quotes classified as Level 2 input within the fair value hierarchy. | ||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | ||||||||||||||||||||||||||||||
On September 30, 2013, the Company had open foreign currency forward contracts, fixed price commodity contracts and an interest rate swap. These contracts are used solely for hedging and not for speculative purposes. Management believes that its use of these instruments to reduce risk is in the Company's best interest. The counterparties to these financial instruments are financial institutions with investment grade credit ratings. | ||||||||||||||||||||||||||||||
Foreign Currency Exchange Rate Risk | ||||||||||||||||||||||||||||||
The Company conducts business internationally and therefore is exposed to foreign currency exchange rate risk. The Company uses derivative financial instruments as cash flow and fair value hedges to mitigate its exposure to fluctuations in foreign currency exchange rates by reducing the effect of such fluctuations on foreign currency denominated transactions and exposures. The currencies hedged by the Company during 2013 and 2012 include the euro, Swedish krona and Mexican peso. | ||||||||||||||||||||||||||||||
In certain instances, the foreign currency forward contracts do not qualify for hedge accounting or are not designated as hedges, and therefore are marked to market with gains and losses recognized in the Company's condensed consolidated statement of operations as a component of other (income) expense, net. | ||||||||||||||||||||||||||||||
The Company's foreign currency forward contracts offset a portion of the gains and losses on the underlying foreign currency denominated transactions as follows: | ||||||||||||||||||||||||||||||
Mexican peso-denominated Foreign Currency Forward Contracts – Cash Flow Hedge | ||||||||||||||||||||||||||||||
The Company holds Mexican peso-denominated foreign currency forward contracts with underlying notional amounts at September 30, 2013 totaling $57,125 compared to $36,500 at December 31, 2012. These cash flow hedges expire ratably on a monthly basis as follows: | ||||||||||||||||||||||||||||||
$12,125 | Period from October 2013 through December 2013 | |||||||||||||||||||||||||||||
$45,000 | Period from January 2014 through December 2014 | |||||||||||||||||||||||||||||
These contracts were executed to hedge forecasted transactions and are accounted for as cash flow hedges. As such, the effective portion of the unrealized gain or loss is deferred and reported in the Company's condensed consolidated balance sheets as a component of accumulated other comprehensive loss. The Company's expectation is that the cash flow hedges will be highly effective in the future. The effectiveness of the transactions has been and will be measured on an ongoing basis using regression analysis and forecasted future Mexican peso purchases. | ||||||||||||||||||||||||||||||
Euro-denominated and Swedish krona-denominated Foreign Currency Forward Contracts | ||||||||||||||||||||||||||||||
As of September 30, 2013, the Company held a foreign currency forward contract with an underlying notional amount of $13,293 to reduce the exposure related to the Company's euro-denominated intercompany loans. This contract expires in December 2013. During 2012, the Company also held a foreign currency forward contract to reduce the exposure related to the Company's Swedish krona-denominated intercompany loan. This contract expired on November 30, 2012. The euro-denominated and Swedish krona-denominated foreign currency forward contracts were not designated as hedging instruments. For the three and nine months ended September 30, 2013 the Company recognized a loss of $489 and $404, respectively, in the condensed consolidated statement of operations as a component of other (income) expense, net related to the euro-denominated contracts. For the three and nine months ended September 30, 2012, the Company recognized a loss of $655 and $97, respectively, related to the euro-denominated and Swedish krona-denominated contracts. | ||||||||||||||||||||||||||||||
Commodity Price Risk - Cash Flow Hedge | ||||||||||||||||||||||||||||||
Because copper is a significant raw material in certain products, the Company entered into fixed price commodity contracts with a financial institution to fix the cost of a portion of the Company's copper purchases to mitigate the risk of future price volatility and, consequently, reducing fluctuations in gross margins. | ||||||||||||||||||||||||||||||
The Company has fixed price commodity contracts at September 30, 2013 with an aggregate notional amount of 1,937 pounds compared to an aggregate notional amount of 2,436 pounds at December 31, 2012. These cash flow hedges expire ratably on a monthly basis as follows: | ||||||||||||||||||||||||||||||
763 pounds | Period from October 2013 through December 2013 | |||||||||||||||||||||||||||||
1,174 pounds | Period from January 2014 through December 2014 | |||||||||||||||||||||||||||||
All of these contracts represent a portion of the Company's forecasted copper purchases. These contracts were executed to hedge a portion of forecasted transactions and the contracts are accounted for as cash flow hedges. The unrealized gain or loss for the effective portion of these hedges is deferred and reported in the Company's condensed consolidated balance sheets as a component of accumulated other comprehensive loss while the ineffective portion is reported in the condensed consolidated statements of operations. The effectiveness of the transactions is measured on an ongoing basis using regression analysis and forecasted future copper purchases. Based upon the results of the regression analysis, the Company has concluded that these cash flow hedges are highly effective. | ||||||||||||||||||||||||||||||
Interest Rate Risk - Fair Value Hedge | ||||||||||||||||||||||||||||||
The Company has a fixed-to-floating interest rate swap agreement (the "Swap") with a notional amount of $45,000 to hedge its exposure to fair value fluctuations on a portion of its senior secured notes. The Swap was designated as a fair value hedge of the fixed interest rate obligation under the Company's $175,000 9.5% senior secured notes due October 15, 2017. The critical terms of the Swap are aligned with the terms of the senior secured notes, including maturity of October 15, 2017, resulting in no hedge ineffectiveness. The unrealized gain or loss for the effective portion of the hedge is deferred and reported in the Company's condensed consolidated balance sheets as an asset or liability as applicable, with the offset to the carrying value of the senior secured notes. | ||||||||||||||||||||||||||||||
Under the Swap, the Company pays a variable interest rate equal to the six-month London Interbank Offered Rate ("LIBOR") plus 7.2% and it receives a fixed interest rate of 9.5%. The Swap requires semi-annual settlements on April 15 and October 15. The difference between amounts to be received and paid under the Swap is recognized as a component of interest expense, net on the condensed consolidated statements of operations. | ||||||||||||||||||||||||||||||
The Swap reduced interest expense by $222 and $241 for the three months ended September 30, 2013 and 2012, respectively, and by $644 and $634 for the nine months ended September 30, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||
The notional amounts and fair values of derivative instruments in the condensed consolidated balance sheets are as follows: | ||||||||||||||||||||||||||||||
Prepaid expenses and other | ||||||||||||||||||||||||||||||
current assets / other | Accrued expenses and other | |||||||||||||||||||||||||||||
Notional amounts (A) | long-term assets | current liabilities | ||||||||||||||||||||||||||||
September 30, | December 31, | September 30, | December 31, | September 30, | December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||||||||||||||
Forward currency contracts | $ | 57,125 | $ | 36,500 | $ | - | $ | 1,800 | $ | 122 | $ | - | ||||||||||||||||||
Fixed price commodity contracts | 1,937 | 2,436 | - | 340 | 107 | - | ||||||||||||||||||||||||
Fair Value Hedge: | ||||||||||||||||||||||||||||||
Interest rate swap contract | $ | 45,000 | $ | 45,000 | 1,193 | 2,212 | - | - | ||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||||
Forward currency contracts | $ | 13,293 | $ | 12,643 | - | - | 14 | 191 | ||||||||||||||||||||||
(A) | Notional amounts represent the gross contract / notional amount of the derivatives outstanding. The fixed price commodity contract notional amounts are in pounds. | |||||||||||||||||||||||||||||
Amounts recorded for the cash flow hedges in other comprehensive income and in net income for the three months ended September 30, 2013 and 2012 are as follows: | ||||||||||||||||||||||||||||||
Gain (loss) | Gain (loss) | |||||||||||||||||||||||||||||
recorded in | reclassified from | |||||||||||||||||||||||||||||
other | other | |||||||||||||||||||||||||||||
comprehensive | comprehensive | |||||||||||||||||||||||||||||
income | income into net | |||||||||||||||||||||||||||||
income | ||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||||||||||||||||||||
Forward currency contracts | $ | -83 | $ | 2,301 | $ | 612 | $ | -15 | ||||||||||||||||||||||
Fixed price commodity contracts | 635 | 889 | -369 | -774 | ||||||||||||||||||||||||||
Total derivatives designated as cash flow hedges | $ | 552 | $ | 3,190 | $ | 243 | $ | -789 | ||||||||||||||||||||||
Amounts recorded for the cash flow hedges in other comprehensive income (loss) and in net income for the nine months ended September 30, 2013 and 2012 are as follows: | ||||||||||||||||||||||||||||||
Gain (loss) | Gain (loss) | |||||||||||||||||||||||||||||
recorded in | reclassified from | |||||||||||||||||||||||||||||
other | other | |||||||||||||||||||||||||||||
comprehensive | comprehensive | |||||||||||||||||||||||||||||
income (loss) | income (loss) into | |||||||||||||||||||||||||||||
net income | ||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||||||||||||||||||||
Forward currency contracts | $ | 228 | $ | 5,352 | $ | 2,150 | $ | -515 | ||||||||||||||||||||||
Fixed price commodity contracts | -1,099 | 1,731 | -652 | -1,866 | ||||||||||||||||||||||||||
Total derivatives designated as cash flow hedges | $ | -871 | $ | 7,083 | $ | 1,498 | $ | -2,381 | ||||||||||||||||||||||
Gains and losses reclassified from other comprehensive income (loss) into net income were recognized in cost of goods sold in the Company's condensed consolidated statements of operations. | ||||||||||||||||||||||||||||||
The net deferred losses of $229 on the cash flow hedge derivatives will be reclassified from other comprehensive income (loss) to the condensed consolidated statements of operations through December 2014. The Company has measured the ineffectiveness of the forward currency and commodity contracts and any amounts recognized in the condensed consolidated financial statements were immaterial for the three and nine months ended September 30, 2013 and 2012. | ||||||||||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||||||||
The following table presents our assets and liabilities that are measured at fair value on a recurring basis and are categorized using the three levels of the fair value hierarchy based on the reliability of the inputs used. | ||||||||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||
Fair values estimated using | ||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||
Fair value | inputs (A) | inputs (B) | inputs (C) | Fair value | ||||||||||||||||||||||||||
Financial assets carried at fair value: | ||||||||||||||||||||||||||||||
Interest rate swap contract | $ | 1,193 | $ | - | $ | 1,193 | $ | - | $ | 2,212 | ||||||||||||||||||||
Forward currency contracts | - | - | - | - | 1,800 | |||||||||||||||||||||||||
Fixed price commodity contracts | - | - | - | 340 | ||||||||||||||||||||||||||
Total financial assets carried at fair value | $ | 1,193 | $ | - | $ | 1,193 | $ | - | $ | 4,352 | ||||||||||||||||||||
Financial liabilities carried at fair value: | ||||||||||||||||||||||||||||||
Forward currency contracts | $ | 136 | $ | - | $ | 136 | $ | - | $ | 191 | ||||||||||||||||||||
Fixed price commodity contracts | 107 | - | 107 | - | - | |||||||||||||||||||||||||
Total financial liabilities carried at fair value | $ | 243 | $ | - | $ | 243 | $ | - | $ | 191 | ||||||||||||||||||||
(A) | Fair values estimated using Level 1 inputs, which consist of quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. The Company did not have any fair value estimates using Level 1 inputs at September 30, 2013 or December 31, 2012. | |||||||||||||||||||||||||||||
(B) | Fair values estimated using Level 2 inputs, other than quoted prices, that are observable for the asset or liability, either directly or indirectly and include among other things, quoted prices for similar assets or liabilities in markets that are active or inactive as well as inputs other than quoted prices that are observable. For forward currency, fixed price commodity and interest rate swap contracts, inputs include foreign currency exchange rates, commodity indexes and the six-month forward LIBOR. | |||||||||||||||||||||||||||||
(C) | Fair values estimated using Level 3 inputs consist of significant unobservable inputs. The Company did not have any fair value estimates using Level 3 inputs at September 30, 2013 or December 31, 2012. | |||||||||||||||||||||||||||||
ShareBased_Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 2013 | |
Share-Based Compensation [Abstract] | ' |
Share-Based Compensation | ' |
(4) Share-Based Compensation | |
Total compensation expense for share-based compensation arrangements recognized in the condensed consolidated statements of operations as a component of selling, general and administrative expenses was $1,419 and $1,122 for the three months ended September 30, 2013 and 2012, respectively. Of these amounts, $59 and $(105) for the three months ended September 30, 2013 and 2012, respectively, were related to the Long-Term Cash Incentive Plan "Phantom Shares" discussed in Note 10. For the nine months ended September 30, 2013 and 2012, total compensation expense recognized in the condensed consolidated statements of operations for share-based compensation arrangements was $4,142 and $3,583, respectively. Of these amounts, $213 and $(35) for the nine months ended September 30, 2013 and 2012, respectively, were related to the Long-Term Cash Incentive Plan "Phantom Shares" discussed in Note 10. | |
Debt
Debt | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt [Abstract] | ' | ||||||||
Debt | ' | ||||||||
(5) Debt | |||||||||
Weighted | |||||||||
Principal Outstanding at | Average | ||||||||
September 30, | December 31, | Interest as of | |||||||
2013 | 2012 | 30-Sep-13 | Maturity | ||||||
Revolving Credit Facilities | |||||||||
Asset-based credit facility | $ | - | $ | - | N/A | Dec-16 | |||
BCS revolver | - | 1,160 | N/A | Feb-13 | |||||
Total revolving credit facilities | $ | - | $ | 1,160 | |||||
Debt | |||||||||
Senior secured notes, net of discount | |||||||||
and swap fair value adjustment (A) | $ | 173,315 | $ | 173,916 | 9.50% | Oct-17 | |||
PST short-term notes | 3,069 | 16,161 | 2.09% | Nov-13 | |||||
PST long-term notes | 18,078 | 8,155 | 4.00% - 5.50% | 2014 - 2019 | |||||
Suzhou note | 1,470 | 1,445 | 7.00% | Feb-14 | |||||
Other | 730 | 559 | |||||||
Total debt | 196,662 | 200,236 | |||||||
Less: current portion | -9,210 | -18,925 | |||||||
Total long-term debt, net | $ | 187,452 | $ | 181,311 | |||||
(A) | Weighted average interest rate excludes the effect of the Company's interest rate swap and the accretion of debt discount. | ||||||||
Revolving Credit Facilities | |||||||||
On November 2, 2007, the Company entered into an asset-based credit facility (the "Credit Facility"), which permits borrowing up to a maximum level of $100,000. The Company entered into an Amended and Restated Credit and Security Agreement and a Second Amended and Restated Credit and Security Agreement (the "Second Amended and Restated Agreement") on September 20, 2010 and December 1, 2011, respectively. The Second Amended and Restated Agreement extended the termination date of the Credit Facility to December 1, 2016, increased the borrowing base by increasing the sublimit on eligible inventory located at Mexican facilities and made changes to certain covenants relating to, among other things, guarantees, investments, capital expenditures and permitted indebtedness. The Credit Facility requires a commitment fee of 0.375% on the unused balance. Interest is payable quarterly at either (i) the higher of the prime rate or the Federal Funds rate plus 0.50%, plus a margin of 0.00% to 0.25% or (ii) LIBOR plus a margin of 1.00% to 1.75%, depending upon the Company's undrawn availability, as defined. | |||||||||
The available borrowing capacity on the Credit Facility is based on eligible current assets, as defined. At September 30, 2013 and December 31, 2012, the Company had undrawn borrowing capacity of approximately $83,636 and $74,060, respectively. The Credit Facility contains financial performance covenants which would only constrain the Company’s borrowing capacity if our undrawn availability falls below $20,000. Other restrictions include limits on capital expenditures, operating leases, dividends and investment activities in negative covenants which limit investment activities to $15,000 minus certain guarantees and obligations. | |||||||||
The Company was in compliance with all Credit Facility covenants at September 30, 2013 and December 31, 2012. | |||||||||
On October 13, 2009, the Company's consolidated subsidiary, BCS, entered into a master revolving note (the "BCS Revolver"), subject to an annual renewal, which permitted borrowing up to a maximum level of $3,000. The BCS Revolver was paid off and the agreement was terminated in February 2013. | |||||||||
Debt | |||||||||
On October 4, 2010, the Company issued $175,000 of senior secured notes which are included as a component of long-term debt, net on the condensed consolidated balance sheets. These senior secured notes bear interest at an annual rate of 9.5% and mature on October 15, 2017. The senior secured notes were issued to the original purchasers at a 2.5% discount for which the remaining balance at September 30, 2013 and December 31, 2012 was $2,878 and $3,296, respectively. The senior secured notes are redeemable in full, at the Company's option, beginning October 15, 2014 at 104.75%. Interest payments are payable on April 15 and October 15 of each year. The senior secured notes indenture limits the amount of the Company and its restricted subsidiaries' indebtedness, restricts certain payments and includes various other non-financial restrictive covenants. The senior secured notes are guaranteed by all of the Company's existing domestic restricted subsidiaries. All other restricted subsidiaries that may guarantee any indebtedness of the Company or the guarantors will also guarantee the senior secured notes. The Company was in compliance with all note covenants at September 30, 2013 and December 31, 2012. | |||||||||
Our consolidated subsidiary PST Eletrônica Ltda. ("PST") maintains several term notes used for working capital purposes including a new term loan (the "PST note") entered into on March 19, 2013 for 25,000 Brazilian real which had a U.S. dollar equivalent outstanding balance of $11,236 at September 30, 2013. The PST note matures on February 2, 2016 with interest payable monthly at a fixed interest rate of 5.5%. PST's other short-term and long-term notes also have fixed interest rates. Depending on the specific note, interest is payable either monthly or annually. The noncurrent portion of the PST long-term notes at September 30, 2013 is $14,032 and mature as follows: $1,717 in 2014, $6,854 in 2015, $2,131 in 2016 and $1,110 annually in 2017 through 2019. As of September 30, 2013 and December 31, 2012, PST was in compliance with all note covenants. | |||||||||
On August 29, 2012, the Company's wholly-owned subsidiary located in Suzhou, China entered into a term loan for 9,000 Chinese yuan which matured in August 2013. On August 21, 2013, the subsidiary entered into a new term loan for 9,000 Chinese yuan (the "Suzhou note"). The U.S. dollar equivalent outstanding loan balance was $1,470 and $1,445 at September 30, 2013 and December 31, 2012, respectively. The Suzhou note is included on the condensed consolidated balance sheets as a component of current portion of long-term debt. Interest is payable quarterly at 125.0% of the one-year lending rate published by The People's Bank of China. | |||||||||
The Company's wholly-owned subsidiary located in Stockholm, Sweden, has an overdraft credit line which allows overdrafts on the subsidiary's bank account up to a maximum level of 20,000 Swedish krona, or $3,111 and $3,075, | |||||||||
at September 30, 2013 and December 31, 2012, respectively. At September 30, 2013 and December 31, 2012, there was no balance outstanding on this overdraft credit line. | |||||||||
Net_Income_Per_Share
Net Income Per Share | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Net Income Per Share [Abstract] | ' | |||||||||||||
Net Income Per Share | ' | |||||||||||||
(6) Net Income Per Share | ||||||||||||||
Basic net income per share was computed by dividing net income by the weighted average number of Common Shares outstanding for each respective period. Diluted net income per share was calculated by dividing net income attributable to Stoneridge, Inc. by the weighted-average of all potentially dilutive Common Shares that were outstanding during the periods presented. | ||||||||||||||
Actual weighted-average Common Shares outstanding used in calculating basic and diluted net income per share were as follows: | ||||||||||||||
Three months ended | Nine months ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Basic weighted-average shares outstanding | 26,691,996 | 26,430,300 | 26,663,335 | 26,358,285 | ||||||||||
Effect of dilutive shares | 484,788 | 713,517 | 572,468 | 651,184 | ||||||||||
Diluted weighted-average shares outstanding | 27,176,784 | 27,143,817 | 27,235,803 | 27,009,469 | ||||||||||
Options not included in the computation of diluted net income per share to purchase 20,000 and 64,000 Common Shares at an average price of $15.73 and $12.05 per share, respectively, were outstanding at September 30, 2013 and 2012, respectively. These outstanding options were not included in the computation of diluted net income per share because their respective exercise prices were greater than the average closing market price of Company Common Shares. | ||||||||||||||
There were 663,750 and 635,850 performance-based restricted Common Shares outstanding at September 30, 2013 and 2012, respectively. Substantially all of these performance-based restricted Common Shares were not included in the computation of diluted net income per share because the performance-based vesting conditions have not been achieved as of September 30, 2013 and 2012. These performance-based restricted Common Shares may or may not become dilutive based on the Company's ability to meet or exceed future performance targets. | ||||||||||||||
Changes_in_Accumulated_Other_C
Changes in Accumulated Other Comprehensive Loss by Component | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Changes in Accumulated Other Comprehensive Loss by Component [Abstract] | ' | ||||||||
Changes in Accumulated Other Comprehensive Loss by Component | ' | ||||||||
(7) Changes in Accumulated Other Comprehensive Loss by Component | |||||||||
Changes in accumulated other comprehensive loss for the three months ended September 30, 2013 and 2012 were as follows: | |||||||||
Post | |||||||||
Foreign | Unrealized | employment | |||||||
currency | gain (loss) | benefit | |||||||
translation | on derivatives | liability | Total | ||||||
Balance at July 1, 2013 | $ | -24,524 | $ | -538 | $ | -12 | $ | -25,074 | |
Other comprehensive income before reclassifications | 167 | 552 | - | 719 | |||||
Amounts reclassified from accumulated other | |||||||||
comprehensive loss | - | 243 | - | 243 | |||||
Net other comprehensive income, net of tax | 167 | 309 | - | 476 | |||||
Balance at September 30, 2013 | $ | -24,357 | $ | -229 | $ | -12 | $ | -24,598 | |
Balance at July 1, 2012 | $ | -12,253 | $ | -2,237 | $ | 15 | $ | -14,475 | |
Other comprehensive income before reclassifications | 1,018 | 3,190 | - | 4,208 | |||||
Amounts reclassified from accumulated other | |||||||||
comprehensive loss | - | -789 | - | -789 | |||||
Net other comprehensive income, net of tax | 1,018 | 3,979 | - | 4,997 | |||||
Balance at September 30, 2012 | $ | -11,235 | $ | 1,742 | $ | 15 | $ | -9,478 | |
Changes in accumulated other comprehensive loss for the nine months ended September 30, 2013 and 2012 were as follows: | |||||||||
Post | |||||||||
Foreign | Unrealized | employment | |||||||
currency | gain (loss) | benefit | |||||||
translation | on derivatives | liability | Total | ||||||
Balance at January 1, 2013 | $ | -12,410 | $ | 2,140 | $ | -12 | $ | -10,282 | |
Other comprehensive loss before reclassifications | -11,947 | -871 | - | -12,818 | |||||
Amounts reclassified from accumulated other | |||||||||
comprehensive loss | - | 1,498 | - | 1,498 | |||||
Net other comprehensive loss, net of tax | -11,947 | -2,369 | - | -14,316 | |||||
Balance at September 30, 2013 | $ | -24,357 | $ | -229 | $ | -12 | $ | -24,598 | |
Balance at January 1, 2012 | $ | -1,908 | $ | -7,722 | $ | 15 | $ | -9,615 | |
Other comprehensive income (loss) before reclassifications | -9,327 | 7,083 | - | -2,244 | |||||
Amounts reclassified from accumulated other | |||||||||
comprehensive loss | - | -2,381 | - | -2,381 | |||||
Net other comprehensive income (loss), net of tax | -9,327 | 9,464 | - | 137 | |||||
Balance at September 30, 2012 | $ | -11,235 | $ | 1,742 | $ | 15 | $ | -9,478 | |
Restructuring_and_Business_Rea
Restructuring and Business Realignment Charges | 9 Months Ended |
Sep. 30, 2013 | |
Restructuring and Business Realignment Charges [Abstract] | ' |
Restructuring and Business Realignment Charges | ' |
(8) Restructuring and Business Realignment Charges | |
On October 29, 2007, the Company announced restructuring initiatives to improve manufacturing efficiency and cost position by ceasing manufacturing operations at its Sarasota, Florida (Control Devices reportable segment) and Mitcheldean, United Kingdom (Electronics reportable segment) locations. During 2008 and 2009, in response to the depressed conditions in the North American and European commercial and automotive vehicle markets, the Company continued and expanded the restructuring initiatives in the Control Devices and Electronics reportable segments. While the initiatives were completed in 2009 in regards to the Control Devices reportable segment, in 2010 the Company continued restructuring initiatives within the Electronics reportable segment and recorded amounts related to its cancelled lease in Mitcheldean, United Kingdom. During the third quarter of 2012, the Company finalized a settlement agreement to modify the terms of and the obligation associated with the property consistent with previous estimates. | |
In connection with the Electronics segment restructuring initiative, the Company recorded lease related restructuring charges during the three months ended September 30, 2013 and 2012 of $116 and $90, respectively, as part of selling, general and administrative expense. For the nine months ended September 30, 2013 and 2012, the Company recorded $348 and $160, respectively, related to this restructuring initiative. At September 30, 2013 and December 31, 2012, the only remaining restructuring related accrual pertains to the cancelled property lease in Mitcheldean, United Kingdom, for which the Company has accrued $762 and $765, respectively, on the condensed consolidated balance sheets of which $417 and $419, respectively, is a component of other long-term liabilities. | |
In response to a change in customer demand, the PST segment incurred business realignment charges of $0 and $1,646 for the three and nine months ended September 30, 2012, respectively, of which $0 and $729, respectively, was recorded in cost of goods sold with the remainder recorded in selling, general and administrative expenses. The charges consisted primarily of severance costs related to workforce reductions. The PST segment had no business realignment charges during the three and nine months ended September 30, 2013. | |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Commitments and Contingencies [Abstract] | ' | ||||
Commitments and Contingencies | ' | ||||
(9) Commitments and Contingencies | |||||
In the ordinary course of business, the Company is involved in various legal proceedings, workers' compensation and product liability disputes. The Company is of the opinion that the ultimate resolution of these matters will not have a material adverse affect on the results of operations, cash flows or the financial position of the Company. | |||||
As a result of environmental studies performed at the Company's former facility located in Sarasota, Florida, the Company became aware of soil and groundwater contamination at the Company site. The Company engaged an environmental engineering consultant to assess the level of contamination and to develop a remediation and monitoring plan for the site. Soil remediation at the site was completed during the year ended December 31, 2010. Groundwater remediation at the site is expected to begin by the end of 2013, upon state regulatory approval of a remedial action plan. During the three and nine months ended September 30, 2013 and 2012, environmental remediation costs incurred were immaterial. At September 30, 2013 and December 31, 2012, the Company had accrued an undiscounted liability of $1,340 related to future remediation. At September 30, 2013 and December 31, 2012, $733 was recorded as a component of accrued expenses and other current liabilities on the condensed consolidated balance sheets while the remaining amounts were recorded as a component of other long-term liabilities. A majority of the costs associated with the recorded liability will be incurred at the start of the groundwater remediation, with the balance relating to monitoring costs to be incurred over multiple years. The recorded liability is based on assumptions of the proposed remedial action plan. In December 2011, the Company sold the Sarasota facility and related property. However, the liability to remediate the site contamination remains the responsibility of the Company. Due to the ongoing site remediation, the closing terms of the sale agreement included a requirement for the Company to maintain a $2,000 letter of credit for the benefit of the buyer. | |||||
On May 24, 2013, the State Revenue Services of São Paulo issued a tax deficiency notice against PST, our 74% owned consolidated subsidiary, claiming that the vehicle tracking and monitoring services it provides should be classified as communication services, and therefore subject to the State Value Added Tax – ICMS. The State Revenue Services assessment imposed the 25.0% ICMS tax on all revenues of PST related to the vehicle tracking and monitoring services during the period from January 2009 through December 2010. The Brazilian real (“R$”) and U.S. dollar equivalent (“$”) of the aggregate tax assessment is approximately R$92,500 ($41,500) which is comprised of Value Added Tax – ICMS of R$13,200 ($5,900), interest of R$11,400 ($5,100) and penalties of R$67,900 ($30,500). | |||||
The Company’s vehicle tracking and monitoring services are non-communication services, as defined under Brazilian tax law, subject to the municipal ISS tax, not communication services subject to state ICMS tax as claimed by the State Revenue Services of São Paulo. PST has, and will continue to collect the municipal ISS tax on the vehicle tracking and monitoring services in compliance with Brazilian tax law and will defend its tax position. PST has received a legal opinion that the merits of the case are favorable to PST, determining among other things that the imposition on the subsidiary of the State ICMS by the State Revenue Services of São Paulo is not in accordance with the Brazilian tax code. Management believes, based on the legal opinion of PST’s Brazilian legal counsel and the results of the Brazil Administrative Court's ruling in favor of another vehicle tracking and monitoring company related to the tax deficiency notice it received, the likelihood of loss is not probable although it may take years to resolve. As a result of the above, as of September 30, 2013, no accrual has been recorded with respect to the tax assessment. An unfavorable judgment on this issue for the years assessed and for subsequent years could result in significant costs to PST and adversely affect its results of operations. | |||||
In addition, PST has civil, labor and other tax contingencies for which the likelihood of loss is deemed to be reasonably possible, but not probable, by its legal advisors, and, therefore, no accrual has been recorded. Such contingencies amounted to $11,598 and $11,925 at September 30, 2013 and December 31, 2012. | |||||
Product Warranty and Recall | |||||
Amounts accrued for product warranty and recall claims are established based on the Company's best estimate of the amounts necessary to settle future and existing claims on products sold as of the balance sheet dates. These accruals are based on several factors including past experience, production changes, industry developments and various other considerations. The Company can provide no assurances that it will not experience material claims in the future or that it will not incur significant costs to defend or settle such claims beyond the amounts accrued or beyond what the Company may recover from its suppliers. The current portion of product warranty and recall is included as a component of accrued expenses and other current liabilities on the condensed consolidated balance sheets. Product warranty and recall included $249 and $494 of a long-term liability at September 30, 2013 and December 31, 2012, respectively, which is included as a component of other long-term liabilities on the condensed consolidated balance sheets. | |||||
The following provides a reconciliation of changes in product warranty and recall liability: | |||||
Nine months ended September 30 | 2013 | 2012 | |||
Product warranty and recall at beginning of period | $ | 6,107 | $ | 5,301 | |
Accruals for products shipped during period | 3,681 | 1,501 | |||
Aggregate changes in pre-existing liabilities due to claim developments | 1,527 | 693 | |||
Settlements made during the period (in cash or in kind) | -4,835 | -1,661 | |||
Product warranty and recall at end of period | $ | 6,480 | $ | 5,834 | |
Employee_Benefit_Plans
Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2013 | |
Employee Benefit Plans [Abstract] | ' |
Employee Benefit Plans | ' |
(10) Employee Benefit Plans | |
Long-Term Cash Incentive Plan | |
In March 2009, the Company adopted the Stoneridge, Inc. Long-Term Cash Incentive Plan ("LTCIP") and granted awards to certain officers and key employees. In May 2009, the LTCIP was approved by the Company's shareholders. | |
The 2010 awards under the LTCIP provided recipients with the right to receive an amount of cash equal to the fair market value of a specified number of Common Shares, without par value, of the Company ("Phantom Shares") three years from the date of grant depending on the Company's actual earnings per share performance for each fiscal year of 2010, 2011 and 2012 within the performance period. At December 31, 2012, the Company had a liability of $606 recorded for the 2010 LTCIP award included in accrued expenses and other current liabilities. The 2010 LTCIP awards vested and were paid in February 2013. | |
The 2013 awards under the LTCIP provided recipients with the right to receive an amount of cash equal to the fair market value of a specific number of Phantom Shares three years from the date of grant depending on the Company's actual earnings per share performance for each fiscal year of 2013, 2014, and 2015 within the performance period. The Company records an accrual for awards to be paid in the period earned based on anticipated achievement of the performance goal. If the participant voluntarily terminates employment or is discharged for cause, as defined in the LTCIP, the award is forfeited. The LTCIP accrual at September 30, 2013 for the 2013 awards was $60. | |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Taxes [Abstract] | ' |
Income Taxes | ' |
(11) Income Taxes | |
The Company adjusts its effective tax rate each quarter based on the estimated annual effective tax rate, as required. The Company also records the tax impact of certain discrete, unusual or infrequently occurring items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, in the interim period in which they occur. In addition, jurisdictions with a projected loss for the year where no tax benefit can be recognized are excluded from the estimated annual effective tax rate. The impact of such an exclusion could result in a higher or lower effective tax rate during a particular quarter, based upon the mix and timing of actual earnings versus annual projections. | |
The Company recognized a provision for income taxes of $1,016, or 15.6% and $383, or 39.4% of income before income taxes, for federal, state and foreign income taxes for the three months ended September 30, 2013 and 2012, respectively. The increase in the tax provision was primarily due to higher income before income taxes in the current period compared to the same period for 2012. The decrease in the effective tax rate for the three months ended September 30, 2013 compared to the same period for 2012 was primarily attributable to the improved performance of PST and our European operations, which was partially offset by a decline in the performance of our North American operations. | |
The Company recognized a provision for income taxes of $3,160, or 16.3% and $717, or 40.9% of income before income taxes, for federal, state and foreign income taxes for the nine months ended September 30, 2013 and 2012, respectively. The increase in the tax provision was primarily due to higher income before income taxes compared to the same period in 2012. The decrease in the effective tax rate for the nine months ended September 30, 2013 compared to the same period for 2012 was primarily attributable to the improved performance of PST and our European operations, which was partially offset by a decline in the performance of our North American operations. | |
Segment_Reporting
Segment Reporting | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Segment Reporting | ' | ||||||||
(12) Segment Reporting | |||||||||
Operating segments are defined as components of an enterprise that are evaluated regularly by the Company's chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company's chief operating decision maker is the chief executive officer. | |||||||||
During the fourth quarter of 2012, the Company changed its reportable segments in accordance with changes in financial information received and reviewed by the Company's chief operating decision maker. As a result, the Company's Wiring business unit is an operating segment for financial reporting purposes. Historically, the Wiring business unit was included in the Electronics operating segment. The Company has revised the consolidated segment information for 2012 to reflect this presentation. | |||||||||
The Company has four reportable segments: Electronics, Wiring, Control Devices and PST which also represents its operating segments. The Electronics reportable segment produces electronic instrument clusters, electronic control units and driver information systems. The Wiring reportable segment produces electrical power and signal distribution systems, primarily wiring harnesses and connectors and assembles instrument panels. The Control Devices reportable segment produces sensors, switches, valves and actuators. The PST reportable segment designs and manufactures electronic vehicle security alarms, convenience accessories, vehicle tracking devices and monitoring services and in-vehicle audio and video devices. | |||||||||
The accounting policies of the Company's reportable segments are the same as those described in Note 2, "Summary of Significant Accounting Policies" of the Company's December 31, 2012 Form 10-K. The Company's management evaluates the performance of its reportable segments based primarily on revenues from external customers, capital expenditures and income before income taxes. Inter-segment sales are accounted for on terms similar to those to third parties and are eliminated upon consolidation. | |||||||||
A summary of financial information by reportable segment is as follows: | |||||||||
Three months ended | Nine months ended | ||||||||
September 30, | September 30, | ||||||||
2013 | 2012 | 2013 | 2012 | ||||||
Net Sales: | |||||||||
Electronics | $ | 44,869 | $ | 37,808 | $ | 138,073 | $ | 122,740 | |
Inter-segment sales | 10,333 | 11,086 | 32,048 | 40,314 | |||||
Electronics net sales | 55,202 | 48,894 | 170,121 | 163,054 | |||||
Wiring | 71,955 | 72,871 | 221,755 | 253,346 | |||||
Inter-segment sales | 2,041 | 857 | 5,842 | 2,962 | |||||
Wiring net sales | 73,996 | 73,728 | 227,597 | 256,308 | |||||
Control Devices | 73,061 | 64,803 | 219,408 | 203,763 | |||||
Inter-segment sales | 775 | 1,252 | 2,345 | 3,231 | |||||
Control Devices net sales | 73,836 | 66,055 | 221,753 | 206,994 | |||||
PST | 43,626 | 43,774 | 132,770 | 135,939 | |||||
Inter-segment sales | - | - | - | - | |||||
PST net sales | 43,626 | 43,774 | 132,770 | 135,939 | |||||
Eliminations | -13,149 | -13,195 | -40,235 | -46,507 | |||||
Total net sales | $ | 233,511 | $ | 219,256 | $ | 712,006 | $ | 715,788 | |
Income (Loss) Before Income Taxes: | |||||||||
Electronics | $ | 4,519 | 2,109 | $ | 12,214 | 7,980 | |||
Wiring | -3,594 | -1,822 | -5,564 | 1,351 | |||||
Control Devices | 6,988 | 2,779 | 20,868 | 10,680 | |||||
PST | 2,090 | 1,109 | 5,112 | -7,347 | |||||
Other corporate activities | 489 | 715 | -1,377 | 954 | |||||
Corporate interest expense | -3,963 | -3,918 | -11,906 | -11,864 | |||||
Total income before income taxes | $ | 6,529 | $ | 972 | $ | 19,347 | $ | 1,754 | |
Depreciation and Amortization: | |||||||||
Electronics | $ | 1,145 | $ | 1,125 | $ | 3,666 | $ | 3,280 | |
Wiring | 1,199 | 1,268 | 3,606 | 3,800 | |||||
Control Devices | 2,429 | 2,375 | 7,434 | 7,123 | |||||
PST | 3,409 | 3,983 | 10,895 | 12,060 | |||||
Corporate | 44 | 46 | 138 | 141 | |||||
Total depreciation and amortization (A) | $ | 8,226 | $ | 8,797 | $ | 25,739 | $ | 26,404 | |
Interest Expense, net: | |||||||||
Electronics | $ | 197 | $ | 346 | $ | 570 | $ | 1,132 | |
Wiring | 49 | 43 | 244 | 116 | |||||
Control Devices | 58 | 55 | 137 | 169 | |||||
PST | 277 | 516 | 836 | 2,114 | |||||
Corporate | 3,963 | 3,918 | 11,906 | 11,864 | |||||
Total interest expense, net | $ | 4,544 | $ | 4,878 | $ | 13,693 | $ | 15,395 | |
Capital Expenditures: | |||||||||
Electronics | $ | 1,381 | $ | 461 | $ | 2,369 | $ | 1,927 | |
Wiring | 1,261 | 818 | 2,765 | 2,304 | |||||
Control Devices | 3,164 | 2,164 | 8,061 | 6,196 | |||||
PST | 1,908 | 2,203 | 5,000 | 7,609 | |||||
Corporate | 107 | 227 | 327 | 2,207 | |||||
Total capital expenditures | $ | 7,821 | $ | 5,873 | $ | 18,522 | $ | 20,243 | |
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Total Assets: | |||||||||
Electronics | $ | 97,908 | $ | 84,772 | |||||
Wiring | 108,990 | 99,755 | |||||||
Control Devices | 114,802 | 100,351 | |||||||
PST | 250,517 | 267,687 | |||||||
Corporate (B) | 301,682 | 308,969 | |||||||
Eliminations | -270,295 | -268,843 | |||||||
Total assets | $ | 603,604 | $ | 592,691 | |||||
(A) These amounts represent depreciation and amortization on property, plant and equipment and certain intangible assets. | |||||||||
(B) Assets located at Corporate consist primarily of cash, intercompany loan receivables, equity investments and investments in subsidiaries. | |||||||||
The following table presents net sales and long-term assets for each of the geographic areas in which the Company operates: | |||||||||
Three months ended | Nine months ended | ||||||||
September 30, | September 30, | ||||||||
2013 | 2012 | 2013 | 2012 | ||||||
Net Sales: | |||||||||
North America | $ | 148,805 | $ | 141,932 | $ | 453,270 | $ | 471,270 | |
South America | 43,626 | 43,774 | 132,770 | 135,939 | |||||
Europe and Other | 41,080 | 33,550 | 125,966 | 108,579 | |||||
Total net sales | $ | 233,511 | $ | 219,256 | $ | 712,006 | $ | 715,788 | |
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Long-term Assets: | |||||||||
North America | $ | 80,024 | $ | 82,777 | |||||
South America | 164,058 | 185,109 | |||||||
Europe and Other | 13,792 | 13,751 | |||||||
Total long-term assets | $ | 257,874 | $ | 281,637 | |||||
Investments
Investments | 9 Months Ended |
Sep. 30, 2013 | |
Investments [Astract] | ' |
Investments | ' |
(13) Investments | |
Minda Stoneridge Instruments Ltd. | |
The Minda Stoneridge Instruments Ltd. ("Minda") joint venture at September 30, 2013 is an unconsolidated joint venture and is accounted for under the equity method of accounting. The Company has a 49% interest in Minda, a company based in India that manufactures electronics, instrumentation equipment and sensors primarily for the motorcycle and commercial vehicle market. The Company's investment in Minda recorded as a component of investments and other long-term assets, net on the condensed consolidated balance sheets, was $5,817 and $6,215 at September 30, 2013 and December 31, 2012, respectively. Equity in earnings of Minda included in the condensed consolidated statements of operations was $99 and $207, for the three months ended September 30, 2013 and 2012, respectively. For the nine months ended September 30, 2013 and 2012, equity in earnings of Minda was $396 and $443, respectively. | |
PST Eletrônica Ltda. | |
The Company had a 74% controlling interest in PST for the three and nine months ended September 30, 2013 and 2012. Noncontrolling interest in PST decreased by $2,653 to $41,243 at September 30, 2013 due to a change in foreign currency translation of $3,706 and a dividend of $211 partially offset by a proportionate share of its net income of $1,264 for the nine months ended September 30, 2013. Comprehensive income related to the PST noncontrolling interest was $214 and $85 for the three months ended September 30, 2013 and 2012, respectively. Comprehensive loss related to the PST noncontrolling interest was $2,442 and $4,893 for the nine months ended September 30, 2013 and 2012, respectively. | |
Recently_Issued_Accounting_Sta
Recently Issued Accounting Standards | 9 Months Ended |
Sep. 30, 2013 | |
Recently Issued Accounting Standards [Abstract] | ' |
Recently Issued Accounting Standards | ' |
(14) Recently Issued Accounting Standards | |
Accounting Standards Adopted | |
In February 2013, the Financial Accounting Standards Board ("FASB") issued an accounting standards update requiring new disclosures about reclassifications from accumulated other comprehensive loss to net income. These disclosures may be presented on the face of the statements or in the notes to the consolidated financial statements. The standards update is effective for fiscal years beginning after December 15, 2012. We adopted this standards update on January 1, 2013 and revised our disclosures, see Note 7. | |
In December 2011, the FASB issued an accounting standards update requiring new disclosures about financial instruments and derivative instruments that are either offset by or subject to an enforceable master netting arrangement or similar agreement. The standards update is effective for fiscal years beginning after December 15, 2012. We adopted this standards update on January 1, 2013 which had no impact on our disclosures. | |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Inventories [Abstract] | ' | |||||
Schedule of Inventory, Current | ' | |||||
Inventory cost includes material, labor and overhead. Inventories consisted of the following: | ||||||
September 30, | December 31, | |||||
2013 | 2012 | |||||
Raw materials | $ | 76,806 | $ | 64,340 | ||
Work-in-progress | 16,355 | 13,621 | ||||
Finished goods | 25,815 | 18,071 | ||||
Total inventories, net | $ | 118,976 | $ | 96,032 | ||
Financial_Instruments_and_Fair1
Financial Instruments and Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||
Financial Instruments and Fair Value Measurements [Abstract] | ' | |||||||||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | ' | |||||||||||||||||||||||||||||
The notional amounts and fair values of derivative instruments in the condensed consolidated balance sheets are as follows: | ||||||||||||||||||||||||||||||
Prepaid expenses and other | ||||||||||||||||||||||||||||||
current assets / other | Accrued expenses and other | |||||||||||||||||||||||||||||
Notional amounts (A) | long-term assets | current liabilities | ||||||||||||||||||||||||||||
September 30, | December 31, | September 30, | December 31, | September 30, | December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||||||||||||||
Forward currency contracts | $ | 57,125 | $ | 36,500 | $ | - | $ | 1,800 | $ | 122 | $ | - | ||||||||||||||||||
Fixed price commodity contracts | 1,937 | 2,436 | - | 340 | 107 | - | ||||||||||||||||||||||||
Fair Value Hedge: | ||||||||||||||||||||||||||||||
Interest rate swap contract | $ | 45,000 | $ | 45,000 | 1,193 | 2,212 | - | - | ||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||||
Forward currency contracts | $ | 13,293 | $ | 12,643 | - | - | 14 | 191 | ||||||||||||||||||||||
(A) | Notional amounts represent the gross contract / notional amount of the derivatives outstanding. The fixed price commodity contract notional amounts are in pounds. | |||||||||||||||||||||||||||||
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||||||||||||||||
Amounts recorded for the cash flow hedges in other comprehensive income and in net income for the three months ended September 30, 2013 and 2012 are as follows: | ||||||||||||||||||||||||||||||
Gain (loss) | Gain (loss) | |||||||||||||||||||||||||||||
recorded in | reclassified from | |||||||||||||||||||||||||||||
other | other | |||||||||||||||||||||||||||||
comprehensive | comprehensive | |||||||||||||||||||||||||||||
income | income into net | |||||||||||||||||||||||||||||
income | ||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||||||||||||||||||||
Forward currency contracts | $ | -83 | $ | 2,301 | $ | 612 | $ | -15 | ||||||||||||||||||||||
Fixed price commodity contracts | 635 | 889 | -369 | -774 | ||||||||||||||||||||||||||
Total derivatives designated as cash flow hedges | $ | 552 | $ | 3,190 | $ | 243 | $ | -789 | ||||||||||||||||||||||
Amounts recorded for the cash flow hedges in other comprehensive income (loss) and in net income for the nine months ended September 30, 2013 and 2012 are as follows: | ||||||||||||||||||||||||||||||
Gain (loss) | Gain (loss) | |||||||||||||||||||||||||||||
recorded in | reclassified from | |||||||||||||||||||||||||||||
other | other | |||||||||||||||||||||||||||||
comprehensive | comprehensive | |||||||||||||||||||||||||||||
income (loss) | income (loss) into | |||||||||||||||||||||||||||||
net income | ||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||||||||||||||||||||
Forward currency contracts | $ | 228 | $ | 5,352 | $ | 2,150 | $ | -515 | ||||||||||||||||||||||
Fixed price commodity contracts | -1,099 | 1,731 | -652 | -1,866 | ||||||||||||||||||||||||||
Total derivatives designated as cash flow hedges | $ | -871 | $ | 7,083 | $ | 1,498 | $ | -2,381 | ||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | ' | |||||||||||||||||||||||||||||
The following table presents our assets and liabilities that are measured at fair value on a recurring basis and are categorized using the three levels of the fair value hierarchy based on the reliability of the inputs used. | ||||||||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||
Fair values estimated using | ||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||
Fair value | inputs (A) | inputs (B) | inputs (C) | Fair value | ||||||||||||||||||||||||||
Financial assets carried at fair value: | ||||||||||||||||||||||||||||||
Interest rate swap contract | $ | 1,193 | $ | - | $ | 1,193 | $ | - | $ | 2,212 | ||||||||||||||||||||
Forward currency contracts | - | - | - | - | 1,800 | |||||||||||||||||||||||||
Fixed price commodity contracts | - | - | - | 340 | ||||||||||||||||||||||||||
Total financial assets carried at fair value | $ | 1,193 | $ | - | $ | 1,193 | $ | - | $ | 4,352 | ||||||||||||||||||||
Financial liabilities carried at fair value: | ||||||||||||||||||||||||||||||
Forward currency contracts | $ | 136 | $ | - | $ | 136 | $ | - | $ | 191 | ||||||||||||||||||||
Fixed price commodity contracts | 107 | - | 107 | - | - | |||||||||||||||||||||||||
Total financial liabilities carried at fair value | $ | 243 | $ | - | $ | 243 | $ | - | $ | 191 | ||||||||||||||||||||
(A) | Fair values estimated using Level 1 inputs, which consist of quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. The Company did not have any fair value estimates using Level 1 inputs at September 30, 2013 or December 31, 2012. | |||||||||||||||||||||||||||||
(B) | Fair values estimated using Level 2 inputs, other than quoted prices, that are observable for the asset or liability, either directly or indirectly and include among other things, quoted prices for similar assets or liabilities in markets that are active or inactive as well as inputs other than quoted prices that are observable. For forward currency, fixed price commodity and interest rate swap contracts, inputs include foreign currency exchange rates, commodity indexes and the six-month forward LIBOR. | |||||||||||||||||||||||||||||
(C) | Fair values estimated using Level 3 inputs consist of significant unobservable inputs. The Company did not have any fair value estimates using Level 3 inputs at September 30, 2013 or December 31, 2012. | |||||||||||||||||||||||||||||
Debt_Tables
Debt (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt [Abstract] | ' | ||||||||
Schedule of Debt | ' | ||||||||
Weighted | |||||||||
Principal Outstanding at | Average | ||||||||
September 30, | December 31, | Interest as of | |||||||
2013 | 2012 | 30-Sep-13 | Maturity | ||||||
Revolving Credit Facilities | |||||||||
Asset-based credit facility | $ | - | $ | - | N/A | Dec-16 | |||
BCS revolver | - | 1,160 | N/A | Feb-13 | |||||
Total revolving credit facilities | $ | - | $ | 1,160 | |||||
Debt | |||||||||
Senior secured notes, net of discount | |||||||||
and swap fair value adjustment (A) | $ | 173,315 | $ | 173,916 | 9.50% | Oct-17 | |||
PST short-term notes | 3,069 | 16,161 | 2.09% | Nov-13 | |||||
PST long-term notes | 18,078 | 8,155 | 4.00% - 5.50% | 2014 - 2019 | |||||
Suzhou note | 1,470 | 1,445 | 7.00% | Feb-14 | |||||
Other | 730 | 559 | |||||||
Total debt | 196,662 | 200,236 | |||||||
Less: current portion | -9,210 | -18,925 | |||||||
Total long-term debt, net | $ | 187,452 | $ | 181,311 | |||||
(A) | Weighted average interest rate excludes the effect of the Company's interest rate swap and the accretion of debt discount. | ||||||||
Net_Income_Per_Share_Tables
Net Income Per Share (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Net Income Per Share [Abstract] | ' | |||||||||||||
Schedule of Weighted Average Number of Shares | ' | |||||||||||||
Actual weighted-average Common Shares outstanding used in calculating basic and diluted net income per share were as follows: | ||||||||||||||
Three months ended | Nine months ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Basic weighted-average shares outstanding | 26,691,996 | 26,430,300 | 26,663,335 | 26,358,285 | ||||||||||
Effect of dilutive shares | 484,788 | 713,517 | 572,468 | 651,184 | ||||||||||
Diluted weighted-average shares outstanding | 27,176,784 | 27,143,817 | 27,235,803 | 27,009,469 | ||||||||||
Changes_in_Accumulated_Other_C1
Changes in Accumulated Other Comprehensive Loss by Component (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Changes in Accumulated Other Comprehensive Loss by Component [Abstract] | ' | ||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||
Changes in accumulated other comprehensive loss for the three months ended September 30, 2013 and 2012 were as follows: | |||||||||
Post | |||||||||
Foreign | Unrealized | employment | |||||||
currency | gain (loss) | benefit | |||||||
translation | on derivatives | liability | Total | ||||||
Balance at July 1, 2013 | $ | -24,524 | $ | -538 | $ | -12 | $ | -25,074 | |
Other comprehensive income before reclassifications | 167 | 552 | - | 719 | |||||
Amounts reclassified from accumulated other | |||||||||
comprehensive loss | - | 243 | - | 243 | |||||
Net other comprehensive income, net of tax | 167 | 309 | - | 476 | |||||
Balance at September 30, 2013 | $ | -24,357 | $ | -229 | $ | -12 | $ | -24,598 | |
Balance at July 1, 2012 | $ | -12,253 | $ | -2,237 | $ | 15 | $ | -14,475 | |
Other comprehensive income before reclassifications | 1,018 | 3,190 | - | 4,208 | |||||
Amounts reclassified from accumulated other | |||||||||
comprehensive loss | - | -789 | - | -789 | |||||
Net other comprehensive income, net of tax | 1,018 | 3,979 | - | 4,997 | |||||
Balance at September 30, 2012 | $ | -11,235 | $ | 1,742 | $ | 15 | $ | -9,478 | |
Changes in accumulated other comprehensive loss for the nine months ended September 30, 2013 and 2012 were as follows: | |||||||||
Post | |||||||||
Foreign | Unrealized | employment | |||||||
currency | gain (loss) | benefit | |||||||
translation | on derivatives | liability | Total | ||||||
Balance at January 1, 2013 | $ | -12,410 | $ | 2,140 | $ | -12 | $ | -10,282 | |
Other comprehensive loss before reclassifications | -11,947 | -871 | - | -12,818 | |||||
Amounts reclassified from accumulated other | |||||||||
comprehensive loss | - | 1,498 | - | 1,498 | |||||
Net other comprehensive loss, net of tax | -11,947 | -2,369 | - | -14,316 | |||||
Balance at September 30, 2013 | $ | -24,357 | $ | -229 | $ | -12 | $ | -24,598 | |
Balance at January 1, 2012 | $ | -1,908 | $ | -7,722 | $ | 15 | $ | -9,615 | |
Other comprehensive income (loss) before reclassifications | -9,327 | 7,083 | - | -2,244 | |||||
Amounts reclassified from accumulated other | |||||||||
comprehensive loss | - | -2,381 | - | -2,381 | |||||
Net other comprehensive income (loss), net of tax | -9,327 | 9,464 | - | 137 | |||||
Balance at September 30, 2012 | $ | -11,235 | $ | 1,742 | $ | 15 | $ | -9,478 | |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Commitments and Contingencies [Abstract] | ' | ||||
Schedule of Product Warranty Liability | ' | ||||
The following provides a reconciliation of changes in product warranty and recall liability: | |||||
Nine months ended September 30 | 2013 | 2012 | |||
Product warranty and recall at beginning of period | $ | 6,107 | $ | 5,301 | |
Accruals for products shipped during period | 3,681 | 1,501 | |||
Aggregate changes in pre-existing liabilities due to claim developments | 1,527 | 693 | |||
Settlements made during the period (in cash or in kind) | -4,835 | -1,661 | |||
Product warranty and recall at end of period | $ | 6,480 | $ | 5,834 | |
Segment_Reporting_Tables
Segment Reporting (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Schedule of Segment Reporting Information, by Segment | ' | ||||||||
A summary of financial information by reportable segment is as follows: | |||||||||
Three months ended | Nine months ended | ||||||||
September 30, | September 30, | ||||||||
2013 | 2012 | 2013 | 2012 | ||||||
Net Sales: | |||||||||
Electronics | $ | 44,869 | $ | 37,808 | $ | 138,073 | $ | 122,740 | |
Inter-segment sales | 10,333 | 11,086 | 32,048 | 40,314 | |||||
Electronics net sales | 55,202 | 48,894 | 170,121 | 163,054 | |||||
Wiring | 71,955 | 72,871 | 221,755 | 253,346 | |||||
Inter-segment sales | 2,041 | 857 | 5,842 | 2,962 | |||||
Wiring net sales | 73,996 | 73,728 | 227,597 | 256,308 | |||||
Control Devices | 73,061 | 64,803 | 219,408 | 203,763 | |||||
Inter-segment sales | 775 | 1,252 | 2,345 | 3,231 | |||||
Control Devices net sales | 73,836 | 66,055 | 221,753 | 206,994 | |||||
PST | 43,626 | 43,774 | 132,770 | 135,939 | |||||
Inter-segment sales | - | - | - | - | |||||
PST net sales | 43,626 | 43,774 | 132,770 | 135,939 | |||||
Eliminations | -13,149 | -13,195 | -40,235 | -46,507 | |||||
Total net sales | $ | 233,511 | $ | 219,256 | $ | 712,006 | $ | 715,788 | |
Income (Loss) Before Income Taxes: | |||||||||
Electronics | $ | 4,519 | 2,109 | $ | 12,214 | 7,980 | |||
Wiring | -3,594 | -1,822 | -5,564 | 1,351 | |||||
Control Devices | 6,988 | 2,779 | 20,868 | 10,680 | |||||
PST | 2,090 | 1,109 | 5,112 | -7,347 | |||||
Other corporate activities | 489 | 715 | -1,377 | 954 | |||||
Corporate interest expense | -3,963 | -3,918 | -11,906 | -11,864 | |||||
Total income before income taxes | $ | 6,529 | $ | 972 | $ | 19,347 | $ | 1,754 | |
Depreciation and Amortization: | |||||||||
Electronics | $ | 1,145 | $ | 1,125 | $ | 3,666 | $ | 3,280 | |
Wiring | 1,199 | 1,268 | 3,606 | 3,800 | |||||
Control Devices | 2,429 | 2,375 | 7,434 | 7,123 | |||||
PST | 3,409 | 3,983 | 10,895 | 12,060 | |||||
Corporate | 44 | 46 | 138 | 141 | |||||
Total depreciation and amortization (A) | $ | 8,226 | $ | 8,797 | $ | 25,739 | $ | 26,404 | |
Interest Expense, net: | |||||||||
Electronics | $ | 197 | $ | 346 | $ | 570 | $ | 1,132 | |
Wiring | 49 | 43 | 244 | 116 | |||||
Control Devices | 58 | 55 | 137 | 169 | |||||
PST | 277 | 516 | 836 | 2,114 | |||||
Corporate | 3,963 | 3,918 | 11,906 | 11,864 | |||||
Total interest expense, net | $ | 4,544 | $ | 4,878 | $ | 13,693 | $ | 15,395 | |
Capital Expenditures: | |||||||||
Electronics | $ | 1,381 | $ | 461 | $ | 2,369 | $ | 1,927 | |
Wiring | 1,261 | 818 | 2,765 | 2,304 | |||||
Control Devices | 3,164 | 2,164 | 8,061 | 6,196 | |||||
PST | 1,908 | 2,203 | 5,000 | 7,609 | |||||
Corporate | 107 | 227 | 327 | 2,207 | |||||
Total capital expenditures | $ | 7,821 | $ | 5,873 | $ | 18,522 | $ | 20,243 | |
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Total Assets: | |||||||||
Electronics | $ | 97,908 | $ | 84,772 | |||||
Wiring | 108,990 | 99,755 | |||||||
Control Devices | 114,802 | 100,351 | |||||||
PST | 250,517 | 267,687 | |||||||
Corporate (B) | 301,682 | 308,969 | |||||||
Eliminations | -270,295 | -268,843 | |||||||
Total assets | $ | 603,604 | $ | 592,691 | |||||
(A) These amounts represent depreciation and amortization on property, plant and equipment and certain intangible assets. | |||||||||
(B) Assets located at Corporate consist primarily of cash, intercompany loan receivables, equity investments and investments in subsidiaries. | |||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | ' | ||||||||
The following table presents net sales and long-term assets for each of the geographic areas in which the Company operates: | |||||||||
Three months ended | Nine months ended | ||||||||
September 30, | September 30, | ||||||||
2013 | 2012 | 2013 | 2012 | ||||||
Net Sales: | |||||||||
North America | $ | 148,805 | $ | 141,932 | $ | 453,270 | $ | 471,270 | |
South America | 43,626 | 43,774 | 132,770 | 135,939 | |||||
Europe and Other | 41,080 | 33,550 | 125,966 | 108,579 | |||||
Total net sales | $ | 233,511 | $ | 219,256 | $ | 712,006 | $ | 715,788 | |
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Long-term Assets: | |||||||||
North America | $ | 80,024 | $ | 82,777 | |||||
South America | 164,058 | 185,109 | |||||||
Europe and Other | 13,792 | 13,751 | |||||||
Total long-term assets | $ | 257,874 | $ | 281,637 | |||||
Inventories_Narrative_Details
Inventories (Narrative) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
FIFO inventory amount | $70,903 | $57,004 |
Weighted average cost inventory amount | $48,073 | $39,028 |
Inventories_Schedule_of_Invent
Inventories (Schedule of Inventories) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Raw materials | $76,806 | $64,340 |
Work-in-progress | 16,355 | 13,621 |
Finished goods | 25,815 | 18,071 |
Total inventories, net | $118,976 | $96,032 |
Financial_Instruments_and_Fair2
Financial Instruments and Fair Value Measurements (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | ||||||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | |||||
Period From October 2013 Through December 2013 [Member] | Period From January 2014 Through December 2014 [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Commodity Contract [Member] | Commodity Contract [Member] | Commodity Contract [Member] | Commodity Contract [Member] | Senior Notes [Member] | Senior Notes [Member] | ||||||||||
lb | lb | Period From October 2013 Through December 2013 [Member] | Period From January 2014 Through December 2014 [Member] | ||||||||||||||||||||||
lb | lb | ||||||||||||||||||||||||
Secured long-term debt, noncurrent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $175,000 | $175,000 | |||||
Fair value of long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 190,313 | 188,895 | |||||
Gain (loss) on derivative instruments held for trading purposes, net | -655 | ' | -97 | ' | ' | ' | ' | ' | ' | ' | ' | -489 | -404 | ' | ' | ' | ' | ' | ' | ' | |||||
Notional amount of derivatives designated as cash flow hedging instruments | ' | ' | ' | ' | 12,125 | 45,000 | ' | ' | ' | ' | ' | 57,125 | [1] | 57,125 | [1] | 36,500 | [1] | ' | ' | ' | ' | ' | ' | ||
Notional amount of derivatives not designated as hedging instruments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,293 | [1] | 13,293 | [1] | 12,643 | [1] | ' | ' | ' | ' | ' | ' | ||
Fixed price commodity contracts (in pounds) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,937,000 | [1] | 2,436,000 | [1] | 763,000 | 1,174,000 | ' | ' | |||
Interest rate swap, notional amount | ' | ' | ' | ' | ' | ' | ' | 45,000 | ' | 45,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Discription of variable rate basis of derivative | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'the Company pays a variable interest rate equal to the six-month London Interbank Offered Rate ("LIBOR") plus 7.2% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Variable interenst rate | ' | ' | ' | ' | ' | ' | ' | 7.20% | ' | 7.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Fixed interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.50% | ' | |||||
Increase (decrease) in interest expense | ' | ' | ' | ' | ' | ' | ' | -222 | -241 | -644 | -634 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Fixed interest rate | ' | ' | ' | ' | ' | ' | ' | 9.50% | ' | 9.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Cash flow hedge gain reclassified to earnings | 5,513 | 589 | 16,187 | 1,037 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Amount from cash flow hedge derivatives to be reclassified | ' | ' | ' | ' | ' | ' | $229 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
[1] | Notional amounts represent the gross contract / notional amount of the derivatives outstanding. The fixed price commodity contract notional amounts are in pounds. |
Financial_Instruments_and_Fair3
Financial Instruments and Fair Value Measurements (Schedule of Notional Amounts and Fair Value of Derivative Instruments) (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | ||
lb | lb | |||
Forward Contracts [Member] | ' | ' | ||
Derivatives designated as hedging instruments, Cash Flow Hedges: | ' | ' | ||
Derivatives Designated As Hedging Instruments Cash Flow Hedges Notional Amount | 57,125 | [1] | 36,500 | [1] |
Derivatives not designated as hedging instruments: | ' | ' | ||
Notional amount of derivatives not designated as hedging instruments | 13,293 | [1] | 12,643 | [1] |
Commodity Contract [Member] | ' | ' | ||
Derivatives designated as hedging instruments, Cash Flow Hedges: | ' | ' | ||
Fixed price commodity contracts (in pounds) | 1,937,000 | [1] | 2,436,000 | [1] |
Interest Rate Swap [Member] | ' | ' | ||
Derivatives designated as hedging instruments, Fair Value Hedge: | ' | ' | ||
Derivatives Designated As Hedging Instruments Fair Value Hedges Notional Amount | 45,000 | [1] | 45,000 | [1] |
Other Assets [Member] | Forward Contracts [Member] | ' | ' | ||
Derivatives designated as hedging instruments, Cash Flow Hedges: | ' | ' | ||
Cash Flow Hedges Derivative Instruments at Fair Value, Net | ' | 1,800 | ||
Other Assets [Member] | Commodity Contract [Member] | ' | ' | ||
Derivatives designated as hedging instruments, Cash Flow Hedges: | ' | ' | ||
Cash Flow Hedges Derivative Instruments at Fair Value, Net | ' | 340 | ||
Other Assets [Member] | Interest Rate Swap [Member] | ' | ' | ||
Derivatives designated as hedging instruments, Fair Value Hedge: | ' | ' | ||
Interest Rate Fair Value Hedge Derivative at Fair Value, Net | 1,193 | 2,212 | ||
Other Liabilities [Member] | Forward Contracts [Member] | ' | ' | ||
Derivatives not designated as hedging instruments: | ' | ' | ||
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net | 14 | 191 | ||
Derivatives designated as hedging instruments, Cash Flow Hedges: | ' | ' | ||
Cash Flow Hedges Derivative Instruments at Fair Value, Net | 122 | ' | ||
Other Liabilities [Member] | Commodity Contract [Member] | ' | ' | ||
Derivatives designated as hedging instruments, Cash Flow Hedges: | ' | ' | ||
Cash Flow Hedges Derivative Instruments at Fair Value, Net | 107 | ' | ||
[1] | Notional amounts represent the gross contract / notional amount of the derivatives outstanding. The fixed price commodity contract notional amounts are in pounds. |
Financial_Instruments_and_Fair4
Financial Instruments and Fair Value Measurements (Schedule of Cash Flow Hedges in Other Comprehensive Loss and Net Income (Loss)) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Derivatives designated as cash flow hedges: | ' | ' | ' | ' |
Gain (loss) recorded in other comprehensive loss | $552 | $3,190 | ($871) | $7,083 |
Gain(loss) reclassified from other comprehensive income into net income | 243 | -789 | 1,498 | -2,381 |
Forward Contracts [Member] | ' | ' | ' | ' |
Derivatives designated as cash flow hedges: | ' | ' | ' | ' |
Gain (loss) recorded in other comprehensive loss | -83 | 2,301 | 228 | 5,352 |
Gain(loss) reclassified from other comprehensive income into net income | 612 | -15 | 2,150 | -515 |
Commodity Contract [Member] | ' | ' | ' | ' |
Derivatives designated as cash flow hedges: | ' | ' | ' | ' |
Gain (loss) recorded in other comprehensive loss | 635 | 889 | -1,099 | 1,731 |
Gain(loss) reclassified from other comprehensive income into net income | ($369) | ($774) | ($652) | ($1,866) |
Financial_Instruments_and_Fair5
Financial Instruments and Fair Value Measurements (Fair Value Hierarchy of Assets and Liabilities Measure on a Recurring Basis) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | |
In Thousands, unless otherwise specified | |||
Financial assets carried at fair value: | ' | ' | |
Interest rate swap contract | $1,193 | $2,212 | |
Forward currency contracts | ' | 1,800 | |
Fixed price commodity contracts | ' | 340 | |
Total financial assets carried at fair value | 1,193 | 4,352 | |
Financial liabilities carried at fair value: | ' | ' | |
Forward currency contracts | 136 | 191 | |
Fixed price commodity contracts | 107 | ' | |
Total financial liabilities carried at fair value | 243 | 191 | |
Fair Value, Inputs, Level 1 [Member] | ' | ' | |
Financial assets carried at fair value: | ' | ' | |
Interest rate swap contract | ' | [1] | ' |
Forward currency contracts | ' | [1] | ' |
Fixed price commodity contracts | ' | [1] | ' |
Total financial assets carried at fair value | ' | [1] | ' |
Financial liabilities carried at fair value: | ' | ' | |
Forward currency contracts | ' | [1] | ' |
Fixed price commodity contracts | ' | [1] | ' |
Total financial liabilities carried at fair value | ' | [1] | ' |
Fair Value, Inputs, Level 2 [Member] | ' | ' | |
Financial assets carried at fair value: | ' | ' | |
Interest rate swap contract | 1,193 | [2] | ' |
Forward currency contracts | ' | [2] | ' |
Fixed price commodity contracts | ' | [2] | ' |
Total financial assets carried at fair value | 1,193 | [2] | ' |
Financial liabilities carried at fair value: | ' | ' | |
Forward currency contracts | 136 | [2] | ' |
Fixed price commodity contracts | 107 | [2] | ' |
Total financial liabilities carried at fair value | 243 | [2] | ' |
Fair Value, Inputs, Level 3 [Member] | ' | ' | |
Financial assets carried at fair value: | ' | ' | |
Interest rate swap contract | ' | [3] | ' |
Forward currency contracts | ' | [3] | ' |
Fixed price commodity contracts | ' | [3] | ' |
Total financial assets carried at fair value | ' | [3] | ' |
Financial liabilities carried at fair value: | ' | ' | |
Forward currency contracts | ' | [3] | ' |
Fixed price commodity contracts | ' | [3] | ' |
Total financial liabilities carried at fair value | ' | [3] | ' |
[1] | Fair values estimated using Level 1 inputs, which consist of quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.B The Company did not have any fair value estimates using Level 1 inputs at September 30, 2013 or December 31, 2012. | ||
[2] | Fair values estimated using Level 2 inputs, other than quoted prices, that are observable for the asset or liability, either directly or indirectly and include among other things, quoted prices for similar assets or liabilities in markets that are active or inactive as well as inputs other than quoted prices that are observable.B For forward currency, fixed price commodity and interest rate swap contracts, inputs include foreign currency exchange rates, commodity indexes and the six-month forward LIBOR. | ||
[3] | Fair values estimated using Level 3 inputs consist of significant unobservable inputs.B The Company did not have any fair value estimates using Level 3 inputs at September 30, 2013 or December 31, 2012. |
ShareBased_Compensation_Narrat
Share-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Allocated Share-based Compensation Expense | ' | ' | $4,142 | $3,583 |
Long Term Cash Incentive Plan [Member] | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | 59 | -105 | 213 | -35 |
Selling, General and Administrative Expenses [Member] | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | $1,419 | $1,122 | ' | ' |
Debt_Narrative_Details
Debt (Narrative) (Details) | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | Dec. 31, 2012 | Nov. 02, 2007 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Oct. 04, 2010 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Aug. 21, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Aug. 29, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | ||
USD ($) | USD ($) | USD ($) | Maximum [Member] | Minimum [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Bolton Conductive Systems L L C [Member] | Subsidiary[Member] | Subsidiary[Member] | Subsidiary[Member] | Subsidiary[Member] | Subsidiary[Member] | Subsidiary[Member] | Subsidiary[Member] | Subsidiary[Member] | Subsidiary[Member] | PST Eletrnica Ltda. [Member] | PST Eletrnica Ltda. [Member] | ||
USD ($) | USD ($) | USD ($) | Reeemable After October 15, 2014 [Member] | USD ($) | USD ($) | Maximum [Member] | Minimum [Member] | Revolving Credit Facility [Member] | USD ($) | SEK | USD ($) | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan One [Member] | Term Loan One [Member] | Term Loan One [Member] | Term Loan [Member] | Term Loan [Member] | |||||||
USD ($) | USD ($) | CNY | USD ($) | USD ($) | USD ($) | CNY | USD ($) | BRL | ||||||||||||||||||
Debt instrument, description of variable rate basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | '. Interest is payable quarterly at either (i) the higher of the prime rate or the Federal Funds rate plus 0.50%, plus a margin of 0.00% to 0.25% or (ii) LIBOR plus a margin of 1.00% to 1.75%, depending upon the Company's undrawn availability, as defined. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Debt instrument, basis spread on variable rate | ' | ' | ' | 1.75% | 1.00% | ' | ' | ' | ' | 0.50% | ' | 0.25% | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Debt instrument, interest rate as a percent of reference rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125.00% | ' | ' | ' | ' | |
Fixed interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.50% | 5.50% | |
Debt instrument, maturity date | ' | ' | ' | ' | ' | 15-Oct-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2-Feb-16 | 2-Feb-16 | |
Credit Facility covenat compliance | 'The Company was in compliance with all Credit Facility covenants at September 30, 2013 and December 31, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Debt instrument, unamortized discount, percentage | ' | ' | ' | ' | ' | ' | ' | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Line of credit facility, commitment fee percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Undrawn borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | $83,636,000 | $74,060,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Line of credit facility, maximum borrowing capacity | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | 3,111,000 | 20,000,000 | 3,075,000 | ' | ' | ' | ' | ' | ' | ' | ' | |
Line of credit, current | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | |
Secured long-term debt, noncurrent | ' | ' | ' | ' | ' | 175,000,000 | 175,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Debt early redemption premium | ' | ' | ' | ' | ' | ' | ' | ' | 104.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Line of credit facility covenant limits | 15,000,000 | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Unamortized debt discount | ' | ' | ' | ' | ' | 2,878,000 | 3,296,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Debt instrument, face amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,000,000 | ' | ' | ' | 9,000,000 | ' | 25,000,000 | |
Long-term debt, gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,470,000 | 1,445,000 | ' | 11,236,000 | ' | |
Total long-term debt, net | 187,452,000 | 181,311,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,032,000 | ' | |
Long-term Debt, Weighted Average Interest Rate | ' | ' | ' | ' | ' | 9.50% | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, maturities, repayments of principal in year two | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,717,000 | ' | |
Long-term debt, maturities, repayments of principal in year three | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,854,000 | ' | |
Long-term debt, maturities, repayments of principal in year four | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,131,000 | ' | |
Long-term debt, maturities, repayments of principal in year five | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,110,000 | ' | |
Long-term debt, maturities, repayments of principal after year five | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,110,000 | ' | |
[1] | Weighted average interest rate excludes the effect of the Company's interest rate swap and the accretion of debt discount. |
Debt_Long_Term_Debt_Details
Debt (Long Term Debt) (Details) (USD $) | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | ||
Short-term debt | ' | $1,160 | ||
Debt: | ' | ' | ||
Long-term debt | 196,662 | 200,236 | ||
Less: current portion | -9,210 | -18,925 | ||
Total long-term debt, net | 187,452 | 181,311 | ||
Letter of Credit [Member] | ' | ' | ||
Debt: | ' | ' | ||
Debt, Maturity | 'Dec - 2016 | ' | ||
Bcs Revolver [Member] | ' | ' | ||
Short-term debt | ' | 1,160 | ||
Debt: | ' | ' | ||
Debt, Maturity | 'Feb - 2013 | ' | ||
Senior Notes [Member] | ' | ' | ||
Debt: | ' | ' | ||
Long-term debt | 173,315 | [1] | 173,916 | [1] |
Debt, Maturity | 'Oct - 2017 | [1] | ' | |
Long-term Debt, Weighted Average Interest Rate | 9.50% | [1] | ' | |
Pst Notes Payable [Member] | ' | ' | ||
Short-term debt | 3,069 | 16,161 | ||
Debt: | ' | ' | ||
Long-term debt | 18,078 | 8,155 | ||
Debt, Maturity | 'Nov - 2013 | ' | ||
Debt Instrument Maturity Period Range Start | '2014 | ' | ||
Debt Instrument Maturity Period Range End | '2019 | ' | ||
Pst Notes Payable [Member] | Maximum [Member] | ' | ' | ||
Debt: | ' | ' | ||
Long-term Debt, Weighted Average Interest Rate | 5.50% | ' | ||
Pst Notes Payable [Member] | Minimum [Member] | ' | ' | ||
Debt: | ' | ' | ||
Long-term Debt, Weighted Average Interest Rate | 4.00% | ' | ||
Short-term debt, Weighted Average Interest Rate | 2.09% | ' | ||
Suzhou Long Term Note [Member] | ' | ' | ||
Debt: | ' | ' | ||
Long-term debt | 1,470 | 1,445 | ||
Debt, Maturity | 'Feb - 2014 | ' | ||
Long-term Debt, Weighted Average Interest Rate | 7.00% | ' | ||
Other [Member] | ' | ' | ||
Debt: | ' | ' | ||
Long-term debt | $730 | $559 | ||
[1] | Weighted average interest rate excludes the effect of the Company's interest rate swap and the accretion of debt discount. |
Net_Income_Per_Share_Narative_
Net Income Per Share (Narative) (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Equity Option [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 20,000 | 64,000 |
Antidilutive Shares Outstanding Weighted Average Exercise Price | $15.73 | $12.05 |
Restricted Stock [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 663,750 | 635,850 |
Net_Income_Per_Share_Weighted_
Net Income Per Share (Weighted Average Shares Oustanding Used in Calculating Basic and Diluted Net Income Per Share) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Net Income Per Share [Abstract] | ' | ' | ' | ' |
Basic weighted-average shares outstanding | 26,691,996 | 26,430,300 | 26,663,335 | 26,358,285 |
Effect of dilutive shares | 484,788 | 713,517 | 572,468 | 651,184 |
Diluted weighted-average shares outstanding | 27,176,784 | 27,143,817 | 27,235,803 | 27,009,469 |
Changes_in_Accumulated_Other_C2
Changes in Accumulated Other Comprehensive Loss by Component (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Foreign currency translation, Beginning balance | ($24,524) | ($12,253) | ($12,410) | ($1,908) |
Foreign currency translation, Other comprehensive loss before reclassifications | 167 | 1,018 | -11,947 | -9,327 |
Foreign currency translation, Amounts reclassified from accumulated other comprehensive loss | ' | ' | ' | ' |
Foreign currency translation, Net other comprehensive loss, net of tax | 167 | 1,018 | -11,947 | -9,327 |
Foreign currency translation, Ending balance | -24,357 | -11,235 | -24,357 | -11,235 |
Unrealized gain (loss) on derivatives, Beginning balance | -538 | -2,237 | 2,140 | -7,722 |
Unrealized gain (loss) on derivatives, Other comprehensive loss before reclassifications | 552 | 3,190 | -871 | 7,083 |
Unrealized gain (loss) on derivatives, Amounts reclassified from accumulated other comprehensive loss | 243 | -789 | 1,498 | -2,381 |
Unrealized gain (loss) on derivatives, Net other comprehensive loss, net of tax | 309 | 3,979 | -2,369 | 9,464 |
Unrealized gain (loss) on derivatives, Ending balance | -229 | 1,742 | -229 | 1,742 |
Post employment benefit liability, Beginning balance | -12 | 15 | -12 | 15 |
Post employment benefit liability, Other comprehensive loss before reclassifications | ' | ' | ' | ' |
Post employment benefit liability, Amounts reclassified from accumulated other comprehensive loss | ' | ' | ' | ' |
Post employment benefit liability, Net other comprehensive loss, net of tax | ' | ' | ' | ' |
Post employment benefit liability, Ending balance | -12 | 15 | -12 | 15 |
Accumulated other comprehensive income (loss), Beginning balance | -25,074 | -14,475 | -10,282 | -9,615 |
Total, Other comprehensive loss before reclassifications | 719 | 4,208 | -12,818 | -2,244 |
Total, Amounts reclassified from accumulated other comprehensive loss | 243 | -789 | 1,498 | -2,381 |
Total, Net other comprehensive loss, net of tax | 476 | 4,997 | -14,316 | 137 |
Accumulated other comprehensive income (loss), Ending balance | ($24,598) | ($9,478) | ($24,598) | ($9,478) |
Restructuring_and_Business_Rea1
Restructuring and Business Realignment Charges (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 |
Pst Segment [Member] | Pst Segment [Member] | Pst Segment [Member] | Pst Segment [Member] | Facility Closing [Member] | Facility Closing [Member] | Facility Closing [Member] | Facility Closing [Member] | Selling, General and Administrative Expenses [Member] | Selling, General and Administrative Expenses [Member] | Selling, General and Administrative Expenses [Member] | Selling, General and Administrative Expenses [Member] | Cost of Sales [Member] | Cost of Sales [Member] | |
Other Liabilities [Member] | Other Liabilities [Member] | Electronics [Member] | Electronics [Member] | Electronics [Member] | Electronics [Member] | Pst Segment [Member] | Pst Segment [Member] | |||||||
Restructuring and Related Cost, Incurred Cost | ' | ' | ' | ' | ' | ' | ' | ' | $116 | $90 | $348 | $160 | ' | ' |
Restructuring Reserve | ' | ' | ' | ' | 762 | 765 | 417 | 419 | ' | ' | ' | ' | ' | ' |
Business Realignment Charges | $0 | $0 | $0 | $1,646 | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $729 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Narrative) (Details) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | USD ($) | USD ($) | Letter of Credit [Member] | PST Eletrnica Ltda. [Member] | PST Eletrnica Ltda. [Member] | PST Eletrnica Ltda. [Member] | PST Eletrnica Ltda. [Member] | PST Eletrnica Ltda. [Member] | PST Eletrnica Ltda. [Member] | PST Eletrnica Ltda. [Member] | PST Eletrnica Ltda. [Member] | PST Eletrnica Ltda. [Member] | PST Eletrnica Ltda. [Member] | Minda Stoneridge Instruments Ltd [Member] |
USD ($) | USD ($) | BRL | USD ($) | Value Added Tax [Member] | Value Added Tax [Member] | Interest On Tax [Member] | Interest On Tax [Member] | Penalties On Tax [Member] | Penalties On Tax [Member] | |||||
USD ($) | BRL | USD ($) | BRL | USD ($) | BRL | |||||||||
Accrual for Environmental Loss Contingencies, Gross | $1,340 | $1,340 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity method investment, ownership percentage | 74.00% | ' | ' | 74.00% | 74.00% | ' | 74.00% | ' | ' | ' | ' | ' | ' | 49.00% |
Environmental Exit Costs, Anticipated Cost | ' | ' | 2,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage Of State Value Added Tax | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingencies, Aggregate Tax Assessment, Not Accrued | ' | ' | ' | 41,500 | 92,500 | ' | ' | 5,900 | 13,200 | 5,100 | 11,400 | 30,500 | 67,900 | ' |
Accounts Payable and Accrued Liabilities | 733 | 733 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product Warranty Accrual, Noncurrent | 249 | 494 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency, Estimate Of Possible Loss | ' | ' | ' | $11,598 | ' | $11,925 | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies (Reconcilation of Changes in Product Warranty and Recal Liability) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Commitments and Contingencies [Abstract] | ' | ' |
Product warranty and recall at beginning of period | $6,107 | $5,301 |
Accruals for products shipped during period | 3,681 | 1,501 |
Aggregate changes in pre-existing liabilities due to claim developments | 1,527 | 693 |
Settlements made during the period (in cash or in kind) | -4,835 | -1,661 |
Product warranty and recall at end of period | $6,480 | $5,834 |
Employee_Benefit_Plans_Narrati
Employee Benefit Plans (Narrative) (Details) (Long Term Cash Incentive Plan [Member], USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Long Term Cash Incentive Plan [Member] | ' | ' |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ' | ' |
Deferred compensation liability | ' | $606 |
Long-Term Cash Incentive Plan performance period | '3 years | '3 years |
Long-Term Cash Incentive Plan beginning performance period | '2013 | '2010 |
Long-Term Cash Incentive Plan ending performance period | '2015 | '2012 |
Long-Term Cash Incentive Plan accrual | $60 | ' |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Taxes [Abstract] | ' | ' | ' | ' |
Income Tax Expense (Benefit) | $1,016 | $383 | $3,160 | $717 |
Effective Income Tax Rate Reconciliation, Percent, Total | 15.60% | 39.40% | 16.30% | 40.90% |
Segment_Reporting_Narrative_De
Segment Reporting (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2013 | |
segment | |
Segment Reporting [Abstract] | ' |
Number of reportable segments | 4 |
Segment_Reporting_Summary_of_F
Segment Reporting (Summary of Financial Information by Reportable Segment) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |||||
Net Sales: | ' | ' | ' | ' | ' | |||||
Total net sales | $233,511 | $219,256 | $712,006 | $715,788 | ' | |||||
Income (Loss) Before Income Taxes: | ' | ' | ' | ' | ' | |||||
Corporate interest expense | -3,963 | -3,918 | -11,906 | -11,864 | ' | |||||
Total income (loss) before income taxes | 6,529 | 972 | 19,347 | 1,754 | ' | |||||
Depreciation and Amortization: | ' | ' | ' | ' | ' | |||||
Total depreciation and amortization | 8,226 | [1] | 8,797 | [1] | 25,739 | [1] | 26,404 | [1] | ' | |
Interest Expense, net: | ' | ' | ' | ' | ' | |||||
Total interest expense, net | 4,544 | 4,878 | 13,693 | 15,395 | ' | |||||
Capital Expenditures: | ' | ' | ' | ' | ' | |||||
Total capital expenditures | 7,821 | 5,873 | 18,522 | 20,243 | ' | |||||
Total Assets: | ' | ' | ' | ' | ' | |||||
Total assets | 603,604 | ' | 603,604 | ' | 592,691 | |||||
Intersegment Eliminations [Member] | ' | ' | ' | ' | ' | |||||
Net Sales: | ' | ' | ' | ' | ' | |||||
Total net sales | -13,149 | -13,195 | -40,235 | -46,507 | ' | |||||
Total Assets: | ' | ' | ' | ' | ' | |||||
Total assets | -270,295 | ' | -270,295 | ' | -268,843 | |||||
Electronics [Member] | ' | ' | ' | ' | ' | |||||
Net Sales: | ' | ' | ' | ' | ' | |||||
Total net sales | 55,202 | 48,894 | 170,121 | 163,054 | ' | |||||
Income (Loss) Before Income Taxes: | ' | ' | ' | ' | ' | |||||
Total income (loss) before income taxes | 4,519 | 2,109 | 12,214 | 7,980 | ' | |||||
Depreciation and Amortization: | ' | ' | ' | ' | ' | |||||
Total depreciation and amortization | 1,145 | 1,125 | 3,666 | 3,280 | ' | |||||
Interest Expense, net: | ' | ' | ' | ' | ' | |||||
Total interest expense, net | 197 | 346 | 570 | 1,132 | ' | |||||
Capital Expenditures: | ' | ' | ' | ' | ' | |||||
Total capital expenditures | 1,381 | 461 | 2,369 | 1,927 | ' | |||||
Total Assets: | ' | ' | ' | ' | ' | |||||
Total assets | 97,908 | ' | 97,908 | ' | 84,772 | |||||
Electronics [Member] | Operating Segments [Member] | ' | ' | ' | ' | ' | |||||
Net Sales: | ' | ' | ' | ' | ' | |||||
Total net sales | 44,869 | 37,808 | 138,073 | 122,740 | ' | |||||
Electronics [Member] | Intersegment Eliminations [Member] | ' | ' | ' | ' | ' | |||||
Net Sales: | ' | ' | ' | ' | ' | |||||
Total net sales | 10,333 | 11,086 | 32,048 | 40,314 | ' | |||||
Wiring [Member] | ' | ' | ' | ' | ' | |||||
Net Sales: | ' | ' | ' | ' | ' | |||||
Total net sales | 73,996 | 73,728 | 227,597 | 256,308 | ' | |||||
Income (Loss) Before Income Taxes: | ' | ' | ' | ' | ' | |||||
Total income (loss) before income taxes | -3,594 | -1,822 | -5,564 | 1,351 | ' | |||||
Depreciation and Amortization: | ' | ' | ' | ' | ' | |||||
Total depreciation and amortization | 1,199 | 1,268 | 3,606 | 3,800 | ' | |||||
Interest Expense, net: | ' | ' | ' | ' | ' | |||||
Total interest expense, net | 49 | 43 | 244 | 116 | ' | |||||
Capital Expenditures: | ' | ' | ' | ' | ' | |||||
Total capital expenditures | 1,261 | 818 | 2,765 | 2,304 | ' | |||||
Total Assets: | ' | ' | ' | ' | ' | |||||
Total assets | 108,990 | ' | 108,990 | ' | 99,755 | |||||
Wiring [Member] | Operating Segments [Member] | ' | ' | ' | ' | ' | |||||
Net Sales: | ' | ' | ' | ' | ' | |||||
Total net sales | 71,955 | 72,871 | 221,755 | 253,346 | ' | |||||
Wiring [Member] | Intersegment Eliminations [Member] | ' | ' | ' | ' | ' | |||||
Net Sales: | ' | ' | ' | ' | ' | |||||
Total net sales | 2,041 | 857 | 5,842 | 2,962 | ' | |||||
Control Devices [Member] | ' | ' | ' | ' | ' | |||||
Net Sales: | ' | ' | ' | ' | ' | |||||
Total net sales | 73,836 | 66,055 | 221,753 | 206,994 | ' | |||||
Income (Loss) Before Income Taxes: | ' | ' | ' | ' | ' | |||||
Total income (loss) before income taxes | 6,988 | 2,779 | 20,868 | 10,680 | ' | |||||
Depreciation and Amortization: | ' | ' | ' | ' | ' | |||||
Total depreciation and amortization | 2,429 | 2,375 | 7,434 | 7,123 | ' | |||||
Interest Expense, net: | ' | ' | ' | ' | ' | |||||
Total interest expense, net | 58 | 55 | 137 | 169 | ' | |||||
Capital Expenditures: | ' | ' | ' | ' | ' | |||||
Total capital expenditures | 3,164 | 2,164 | 8,061 | 6,196 | ' | |||||
Total Assets: | ' | ' | ' | ' | ' | |||||
Total assets | 114,802 | ' | 114,802 | ' | 100,351 | |||||
Control Devices [Member] | Operating Segments [Member] | ' | ' | ' | ' | ' | |||||
Net Sales: | ' | ' | ' | ' | ' | |||||
Total net sales | 73,061 | 64,803 | 219,408 | 203,763 | ' | |||||
Control Devices [Member] | Intersegment Eliminations [Member] | ' | ' | ' | ' | ' | |||||
Net Sales: | ' | ' | ' | ' | ' | |||||
Total net sales | 775 | 1,252 | 2,345 | 3,231 | ' | |||||
Pst [Member] | ' | ' | ' | ' | ' | |||||
Net Sales: | ' | ' | ' | ' | ' | |||||
Total net sales | 43,626 | 43,774 | 132,770 | 135,939 | ' | |||||
Income (Loss) Before Income Taxes: | ' | ' | ' | ' | ' | |||||
Total income (loss) before income taxes | 2,090 | 1,109 | 5,112 | -7,347 | ' | |||||
Depreciation and Amortization: | ' | ' | ' | ' | ' | |||||
Total depreciation and amortization | 3,409 | 3,983 | 10,895 | 12,060 | ' | |||||
Interest Expense, net: | ' | ' | ' | ' | ' | |||||
Total interest expense, net | 277 | 516 | 836 | 2,114 | ' | |||||
Capital Expenditures: | ' | ' | ' | ' | ' | |||||
Total capital expenditures | 1,908 | 2,203 | 5,000 | 7,609 | ' | |||||
Total Assets: | ' | ' | ' | ' | ' | |||||
Total assets | 250,517 | ' | 250,517 | ' | 267,687 | |||||
Pst [Member] | Operating Segments [Member] | ' | ' | ' | ' | ' | |||||
Net Sales: | ' | ' | ' | ' | ' | |||||
Total net sales | 43,626 | 43,774 | 132,770 | 135,939 | ' | |||||
Pst [Member] | Intersegment Eliminations [Member] | ' | ' | ' | ' | ' | |||||
Net Sales: | ' | ' | ' | ' | ' | |||||
Total net sales | ' | ' | ' | ' | ' | |||||
Corporate Segment [Member] | ' | ' | ' | ' | ' | |||||
Income (Loss) Before Income Taxes: | ' | ' | ' | ' | ' | |||||
Total income (loss) before income taxes | 489 | 715 | -1,377 | 954 | ' | |||||
Depreciation and Amortization: | ' | ' | ' | ' | ' | |||||
Total depreciation and amortization | 44 | 46 | 138 | 141 | ' | |||||
Interest Expense, net: | ' | ' | ' | ' | ' | |||||
Total interest expense, net | 3,963 | 3,918 | 11,906 | 11,864 | ' | |||||
Capital Expenditures: | ' | ' | ' | ' | ' | |||||
Total capital expenditures | 107 | 227 | 327 | 2,207 | ' | |||||
Total Assets: | ' | ' | ' | ' | ' | |||||
Total assets | $301,682 | [2] | ' | $301,682 | [2] | ' | $308,969 | [2] | ||
[1] | These amounts represent depreciation and amortization on property, plant and equipment and certain intangible assets. | |||||||||
[2] | Assets located at Corporate consist primarily of cash, intercompany loan receivables, equity investments and investments in subsidiaries. |
Segment_Reporting_Net_Sales_an
Segment Reporting (Net Sales and Long-Term Assets for Each Geographic Area) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Net Sales: | ' | ' | ' | ' | ' |
Total net sales | $233,511 | $219,256 | $712,006 | $715,788 | ' |
Non-Current Assets: | ' | ' | ' | ' | ' |
Total non-current assets | 257,874 | ' | 257,874 | ' | 281,637 |
North America [Member] | ' | ' | ' | ' | ' |
Net Sales: | ' | ' | ' | ' | ' |
Total net sales | 148,805 | 141,932 | 453,270 | 471,270 | ' |
Non-Current Assets: | ' | ' | ' | ' | ' |
Total non-current assets | 80,024 | ' | 80,024 | ' | 82,777 |
South America [Member] | ' | ' | ' | ' | ' |
Net Sales: | ' | ' | ' | ' | ' |
Total net sales | 43,626 | 43,774 | 132,770 | 135,939 | ' |
Non-Current Assets: | ' | ' | ' | ' | ' |
Total non-current assets | 164,058 | ' | 164,058 | ' | 185,109 |
Europe and Other [Member] | ' | ' | ' | ' | ' |
Net Sales: | ' | ' | ' | ' | ' |
Total net sales | 41,080 | 33,550 | 125,966 | 108,579 | ' |
Non-Current Assets: | ' | ' | ' | ' | ' |
Total non-current assets | $13,792 | ' | $13,792 | ' | $13,751 |
Investments_Narrative_Details
Investments (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Income (loss) from equity method investments | $99 | $207 | $396 | $443 | ' |
Equity method investment, ownership percentage | 74.00% | ' | 74.00% | ' | ' |
Noncontrolling interest | 41,423 | ' | 41,423 | ' | 44,081 |
Net income attributable to noncontrolling interest | 466 | 170 | 1,260 | -1,703 | ' |
Comprehensive (income) loss attributable to noncontrolling interest | 466 | 170 | 1,260 | -1,703 | ' |
PST Eletrnica Ltda. [Member] | ' | ' | ' | ' | ' |
Equity method investment, ownership percentage | 74.00% | 74.00% | 74.00% | 74.00% | ' |
Noncontrolling interest, period increase (decrease) | ' | ' | 2,653 | ' | ' |
Noncontrolling interest | 41,243 | ' | 41,243 | ' | ' |
Net income attributable to noncontrolling interest | ' | ' | 1,264 | ' | ' |
Noncontrolling interest, decrease from distributions to noncontrolling interest holders | ' | ' | 211 | ' | ' |
Foreign currency translation adjustment to noncontrolling interest | ' | ' | 3,706 | ' | ' |
Comprehensive (income) loss attributable to noncontrolling interest | -214 | -85 | 2,442 | 4,893 | ' |
Minda Stoneridge Instruments Ltd [Member] | ' | ' | ' | ' | ' |
Income (loss) from equity method investments | 99 | 207 | 396 | 443 | ' |
Equity method investments | $5,817 | ' | $5,817 | ' | $6,215 |
Equity method investment, ownership percentage | 49.00% | ' | 49.00% | ' | ' |