Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 30, 2014 | |
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 | ' | 28,244,497 |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Document Fiscal Year Focus | '2014 | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $48,427 | $62,825 |
Accounts receivable, less reserves of $3,693 and $3,514, respectively | 150,599 | 133,736 |
Inventories, net | 129,644 | 114,058 |
Prepaid expenses and other current assets | 33,728 | 29,617 |
Total current assets | 362,398 | 340,236 |
Long-term assets: | ' | ' |
Property, plant and equipment, net | 109,602 | 110,872 |
Other assets: | ' | ' |
Intangible assets, net | 70,002 | 68,842 |
Goodwill | 60,408 | 58,521 |
Investments and other long-term assets, net | 10,546 | 9,851 |
Total long-term assets | 250,558 | 248,086 |
Total assets | 612,956 | 588,322 |
Current liabilities: | ' | ' |
Current portion of debt | 21,559 | 12,187 |
Accounts payable | 91,245 | 84,884 |
Accrued expenses and other current liabilities | 58,905 | 56,651 |
Total current liabilities | 171,709 | 153,722 |
Long-term liabilities: | ' | ' |
Long-term debt, net | 184,077 | 185,045 |
Deferred income taxes | 57,844 | 57,026 |
Other long-term liabilities | 4,429 | 3,995 |
Total long-term liabilities | 246,350 | 246,066 |
Shareholders' equity: | ' | ' |
Preferred Shares, without par value, authorized 5,000 shares, none issued | ' | ' |
Common Shares, without par value, authorized 60,000 shares, issued 28,851 and 28,803 shares and outstanding 28,244 and 28,483 shares at March 31, 2014 and December 31, 2013, respectively, with no stated value | ' | ' |
Additional paid-in capital | 188,909 | 187,742 |
Common Shares held in treasury, 607 and 320 shares at March 31, 2014 and December 31, 2013, respectively, at cost | -1,193 | -519 |
Accumulated deficit | -6,303 | -7,771 |
Accumulated other comprehensive loss | -26,423 | -30,458 |
Total Stoneridge Inc. shareholders' equity | 154,990 | 148,994 |
Noncontrolling interest | 39,907 | 39,540 |
Total shareholders' equity | 194,897 | 188,534 |
Total liabilities and shareholders' equity | $612,956 | $588,322 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Accounts receivable, reserves (in dollars) | $3,693 | $3,514 |
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 | 28,851,000 | 28,803,000 |
Common shares, outstanding | 28,244,000 | 28,483,000 |
Common shares held in treasury, shares | 607,000 | 320,000 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Statement [Abstract] | ' | ' |
Net sales | $236,389 | $235,710 |
Costs and expenses: | ' | ' |
Cost of goods sold | 181,600 | 176,981 |
Selling, general and administrative | 47,221 | 48,437 |
Operating income | 7,568 | 10,292 |
Interest expense, net | 4,940 | 4,574 |
Equity in earnings of investee | -238 | -201 |
Other expense, net | 1,946 | 617 |
Income before income taxes | 920 | 5,302 |
Provision for income taxes | 430 | 1,019 |
Net income | 490 | 4,283 |
Net income (loss) attributable to noncontrolling interest | -978 | 160 |
Net income attributable to Stoneridge, Inc. | $1,468 | $4,123 |
Earnings per share attributable to Stoneridge, Inc.: | ' | ' |
Basic (in dollars per share) | $0.05 | $0.15 |
Diluted (in dollars per share) | $0.05 | $0.15 |
Weighted average shares outstanding: | ' | ' |
Basic (in shares) | 26,854,017 | 26,601,282 |
Diluted (in shares) | 27,408,781 | 27,395,041 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement Of Other Comprehensive Income [Abstract] | ' | ' |
Net income | $490 | $4,283 |
Other comprehensive income, net of tax: | ' | ' |
Foreign currency translation adjustments | 4,178 | 2,245 |
Unrealized gain (loss) on derivatives | -143 | 259 |
Other comprehensive income, net of tax | 4,035 | 2,504 |
Consolidated comprehensive income | 4,525 | 6,787 |
Income (loss) attributable to noncontrolling interest | -978 | 160 |
Comprehensive income attributable to Stoneridge, Inc. | $5,503 | $6,627 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
OPERATING ACTIVITIES: | ' | ' |
Net income | $490 | $4,283 |
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | ' | ' |
Depreciation | 6,742 | 7,417 |
Amortization, including accretion of debt discount | 1,434 | 1,763 |
Deferred income taxes | 421 | -912 |
Earnings of equity method investee | -238 | -201 |
Loss (gain) on sale of fixed assets | 26 | -12 |
Share-based compensation expense | 1,163 | 1,387 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable, net | -16,425 | -17,395 |
Inventories, net | -13,677 | -6,781 |
Prepaid expenses and other | -4,285 | -4,958 |
Accounts payable | 6,316 | 8,795 |
Accrued expenses and other | 1,842 | 6,020 |
Net cash used for operating activities | -16,191 | -594 |
INVESTING ACTIVITIES: | ' | ' |
Capital expenditures | -4,586 | -5,818 |
Proceeds from sale of fixed assets | 14 | 16 |
Net cash used for investing activities | -4,572 | -5,802 |
FINANCING ACTIVITIES: | ' | ' |
Revolving credit facility payments | ' | -1,160 |
Proceeds from issuance of other debt | 10,592 | 13,386 |
Repayments of other debt | -3,515 | -2,690 |
Repurchase of Common Shares to satisfy employee tax withholding | -673 | -671 |
Net cash provided by financing activities | 6,404 | 8,865 |
Effect of exchange rate changes on cash and cash equivalents | -39 | -300 |
Net change in cash and cash equivalents | -14,398 | 2,169 |
Cash and cash equivalents at beginning of period | 62,825 | 44,555 |
Cash and cash equivalents at end of period | 48,427 | 46,724 |
Supplemental disclosure of non-cash financing activities: | ' | ' |
Change in fair value of interest rate swap | $144 | ($103) |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
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 months ended March 31, 2014 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, 2013. | |
Inventories
Inventories | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
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: | ||||||
March 31, | December 31, | |||||
2014 | 2013 | |||||
Raw materials | $ | 80,888 | $ | 71,631 | ||
Work-in-progress | 17,683 | 16,168 | ||||
Finished goods | 31,073 | 26,259 | ||||
Total inventories, net | $ | 129,644 | $ | 114,058 | ||
Inventory valued using the FIFO method was $73,523 and $67,750 at March 31, 2014 and December 31, 2013, respectively. Inventory valued using the average cost method was $56,121 and $46,308 at March 31, 2014 and December 31, 2013, respectively. | ||||||
. | ||||||
Financial_Instruments_and_Fair
Financial Instruments and Fair Value Measurements | 3 Months Ended | |||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||
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 March 31, 2014 and December 31, 2013 was $188,800 and $190,100, respectively, and was determined using market quotes classified as Level 2 input within the fair value hierarchy. | ||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | ||||||||||||||||||||||||||||||
On March 31, 2014, 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 intercompany transactions and other foreign currency exposures. The currencies hedged by the Company during 2014 and 2013 include the euro 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 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: | ||||||||||||||||||||||||||||||
Euro-denominated Foreign Currency Forward Contract | ||||||||||||||||||||||||||||||
As of March 31, 2014 and December 31, 2013, the Company held a foreign currency forward contract with underlying notional amounts of $13,526 and $13,335, respectively, to reduce the exposure related to the Company's euro-denominated intercompany loans. This contract expires in June 2014. The euro-denominated foreign currency forward contract was not designated as a hedging instrument. For the three months ended March 31, 2014 and 2013, the Company recognized a loss of $61 and $363, respectively, in the condensed consolidated statement of operations as a component of other expense, net related to the euro-denominated contract. | ||||||||||||||||||||||||||||||
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 March 31, 2014 totaling $33,750 which expire ratably on a monthly basis from April through December 2014, compared to $45,000 at December 31, 2013. | ||||||||||||||||||||||||||||||
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 cash flow hedges are highly effective and the Company expects them to remain highly effective in future periods. The effectiveness of the transactions has been and will be measured on an ongoing basis using regression analysis and forecasted future Mexican peso purchases. | ||||||||||||||||||||||||||||||
Commodity Price Risk - Cash Flow Hedge | ||||||||||||||||||||||||||||||
To mitigate the risk of future price volatility and, consequently, fluctuations in gross margins, 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 as copper is a significant raw material. | ||||||||||||||||||||||||||||||
The Company has fixed price commodity contracts at March 31, 2014 with an aggregate notional amount of 1,146 pounds, which expire on a monthly basis over the period from April through December 2014, compared to an aggregate notional amount of 1,582 pounds at December 31, 2013. | ||||||||||||||||||||||||||||||
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 the hedges is deferred and reported in the Company’s consolidated balance sheets as a component of accumulated other comprehensive loss while the ineffective portion, if any, 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 $225 and $231 for the three months ended March 31, 2014 and 2013, 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 | ||||||||||||||||||||||||||||
March 31, | December 31, | March 31, | December 31, | March 31, | December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||||||||||||||
Forward currency contracts | $ | $ | $ | $- | $- | $ | ||||||||||||||||||||||||
33,750 | 45,000 | 36 | 263 | |||||||||||||||||||||||||||
Fixed price commodity contracts | 1,146 | 1,582 | $- | $ | $ | $- | ||||||||||||||||||||||||
152 | 290 | |||||||||||||||||||||||||||||
Fair Value Hedge: | ||||||||||||||||||||||||||||||
Interest rate swap contract | $ | $ | $ | $ | $- | $- | ||||||||||||||||||||||||
45,000 | 45,000 | 937 | 793 | |||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||||
Forward currency contracts | $ | $ | $- | $- | $ | $ | ||||||||||||||||||||||||
13,526 | 13,335 | 16 | 18 | |||||||||||||||||||||||||||
(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 March 31 are as follows: | ||||||||||||||||||||||||||||||
Gain (loss) recorded in other | Gain (loss) reclassified from | |||||||||||||||||||||||||||||
comprehensive income | other comprehensive | |||||||||||||||||||||||||||||
income into net income | ||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||||||||||||||||||||
Forward currency contracts | $ | 118 | $ | 1,741 | $ | -181 | $ | 675 | ||||||||||||||||||||||
Fixed price commodity contracts | -472 | -745 | (30) | 62 | ||||||||||||||||||||||||||
Total derivatives designated as cash flow hedges | $ | -354 | $ | 996 | $ | -211 | $ | 737 | ||||||||||||||||||||||
Gains and losses reclassified from other comprehensive income into net income were recognized in cost of goods sold in the Company's condensed consolidated statements of operations. | ||||||||||||||||||||||||||||||
The net deferred losses of $254 on the cash flow hedge derivatives will be reclassified from other comprehensive income 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 months ended March 31, 2014 and 2013. | ||||||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||||
March 31, | December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||
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 | $ | 937 | $ | - | $ | 937 | $ | - | $ | 793 | ||||||||||||||||||||
Forward currency contracts | 36 | - | 36 | - | - | |||||||||||||||||||||||||
Fixed price commodity contracts | - | - | - | 152 | ||||||||||||||||||||||||||
Total financial assets carried at fair value | $ | 973 | $ | - | $ | 973 | $ | - | $ | 945 | ||||||||||||||||||||
Financial liabilities carried at fair value: | ||||||||||||||||||||||||||||||
Forward currency contracts | $ | 16 | $ | - | $ | 16 | $ | - | $ | 281 | ||||||||||||||||||||
Fixed price commodity contracts | 290 | - | 290 | - | - | |||||||||||||||||||||||||
Total financial liabilities carried at fair value | $ | 306 | $ | - | $ | 306 | $ | - | $ | 281 | ||||||||||||||||||||
(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 March 31, 2014 or December 31, 2013. | |||||||||||||||||||||||||||||
(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 March 31, 2014 or December 31, 2013. | |||||||||||||||||||||||||||||
ShareBased_Compensation
Share-Based Compensation | 3 Months Ended |
Mar. 31, 2014 | |
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 $1,163 and $1,387 for the three months ended March 31, 2014 and 2013, respectively. Of these amounts, $0 and $156 were related to the Long-Term Cash Incentive Plan “Phantom Shares” discussed in Note 9 for the three months ended March 31, 2014 and 2013, respectively. | |
Debt
Debt | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Debt [Abstract] | ' | ||||||||
Debt | ' | ||||||||
(5) Debt | |||||||||
Debt consisted of the following at March 31, 2014 and December 31, 2013: | |||||||||
March 31, | December 31, | Interest rates at | |||||||
2014 | 2013 | 31-Mar-14 | Maturity | ||||||
Revolving Credit Facility | |||||||||
Asset-based credit facility | $ | - | $ | - | N/A | Dec-16 | |||
Debt | |||||||||
Senior secured notes, net of discount | |||||||||
and swap fair value adjustment (A) | $ | 173,356 | $ | 173,061 | 9.50% | Oct-17 | |||
PST short-term notes | 13,049 | 4,822 | 1.90% - 11.76% | Various 2014 | |||||
PST long-term notes | 16,753 | 16,896 | 4.00% - 5.50% | 2014 - 2019 | |||||
Suzhou note | 1,448 | 1,487 | 7.39% | Aug-14 | |||||
Other | 1,030 | 966 | |||||||
Total debt | 205,636 | 197,232 | |||||||
Less: current portion | -21,559 | -12,187 | |||||||
Total long-term debt, net | $ | 184,077 | $ | 185,045 | |||||
(A) | Interest rate excludes the effect of the Company's interest rate swap and the accretion of debt discount. | ||||||||
Revolving Credit Facility | |||||||||
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 March 31, 2014 and December 31, 2013, the Company had undrawn borrowing capacity of approximately $87,034 and $71,072, 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 March 31, 2014 and December 31, 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 March 31, 2014 and December 31, 2013 was $2,582 and $2,732, 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. | |||||||||
Our consolidated subsidiary PST Eletrônica Ltda. (“PST”) maintains several short-term and long-term notes used for working capital purposes that have fixed interest rates. The weighted-average interest rates of short-term and long-term debt of PST at March 31, 2014 were 9.1% and 4.9%, respectively. Depending on the specific note, interest is payable either monthly or annually. The PST notes at March 31, 2014 mature as follows: $19,130 in 2014, $5,184 in 2015, $2,207 in 2016 and approximately $1,094 annually in 2017, 2018 and 2019. | |||||||||
On August 21, 2013, the Company's wholly-owned subsidiary located in Suzhou, China entered into a term loan for 9,000 Chinese yuan which matured in February 2014. On February 25, 2014, 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 $1,448 and $1,487 at March 31, 2014 and December 31, 2013, respectively. The Suzhou note is included on the condensed consolidated balance sheets as a component of current portion of long-term debt. The term loan matures in August 2014 with interest payable quarterly at 132.0% of the one-year lending rate published by The People's Bank of China, which was 7.39% at March 31, 2014. | |||||||||
The Company was in compliance with all note covenants at March 31, 2014 and December 31, 2013. | |||||||||
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 $3,090 and $3,107, at March 31, 2014 and December 31, 2013, respectively. At March 31, 2014 and December 31, 2013, there was no balance outstanding on this bank account. | |||||||||
Net_Income_Per_Share
Net Income Per Share | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
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. | ||||||||||||||
Weighted-average Common Shares outstanding used in calculating basic and diluted net income per share were as follows: | ||||||||||||||
Three months ended March 31 | 2014 | 2013 | ||||||||||||
Basic weighted-average Common Shares outstanding | 26,854,017 | 26,601,282 | ||||||||||||
Effect of dilutive shares | 554,764 | 793,759 | ||||||||||||
Diluted weighted-average Common Shares outstanding | 27,408,781 | 27,395,041 | ||||||||||||
Options not included in the computation of diluted net income per share to purchase 20,000 Common Shares at an average price of $15.73 per share were outstanding at March 31, 2014 and 2013. 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 and the effect would be anti-dilutive. | ||||||||||||||
There were 466,650 and 663,750 performance-based restricted Common Shares outstanding at March 31, 2014 and 2013, respectively. There were also 374,400 performance-based right to receive Common Shares outstanding at March 31, 2014. These shares were not included in the computation of diluted net income per share because all vesting conditions have not been achieved as of March 31, 2014 and 2013. These shares may 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 | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
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 March 31, 2014 and 2013 were as follows: | |||||||||
Foreign | Benefit | ||||||||
currency | plan | ||||||||
translation | Derivatives | liability | Total | ||||||
Balance at January 1, 2014 | $ | -30,335 | $ | -111 | $ | -12 | $ | -30,458 | |
Other comprehensive income (loss) before reclassifications | 4,178 | -354 | - | 3,824 | |||||
Amounts reclassified from accumulated other | |||||||||
comprehensive loss | - | 211 | - | 211 | |||||
Net other comprehensive income (loss), net of tax | 4,178 | -143 | - | 4,035 | |||||
Balance at March 31, 2014 | $ | -26,157 | $ | -254 | $ | -12 | $ | -26,423 | |
Balance at January 1, 2013 | $ | -12,410 | $ | 2,140 | $ | -12 | $ | -10,282 | |
Other comprehensive income before reclassifications | 2,245 | 996 | - | 3,241 | |||||
Amounts reclassified from accumulated other | |||||||||
comprehensive loss | - | -737 | - | -737 | |||||
Net other comprehensive income, net of tax | 2,245 | 259 | - | 2,504 | |||||
Balance at March 31, 2013 | $ | -10,165 | $ | 2,399 | $ | -12 | $ | -7,778 | |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Commitments and Contingencies [Abstract] | ' | ||||
Commitments and Contingencies | ' | ||||
(8) Commitments and Contingencies | |||||
In the ordinary course of business, the Company is subject to a broad range of claims and legal proceedings that relate to contractual allegations, tax audits, patent infringement, product liability and employment-related matters. Although it is not possible to predict with certainty the outcome of these matters, the Company is of the opinion that the ultimate resolution of these matters will not have a material adverse affect on its consolidated results of operations or financial position. | |||||
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. Ground water remediation will begin in the second quarter of 2014, as the remedial action plan has been approved by the Florida Department of Environmental Protection. During the three months ended March 31, 2014 and 2013, environmental remediation costs incurred were immaterial. At March 31, 2014 and December 31, 2013, the Company had accrued an undiscounted liability of $944 related to future remediation. At March 31, 2014 and December 31, 2013, $683 was recorded as a component of accrued expenses and other current liabilities on the condensed consolidated balance sheets while the remaining amount was 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. Although the Company sold the Sarasota facility and related property in December 2011, 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. | |||||
In September 2013, a legal proceeding was initiated by Actia in a French court alleging infringement of its patents by the Company’s Electronics segment. Actia is seeking injunctive relief and monetary damages of approximately $19,000 resulting from such alleged infringement. The Company believes that its products did not infringe on any of the patents claimed by Actia. The Company believes Actia’s claims are without merit, and therefore is vigorously defending itself against these allegations. | |||||
On May 24, 2013, the State Revenue Services of São Paulo issued a tax deficiency notice against PST, our 74% owned consolidated subsidiary, claiming that the vehicle tracking and monitoring services it provides should be classified as communication services, and therefore subject to the State Value Added Tax – ICMS. The State Revenue Services assessment imposed the 25.0% ICMS tax on all revenues of PST related to the vehicle tracking and monitoring services during the period from January 2009 through December 2010. The Brazilian real (“R$”) and U.S. dollar equivalent (“$”) of the aggregate tax assessment is approximately R$92,500 ($40,900) which is comprised of Value Added Tax – ICMS of R$13,200 ($5,800), interest of R$11,400 ($5,100) and penalties of R$67,900 ($30,000). | |||||
The Company believes that the 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 March 31, 2014 and December 31, 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. As a result, no provision has been recorded with respect to these contingencies, which amounted to $13,633 and $11,469 at March 31, 2014 and December 31, 2013, respectively. An unfavorable outcome on this issue could result in significant cost to PST and adversely affect its results of operations. | |||||
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 $1,133 and $1,019 of a long-term liability at March 31, 2014 and December 31, 2013, 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: | |||||
Three months ended March 31 | 2014 | 2013 | |||
Product warranty and recall at beginning of period | $ | 6,481 | $ | 6,107 | |
Accruals for products shipped during period | 1,190 | 1,079 | |||
Aggregate changes in pre-existing liabilities due to claim developments | 264 | 529 | |||
Settlements made during the period (in cash or in kind) | -540 | -1,498 | |||
Product warranty and recall at end of period | $ | 7,395 | $ | 6,217 | |
Employee_Benefit_Plans
Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2014 | |
Employee Benefit Plans [Abstract] | ' |
Employee Benefit Plans | ' |
(9) 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 Company granted awards under the LTCIP in 2013 which 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. There was no accrual recorded related to the LTCIP at March 31, 2014 for the 2013 or 2014 performance periods. | |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Taxes [Abstract] | ' |
Income Taxes | ' |
(10) 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 projected earnings. | |
The Company recognized a provision for income taxes of $430, or 46.7% and $1,019, or 19.2% of income before income taxes, for federal, state and foreign income taxes for the three months ended March 31, 2014 and 2013, respectively. The decrease in the tax provision was primarily due to lower income before income taxes in the current period compared to the same period for 2013 primarily due to the loss incurred by PST. The reduction in income tax expense was partially offset by discrete tax items related to certain foreign operations recorded during the current period. The increase in the effective tax rate for the three months ended March 31, 2014 compared to the same period for 2013 was primarily attributable to the negative impact of recognizing a tax benefit on the PST loss at a local tax rate lower than the Company’s statutory rate as well as the impact of the discrete tax items referenced above. | |
Segment_Reporting
Segment Reporting | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Segment Reporting [Abstract] | ' | ||||||
Segment Reporting | ' | ||||||
(11) 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. | |||||||
The Company has four reportable segments: Control Devices, Electronics, Wiring and PST which also represents its operating segments. The Control Devices reportable segment produces sensors, switches, valves and actuators. 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, connectors and instrument panel assemblies. 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, 2013 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 | as follows: | ||||||
Three months ended March 31 | 2014 | 2013 | |||||
Net Sales: | |||||||
Control Devices | $ | 77,323 | $ | 71,913 | |||
Inter-segment sales | 752 | 796 | |||||
Control Devices net sales | 78,075 | 72,709 | |||||
Electronics | 50,091 | 44,520 | |||||
Inter-segment sales | 11,757 | 10,866 | |||||
Electronics net sales | 61,848 | 55,386 | |||||
Wiring | 75,059 | 76,848 | |||||
Inter-segment sales | 1,875 | 1,603 | |||||
Wiring net sales | 76,934 | 78,451 | |||||
PST | 33,916 | 42,429 | |||||
Inter-segment sales | - | - | |||||
PST net sales | 33,916 | 42,429 | |||||
Eliminations | -14,384 | -13,265 | |||||
Total net sales | $ | 236,389 | $ | 235,710 | |||
Income (Loss) Before Income Taxes: | |||||||
Control Devices | $ | 6,835 | $ | 6,267 | |||
Electronics | 3,619 | 3,782 | |||||
Wiring | -618 | -427 | |||||
PST | -5,612 | 483 | |||||
Other corporate activities | 697 | -864 | |||||
Corporate interest expense | -4,001 | -3,939 | |||||
Total income before income taxes | $ | 920 | $ | 5,302 | |||
Depreciation and Amortization: | |||||||
Control Devices | $ | 2,371 | $ | 2,535 | |||
Electronics | 1,101 | 1,279 | |||||
Wiring | 1,255 | 1,211 | |||||
PST | 3,169 | 3,832 | |||||
Corporate | 45 | 48 | |||||
Total depreciation and amortization (A) | $ | 7,941 | $ | 8,905 | |||
Interest Expense, net: | |||||||
Control Devices | $ | 61 | $ | 47 | |||
Electronics | 199 | 187 | |||||
Wiring | 11 | 124 | |||||
PST | 668 | 277 | |||||
Corporate | 4,001 | 3,939 | |||||
Total interest expense, net | $ | 4,940 | $ | 4,574 | |||
Capital Expenditures: | |||||||
Control Devices | $ | 1,734 | $ | 3,240 | |||
Electronics | 647 | 469 | |||||
Wiring | 479 | 516 | |||||
PST | 1,667 | 1,466 | |||||
Corporate | 59 | 127 | |||||
Total capital expenditures | $ | 4,586 | $ | 5,818 | |||
March 31, | December 31, | ||||||
2014 | 2013 | ||||||
Total Assets: | |||||||
Control Devices | $ | 117,551 | $ | 105,730 | |||
Electronics | 110,638 | 105,352 | |||||
Wiring | 113,048 | 98,180 | |||||
PST | 248,070 | 237,649 | |||||
Corporate (B) | 294,583 | 308,167 | |||||
Eliminations | -270,934 | -266,756 | |||||
Total assets | $ | 612,956 | $ | 588,322 | |||
(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 March 31 | 2014 | 2013 | |||||
Net Sales: | |||||||
North America | $ | 155,330 | $ | 153,099 | |||
South America | 33,916 | 42,429 | |||||
Europe and Other | 47,143 | 40,182 | |||||
Total net sales | $ | 236,389 | $ | 235,710 | |||
March 31, | December 31, | ||||||
2014 | 2013 | ||||||
Long-term Assets: | |||||||
North America | $ | 76,289 | $ | 79,219 | |||
South America | 158,108 | 154,226 | |||||
Europe and Other | 16,161 | 14,641 | |||||
Total long-term assets | $ | 250,558 | $ | 248,086 | |||
Investments
Investments | 3 Months Ended |
Mar. 31, 2014 | |
Investments [Abstract] | ' |
Investments | ' |
(12) Investments | |
Minda Stoneridge Instruments Ltd. | |
The Company has a 49% interest in Minda Stoneridge Instruments Ltd. (“Minda”), a company based in India that manufactures electronics, instrumentation equipment and sensors primarily for the motorcycle and commercial vehicle market. The investment is accounted for under the equity method of accounting. 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 $6,417 and $5,981 at March 31, 2014 and December 31, 2013, respectively. Equity in earnings of Minda included in the condensed consolidated statements of operations was $238 and $201, for the three months ended March 31, 2014 and 2013, respectively. | |
PST Eletrônica Ltda. | |
The Company has a 74% controlling interest in PST. Noncontrolling interest in PST increased by $367 to $39,907 at March 31, 2014 due to a favorable change in foreign currency translation of $1,345, which was partially offset by a proportionate share of its net loss of $978 for the three months ended March 31, 2014. Noncontrolling interest in PST increased by $601 to $44,677 at March 31, 2013 due to a favorable change in foreign currency translation of $647 and a proportionate share of its net income of $165 for the three months ended March 31, 2013, which were partially offset by a dividend of $211. Comprehensive income related to the PST noncontrolling interest was $367 and $812 for the three months ended March 31, 2014 and 2013, respectively. | |
Recently_Issued_Accounting_Sta
Recently Issued Accounting Standards | 3 Months Ended |
Mar. 31, 2014 | |
Recently Issued Accounting Standards [Abstract] | ' |
Recently Issued Accounting Standards | ' |
(13) Recently Issued Accounting Standards | |
Accounting Standards Adopted | |
In July 2013, the Financial Accounting Standards Board issued an accounting standards update requiring entities to present in the financial statements an unrecognized tax benefit, or a portion of an unrecognized tax benefit as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward except to the extent such items are not available or not intended to be used at the reporting date to settle any additional income taxes that would result from the disallowance of a tax position. In such instances, the unrecognized tax benefit is required to be presented in the financial statements as a liability and not be combined with deferred tax assets. This standards update is effective for fiscal years beginning after December 15, 2013. We adopted this standards update on January 1, 2014 which did not have a material impact on our condensed consolidated financial statements. | |
Inventories_Tables
Inventories (Tables) | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
Inventories [Abstract] | ' | |||||
Schedule of Inventory, Current | ' | |||||
Inventory cost includes material, labor and overhead. Inventories consisted of the following: | ||||||
March 31, | December 31, | |||||
2014 | 2013 | |||||
Raw materials | $ | 80,888 | $ | 71,631 | ||
Work-in-progress | 17,683 | 16,168 | ||||
Finished goods | 31,073 | 26,259 | ||||
Total inventories, net | $ | 129,644 | $ | 114,058 | ||
Financial_Instruments_and_Fair1
Financial Instruments and Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||
Financial Instruments and Fair Value Measurements [Abstract] | ' | |||||||||||||||||||||||||||||
Notional Amounts and Fair Values of Derivative Instruments in the Consolidated Balance | ' | |||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
March 31, | December 31, | March 31, | December 31, | March 31, | December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||||||||||||||
Forward currency contracts | $ | $ | $ | $- | $- | $ | ||||||||||||||||||||||||
33,750 | 45,000 | 36 | 263 | |||||||||||||||||||||||||||
Fixed price commodity contracts | 1,146 | 1,582 | $- | $ | $ | $- | ||||||||||||||||||||||||
152 | 290 | |||||||||||||||||||||||||||||
Fair Value Hedge: | ||||||||||||||||||||||||||||||
Interest rate swap contract | $ | $ | $ | $ | $- | $- | ||||||||||||||||||||||||
45,000 | 45,000 | 937 | 793 | |||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||||
Forward currency contracts | $ | $ | $- | $- | $ | $ | ||||||||||||||||||||||||
13,526 | 13,335 | 16 | 18 | |||||||||||||||||||||||||||
(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 (Loss) in Shareholders' Equity and in Net Income | ' | |||||||||||||||||||||||||||||
Amounts recorded for the cash flow hedges in other comprehensive income and in net income for the three months ended March 31 are as follows: | ||||||||||||||||||||||||||||||
Gain (loss) recorded in other | Gain (loss) reclassified from | |||||||||||||||||||||||||||||
comprehensive income | other comprehensive | |||||||||||||||||||||||||||||
income into net income | ||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||||||||||||||||||||
Forward currency contracts | $ | 118 | $ | 1,741 | $ | -181 | $ | 675 | ||||||||||||||||||||||
Fixed price commodity contracts | -472 | -745 | (30) | 62 | ||||||||||||||||||||||||||
Total derivatives designated as cash flow hedges | $ | -354 | $ | 996 | $ | -211 | $ | 737 | ||||||||||||||||||||||
Schedule of Assets and Liabilities that are Measured at Fair Value on a 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. | ||||||||||||||||||||||||||||||
March 31, | December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||
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 | $ | 937 | $ | - | $ | 937 | $ | - | $ | 793 | ||||||||||||||||||||
Forward currency contracts | 36 | - | 36 | - | - | |||||||||||||||||||||||||
Fixed price commodity contracts | - | - | - | 152 | ||||||||||||||||||||||||||
Total financial assets carried at fair value | $ | 973 | $ | - | $ | 973 | $ | - | $ | 945 | ||||||||||||||||||||
Financial liabilities carried at fair value: | ||||||||||||||||||||||||||||||
Forward currency contracts | $ | 16 | $ | - | $ | 16 | $ | - | $ | 281 | ||||||||||||||||||||
Fixed price commodity contracts | 290 | - | 290 | - | - | |||||||||||||||||||||||||
Total financial liabilities carried at fair value | $ | 306 | $ | - | $ | 306 | $ | - | $ | 281 | ||||||||||||||||||||
(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 March 31, 2014 or December 31, 2013. | |||||||||||||||||||||||||||||
(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 March 31, 2014 or December 31, 2013. | |||||||||||||||||||||||||||||
Debt_Tables
Debt (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Debt [Abstract] | ' | ||||||||
Schedule of Debt | ' | ||||||||
March 31, | December 31, | Interest rates at | |||||||
2014 | 2013 | 31-Mar-14 | Maturity | ||||||
Revolving Credit Facility | |||||||||
Asset-based credit facility | $ | - | $ | - | N/A | Dec-16 | |||
Debt | |||||||||
Senior secured notes, net of discount | |||||||||
and swap fair value adjustment (A) | $ | 173,356 | $ | 173,061 | 9.50% | Oct-17 | |||
PST short-term notes | 13,049 | 4,822 | 1.90% - 11.76% | Various 2014 | |||||
PST long-term notes | 16,753 | 16,896 | 4.00% - 5.50% | 2014 - 2019 | |||||
Suzhou note | 1,448 | 1,487 | 7.39% | Aug-14 | |||||
Other | 1,030 | 966 | |||||||
Total debt | 205,636 | 197,232 | |||||||
Less: current portion | -21,559 | -12,187 | |||||||
Total long-term debt, net | $ | 184,077 | $ | 185,045 | |||||
(A) | 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) | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Net Income Per Share [Abstract] | ' | |||||||||||||
Schedule of Weighted Average Number of Shares | ' | |||||||||||||
Weighted-average Common Shares outstanding used in calculating basic and diluted net income per share were as follows: | ||||||||||||||
Three months ended March 31 | 2014 | 2013 | ||||||||||||
Basic weighted-average Common Shares outstanding | 26,854,017 | 26,601,282 | ||||||||||||
Effect of dilutive shares | 554,764 | 793,759 | ||||||||||||
Diluted weighted-average Common Shares outstanding | 27,408,781 | 27,395,041 | ||||||||||||
Changes_in_Accumulated_Other_C1
Changes in Accumulated Other Comprehensive Loss by Component (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Changes in Accumulated Other Comprehensive Loss by Component [Abstract] | ' | ||||||||
Changes in Accumulated Other Comprehensive Loss by Component | ' | ||||||||
Changes in accumulated other comprehensive loss for the three months ended March 31, 2014 and 2013 were as follows: | |||||||||
Foreign | Benefit | ||||||||
currency | plan | ||||||||
translation | Derivatives | liability | Total | ||||||
Balance at January 1, 2014 | $ | -30,335 | $ | -111 | $ | -12 | $ | -30,458 | |
Other comprehensive income (loss) before reclassifications | 4,178 | -354 | - | 3,824 | |||||
Amounts reclassified from accumulated other | |||||||||
comprehensive loss | - | 211 | - | 211 | |||||
Net other comprehensive income (loss), net of tax | 4,178 | -143 | - | 4,035 | |||||
Balance at March 31, 2014 | $ | -26,157 | $ | -254 | $ | -12 | $ | -26,423 | |
Balance at January 1, 2013 | $ | -12,410 | $ | 2,140 | $ | -12 | $ | -10,282 | |
Other comprehensive income before reclassifications | 2,245 | 996 | - | 3,241 | |||||
Amounts reclassified from accumulated other | |||||||||
comprehensive loss | - | -737 | - | -737 | |||||
Net other comprehensive income, net of tax | 2,245 | 259 | - | 2,504 | |||||
Balance at March 31, 2013 | $ | -10,165 | $ | 2,399 | $ | -12 | $ | -7,778 | |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Commitments and Contingencies [Abstract] | ' | ||||
Schedule of Product Warranty Liability | ' | ||||
The following provides a reconciliation of changes in product warranty and recall liability: | |||||
Three months ended March 31 | 2014 | 2013 | |||
Product warranty and recall at beginning of period | $ | 6,481 | $ | 6,107 | |
Accruals for products shipped during period | 1,190 | 1,079 | |||
Aggregate changes in pre-existing liabilities due to claim developments | 264 | 529 | |||
Settlements made during the period (in cash or in kind) | -540 | -1,498 | |||
Product warranty and recall at end of period | $ | 7,395 | $ | 6,217 | |
Segment_Reporting_Tables
Segment Reporting (Tables) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Segment Reporting [Abstract] | ' | ||||||
Schedule of Segment Reporting Information, by Segment | ' | ||||||
A summary of financial information by reportable segment is as | as follows: | ||||||
Three months ended March 31 | 2014 | 2013 | |||||
Net Sales: | |||||||
Control Devices | $ | 77,323 | $ | 71,913 | |||
Inter-segment sales | 752 | 796 | |||||
Control Devices net sales | 78,075 | 72,709 | |||||
Electronics | 50,091 | 44,520 | |||||
Inter-segment sales | 11,757 | 10,866 | |||||
Electronics net sales | 61,848 | 55,386 | |||||
Wiring | 75,059 | 76,848 | |||||
Inter-segment sales | 1,875 | 1,603 | |||||
Wiring net sales | 76,934 | 78,451 | |||||
PST | 33,916 | 42,429 | |||||
Inter-segment sales | - | - | |||||
PST net sales | 33,916 | 42,429 | |||||
Eliminations | -14,384 | -13,265 | |||||
Total net sales | $ | 236,389 | $ | 235,710 | |||
Income (Loss) Before Income Taxes: | |||||||
Control Devices | $ | 6,835 | $ | 6,267 | |||
Electronics | 3,619 | 3,782 | |||||
Wiring | -618 | -427 | |||||
PST | -5,612 | 483 | |||||
Other corporate activities | 697 | -864 | |||||
Corporate interest expense | -4,001 | -3,939 | |||||
Total income before income taxes | $ | 920 | $ | 5,302 | |||
Depreciation and Amortization: | |||||||
Control Devices | $ | 2,371 | $ | 2,535 | |||
Electronics | 1,101 | 1,279 | |||||
Wiring | 1,255 | 1,211 | |||||
PST | 3,169 | 3,832 | |||||
Corporate | 45 | 48 | |||||
Total depreciation and amortization (A) | $ | 7,941 | $ | 8,905 | |||
Interest Expense, net: | |||||||
Control Devices | $ | 61 | $ | 47 | |||
Electronics | 199 | 187 | |||||
Wiring | 11 | 124 | |||||
PST | 668 | 277 | |||||
Corporate | 4,001 | 3,939 | |||||
Total interest expense, net | $ | 4,940 | $ | 4,574 | |||
Capital Expenditures: | |||||||
Control Devices | $ | 1,734 | $ | 3,240 | |||
Electronics | 647 | 469 | |||||
Wiring | 479 | 516 | |||||
PST | 1,667 | 1,466 | |||||
Corporate | 59 | 127 | |||||
Total capital expenditures | $ | 4,586 | $ | 5,818 | |||
March 31, | December 31, | ||||||
2014 | 2013 | ||||||
Total Assets: | |||||||
Control Devices | $ | 117,551 | $ | 105,730 | |||
Electronics | 110,638 | 105,352 | |||||
Wiring | 113,048 | 98,180 | |||||
PST | 248,070 | 237,649 | |||||
Corporate (B) | 294,583 | 308,167 | |||||
Eliminations | -270,934 | -266,756 | |||||
Total assets | $ | 612,956 | $ | 588,322 | |||
(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 March 31 | 2014 | 2013 | |||||
Net Sales: | |||||||
North America | $ | 155,330 | $ | 153,099 | |||
South America | 33,916 | 42,429 | |||||
Europe and Other | 47,143 | 40,182 | |||||
Total net sales | $ | 236,389 | $ | 235,710 | |||
March 31, | December 31, | ||||||
2014 | 2013 | ||||||
Long-term Assets: | |||||||
North America | $ | 76,289 | $ | 79,219 | |||
South America | 158,108 | 154,226 | |||||
Europe and Other | 16,161 | 14,641 | |||||
Total long-term assets | $ | 250,558 | $ | 248,086 | |||
Inventories_Narrative_Details
Inventories (Narrative) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Inventory amount, FIFO | $73,523 | $67,750 |
Inventory amount, weighted average cost | $56,121 | $46,308 |
Inventories_Schedule_of_Invent
Inventories (Schedule of Inventories) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Raw materials | $80,888 | $71,631 |
Work-in-progress | 17,683 | 16,168 |
Finished goods | 31,073 | 26,259 |
Total inventories, net | $129,644 | $114,058 |
Financial_Instruments_and_Fair2
Financial Instruments and Fair Value Measurements (Narrative) (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | ||||||||
Euro-Denominated Foreign Currency Forward Contracts [Member] | Euro-Denominated Foreign Currency Forward Contracts [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Senior Notes [Member] | Senior Notes [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | London Interbank Offered Rate (LIBOR) [Member] | People's Bank of China One-Year Lending Rate [Member] | ||||||||||
Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Forward Currency Contracts [Member] | Forward Currency Contracts [Member] | Euro-Denominated Foreign Currency Forward Contracts [Member] | Euro-Denominated Foreign Currency Forward Contracts [Member] | Interest Rate Swap [Member] | |||||||||||||||||
Forward Currency Contracts [Member] | Forward Currency Contracts [Member] | Mexican Peso-Denominated Foreign Currency Forward Contracts [Member] | Mexican Peso-Denominated Foreign Currency Forward Contracts [Member] | Copper Commodity [Member] | Copper Commodity [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | ||||||||||||||||||||||
lb | lb | ||||||||||||||||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Face value of senior secured notes | ' | ' | ' | ' | ' | $175,000,000 | $175,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Estimated fair value of senior secured notes | ' | ' | ' | ' | ' | 188,800,000 | 190,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Notional amounts | ' | ' | ' | ' | ' | ' | ' | 33,750,000 | [1] | 45,000,000 | [1] | 33,750,000 | 45,000,000 | ' | ' | 45,000,000 | [1] | 45,000,000 | [1] | 13,526,000 | [1] | 13,335,000 | [1] | 13,526,000 | 13,335,000 | ' | ' | ||
Gain (loss) on derivative instruments held for trading purposes, net | ' | -61,000 | -363,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Fixed price commodity contracts (in pounds) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,146,000 | [1] | 1,582,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
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 interest rate in addition to LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.20% | ' | ||||||||
Fixed interest rate | ' | ' | ' | ' | ' | 9.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Reduced interest expense as a result of swap | ' | ' | ' | -225,000 | -231,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Debt interest rate | ' | ' | ' | 9.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.39% | ||||||||
Amount from cash flow hedge derivatives to be reclassified | $254,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
[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 Derivative Instruments in Statement of Financial Position, Fair Value) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | ||
lb | lb | |||
Forward Currency Contracts [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Notional amounts | 13,526 | [1] | 13,335 | [1] |
Forward Currency Contracts [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Notional amounts | 33,750 | [1] | 45,000 | [1] |
Copper Commodity [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fixed price commodity contracts (in pounds) | 1,146,000 | [1] | 1,582,000 | [1] |
Interest Rate Swap [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Notional amounts | 45,000 | [1] | 45,000 | [1] |
Other Assets [Member] | Forward Currency Contracts [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Cash flow hedges , other derivatives | 36 | ' | ||
Other Assets [Member] | Copper Commodity [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Cash flow hedges , other derivatives | ' | 152 | ||
Other Assets [Member] | Interest Rate Swap [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value hedge, other derivatives | 937 | 793 | ||
Other Liabilities [Member] | Forward Currency Contracts [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value of other derivatives | -16 | -18 | ||
Other Liabilities [Member] | Forward Currency Contracts [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Cash flow hedges , other derivatives | ' | -263 | ||
Other Liabilities [Member] | Copper Commodity [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Cash flow hedges , other derivatives | -290 | ' | ||
[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 Included in Accumulated Other Comprehensive Income (Loss)) (Details) (Designated as Hedging Instrument [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Derivatives designated as cash flow hedges: | ' | ' |
Gain (loss) recorded in other comprehensive income (loss) | ($354) | $996 |
Gain (loss) reclassified from other comprehensive income (loss) into net income | -211 | 737 |
Forward Currency Contracts [Member] | ' | ' |
Derivatives designated as cash flow hedges: | ' | ' |
Gain (loss) recorded in other comprehensive income (loss) | 118 | 1,741 |
Gain (loss) reclassified from other comprehensive income (loss) into net income | -181 | 675 |
Commodity Contract [Member] | ' | ' |
Derivatives designated as cash flow hedges: | ' | ' |
Gain (loss) recorded in other comprehensive income (loss) | -472 | -745 |
Gain (loss) reclassified from other comprehensive income (loss) into net income | ($30) | $62 |
Financial_Instruments_and_Fair5
Financial Instruments and Fair Value Measurements (Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | |||
Financial assets carried at fair value: | ' | ' | |
Interest rate swap contract | $937 | $793 | |
Forward currency contracts | 36 | ' | |
Fixed price commodity contracts | ' | 152 | |
Total financial assets carried at fair value | 973 | 945 | |
Financial liabilities carried at fair value: | ' | ' | |
Forward currency contracts | 16 | 281 | |
Fixed price commodity contracts | 290 | ' | |
Total financial liabilities carried at fair value | 306 | 281 | |
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 | 937 | [2] | ' |
Forward currency contracts | 36 | [2] | ' |
Fixed price commodity contracts | ' | [2] | ' |
Total financial assets carried at fair value | 973 | [2] | ' |
Financial liabilities carried at fair value: | ' | ' | |
Forward currency contracts | 16 | [2] | ' |
Fixed price commodity contracts | 290 | [2] | ' |
Total financial liabilities carried at fair value | 306 | [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 March 31, 2014 or December 31, 2013. | ||
[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 March 31, 2014 or December 31, 2013. |
ShareBased_Compensation_Narrat
Share-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Selling, General and Administrative Expenses [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Allocated share-based compensation expense | $1,163 | $1,387 |
Long Term Cash Incentive Plan [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Allocated share-based compensation expense | $0 | $156 |
Debt_Narrative_Details
Debt (Narrative) (Details) | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Oct. 04, 2010 | Mar. 31, 2014 | Dec. 31, 2013 | Nov. 02, 2007 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Feb. 25, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Aug. 21, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | ||
USD ($) | USD ($) | People's Bank of China One-Year Lending Rate [Member] | Maximum [Member] | Minimum [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan One [Member] | Term Loan One [Member] | Term Loan One [Member] | Term Loan One [Member] | PST Eletronicaltda [Member] | PST Eletronicaltda [Member] | ||
London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Federal Funds Rate [Member] | Maximum [Member] | Minimum [Member] | Minimum [Member] | USD ($) | SEK | USD ($) | SEK | USD ($) | CNY | USD ($) | USD ($) | USD ($) | CNY | People's Bank of China One-Year Lending Rate [Member] | Term Loan [Member] | |||||||
Federal Funds Rate [Member] | USD ($) | Federal Funds Rate [Member] | USD ($) | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Credit Facility covenat compliance | 'The Company was in compliance with all Credit Facility covenants at March 31, 2014 and December 31, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Notes covenant compliance | 'The Company was in compliance with all note covenants at March 31, 2014 and December 31, 2013. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Debt, 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 interest rate | ' | ' | 7.39% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.90% | |
Debt instrument, maturity date | ' | ' | ' | ' | ' | 15-Oct-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Debt instrument, unamortized discount, percentage | ' | ' | ' | ' | ' | ' | ' | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Credit facility, commitment fee percentage | ' | ' | ' | ' | ' | ' | ' | ' | 0.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Line of credit facility, maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $100,000,000 | ' | ' | ' | ' | $3,090,000 | 20,000,000 | $3,107,000 | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Credit facility, borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | 87,034,000 | 71,072,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Basis spread on variable rate | ' | ' | ' | 1.75% | 1.00% | ' | ' | ' | ' | ' | ' | 0.50% | 0.25% | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Interest rate multiplier | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 132.00% | ' | ' | |
Line of credit, current | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | |
Face value of senior secured notes | ' | ' | ' | ' | ' | 175,000,000 | 175,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Line of credit facility covenant limits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Credit facility, capacity restrictions of investment activities | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Note redeemable start date | ' | ' | ' | ' | ' | 15-Oct-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Debt early redemption premium | ' | ' | ' | ' | ' | 104.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Unamortized discount | ' | ' | ' | ' | ' | 2,582,000 | 2,732,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Debt, face amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,000,000 | ' | ' | ' | 9,000,000 | ' | ' | ' | |
Debt outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,448,000 | 1,487,000 | ' | ' | ' | ' | |
Credit facilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total long-term debt, net | 184,077,000 | 185,045,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Less: current portion | 21,559,000 | 12,187,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,130,000 | |
2015 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,184,000 | |
2016 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,207,000 | |
2017 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,094,000 | |
2018 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,094,000 | |
2019 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,094,000 | |
Long-term debt, weighted average interest rate | ' | ' | ' | ' | ' | 9.50% | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.90% | ' |
Short-term debt, weighted average interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.10% | ' | |
[1] | Interest rate excludes the effect of the Company's interest rate swap and the accretion of debt discount. |
Debt_Schedule_of_Debt_Details
Debt (Schedule of Debt) (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | ||
Debt: | ' | ' | ||
Total debt | $205,636 | $197,232 | ||
Less: current portion | -21,559 | -12,187 | ||
Total long-term debt, net | 184,077 | 185,045 | ||
Revolving Credit Facility [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Credit facilities | ' | ' | ||
Debt: | ' | ' | ||
Debt, maturity | 'Dec - 2016 | ' | ||
Senior Notes [Member] | ' | ' | ||
Debt: | ' | ' | ||
Long-term debt | 173,356 | [1] | 173,061 | [1] |
Debt, maturity | 'Oct - 2017 | [1] | ' | |
Long-term debt, weighted average interest rate | 9.50% | [1] | ' | |
PST Short-Term Notes [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Short-term debt | 13,049 | 4,822 | ||
Debt: | ' | ' | ||
Debt, maturity | 'Various 2014 | ' | ||
PST Short-Term Notes [Member] | Maximum [Member] | ' | ' | ||
Debt: | ' | ' | ||
Interest rate maximum | 11.76% | ' | ||
PST Short-Term Notes [Member] | Minimum [Member] | ' | ' | ||
Debt: | ' | ' | ||
Interest rate minimum | 1.90% | ' | ||
PST Long-Term Notes [Member] | ' | ' | ||
Debt: | ' | ' | ||
Long-term debt | 16,753 | 16,896 | ||
Debt maturity period range start | '2014 | ' | ||
Debt maturity period range end | '2019 | ' | ||
PST Long-Term Notes [Member] | Maximum [Member] | ' | ' | ||
Debt: | ' | ' | ||
Interest rate maximum | 5.50% | ' | ||
PST Long-Term Notes [Member] | Minimum [Member] | ' | ' | ||
Debt: | ' | ' | ||
Interest rate minimum | 4.00% | ' | ||
Other [Member] | ' | ' | ||
Debt: | ' | ' | ||
Total debt | 1,030 | 966 | ||
Suzhou Note [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Short-term debt | $1,448 | $1,487 | ||
Debt: | ' | ' | ||
Debt, maturity | 'Aug - 2014 | ' | ||
Long-term debt, weighted average interest rate | 7.39% | ' | ||
[1] | 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 $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Equity Option [Member] | ' | ' |
Antidilutive securities excluded from computation of earnings per share, amount | 20,000 | 20,000 |
Antidilutive shares outstanding weighted average exercise price | $15.73 | $15.73 |
Restricted Stock [Member] | ' | ' |
Antidilutive securities excluded from computation of earnings per share, amount | 466,650 | 663,750 |
Performance Based Right to Received Common Shares [Member] | ' | ' |
Antidilutive securities excluded from computation of earnings per share, amount | 374,400 | ' |
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 | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Net Income Per Share [Abstract] | ' | ' |
Basic weighted-average common shares outstanding | 26,854,017 | 26,601,282 |
Effect of dilutive shares | 554,764 | 793,759 |
Diluted weighted-average common shares outstanding | 27,408,781 | 27,395,041 |
Changes_in_Accumulated_Other_C2
Changes in Accumulated Other Comprehensive Loss by Component (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Changes in Accumulated Other Comprehensive Loss by Component [Abstract] | ' | ' | ' | ' |
Foreign currency translation, Beginning balance | ($30,335) | ($12,410) | ' | ' |
Foreign currency translation, Other comprehensive loss before reclassifications | 4,178 | 2,245 | ' | ' |
Foreign currency translation, Amounts reclassified from accumulated other comprehensive loss | ' | ' | ' | ' |
Other comprehensive income (loss), Foreign currency transaction and translation adjustment, net of tax | 4,178 | 2,245 | ' | ' |
Foreign currency translation, Ending balance | -26,157 | -10,165 | ' | ' |
Unrealized gain (loss) on derivatives, Beginning balance | -111 | 2,140 | ' | ' |
Unrealized gain (loss) on derivatives, Net other comprehensive loss, net of tax | -354 | 996 | ' | ' |
Unrealized gain (loss) on derivatives, Amounts reclassified from accumulated other comprehensive loss | 211 | -737 | ' | ' |
Unrealized gain (loss) on derivatives, Net other comprehensive loss, net of tax | -143 | 259 | ' | ' |
Unrealized gain (loss) on derivatives, Ending balance | -254 | 2,399 | ' | ' |
Post employment benefit liability, Beginning balance | -12 | -12 | ' | ' |
Post employment benefit liability, Other comprehensive loss before reclassifications | ' | ' | ' | ' |
Post employment benefit liability, Amounts reclassified from accumulated other comprehensive loss | ' | ' | ' | ' |
Post employment benefit liability ,Other comprehensive income (loss) | ' | ' | ' | ' |
Post employment benefit liability, Ending balance | -12 | -12 | ' | ' |
Total, Other comprehensive loss before reclassifications | 3,824 | 3,241 | ' | ' |
Total, Amounts reclassified from accumulated other comprehensive loss | 211 | -737 | ' | ' |
Other comprehensive income, net of tax | 4,035 | 2,504 | ' | ' |
Accumulated other comprehensive income (loss), net of tax, total | ($26,423) | ($7,778) | ($30,458) | ($10,282) |
Commitments_and_Contingencies_1
Commitments and Contingencies (Narrative) (Details) | 3 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
USD ($) | USD ($) | Accrued Expenses and Other Current Liabilities [Member] | Accrued Expenses and Other Current Liabilities [Member] | Letter of Credit [Member] | PST Eletronicaltda [Member] | PST Eletronicaltda [Member] | PST Eletronicaltda [Member] | PST Eletronicaltda [Member] | PST Eletronicaltda [Member] | PST Eletronicaltda [Member] | PST Eletronicaltda [Member] | PST Eletronicaltda [Member] | PST Eletronicaltda [Member] | Minda Stoneridge Instruments Ltd [Member] | Minda Stoneridge Instruments Ltd [Member] | |
USD ($) | USD ($) | USD ($) | 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 | |||||||||||
Short-term Debt [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Environmental remediation accrued undiscounted liability | $944 | $944 | $683 | $683 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit | ' | ' | ' | ' | 2,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss contingency, estimate of possible loss | 19,000 | ' | ' | ' | ' | 13,633 | ' | 11,469 | ' | ' | ' | ' | ' | ' | ' | ' |
Equity method investment, ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49.00% | 49.00% |
Loss contingencies aggregate tax assessment not accrued | ' | ' | ' | ' | ' | 40,900 | 92,500 | ' | 5,800 | 13,200 | 5,100 | 11,400 | 30,000 | 67,900 | ' | ' |
Percentage of state value added tax | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage ownership in consolidated subsidiary | 74.00% | ' | ' | ' | ' | 74.00% | 74.00% | 74.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Product warranty and recall accrual | $1,133 | $1,019 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies (Reconcilation of Changes in Product Warranty and Recall Liability) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Commitments and Contingencies [Abstract] | ' | ' |
Product warranty and recall at beginning of period | $6,481 | $6,107 |
Accruals for products shipped during period | 1,190 | 1,079 |
Aggregate changes in pre-existing liabilities due to claim developments | 264 | 529 |
Settlements made during the period (in cash or in kind) | -540 | -1,498 |
Product warranty and recall at end of period | $7,395 | $6,217 |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (Long Term Cash Incentive Plan [Member], USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Long Term Cash Incentive Plan [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Deferred compensation liability, current and noncurrent | $0 | $0 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Taxes [Abstract] | ' | ' |
Provision for income taxes | $430 | $1,019 |
Effective income tax rate | 46.70% | 19.20% |
Segment_Reporting_Narrative_De
Segment Reporting (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2014 | |
segment | |
Segment Reporting [Abstract] | ' |
Number of reportable segments | 4 |
Segment_Reporting_Schedule_of_
Segment Reporting (Schedule of Segment Reporting Information, by Segment) (Details) (USD $) | 3 Months Ended | |||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |||
Net Sales: | ' | ' | ' | |||
Total net sales | $236,389 | $235,710 | ' | |||
Income (Loss) Before Income Taxes: | ' | ' | ' | |||
Total income (loss) before income taxes | 920 | 5,302 | ' | |||
Depreciation and Amortization: | ' | ' | ' | |||
Total depreciation and amortization | 7,941 | [1] | 8,905 | [1] | ' | |
Interest Expense, net: | ' | ' | ' | |||
Interest expense, net | 4,940 | 4,574 | ' | |||
Capital Expenditures: | ' | ' | ' | |||
Capital expenditures | 4,586 | 5,818 | ' | |||
Total Assets: | ' | ' | ' | |||
Total assets | 612,956 | ' | 588,322 | |||
Intersegment Eliminations [Member] | ' | ' | ' | |||
Net Sales: | ' | ' | ' | |||
Total net sales | -14,384 | -13,265 | ' | |||
Total Assets: | ' | ' | ' | |||
Total assets | -270,934 | ' | -266,756 | |||
Electronics [Member] | ' | ' | ' | |||
Net Sales: | ' | ' | ' | |||
Total net sales | 61,848 | 55,386 | ' | |||
Electronics [Member] | Operating Segments [Member] | ' | ' | ' | |||
Net Sales: | ' | ' | ' | |||
Total net sales | 50,091 | 44,520 | ' | |||
Income (Loss) Before Income Taxes: | ' | ' | ' | |||
Total income (loss) before income taxes | 3,619 | 3,782 | ' | |||
Depreciation and Amortization: | ' | ' | ' | |||
Total depreciation and amortization | 1,101 | 1,279 | ' | |||
Interest Expense, net: | ' | ' | ' | |||
Interest expense, net | 199 | 187 | ' | |||
Capital Expenditures: | ' | ' | ' | |||
Capital expenditures | 647 | 469 | ' | |||
Total Assets: | ' | ' | ' | |||
Total assets | 110,638 | ' | 105,352 | |||
Electronics [Member] | Intersegment Eliminations [Member] | ' | ' | ' | |||
Net Sales: | ' | ' | ' | |||
Total net sales | 11,757 | 10,866 | ' | |||
Wiring [Member] | ' | ' | ' | |||
Net Sales: | ' | ' | ' | |||
Total net sales | 76,934 | 78,451 | ' | |||
Wiring [Member] | Operating Segments [Member] | ' | ' | ' | |||
Net Sales: | ' | ' | ' | |||
Total net sales | 75,059 | 76,848 | ' | |||
Income (Loss) Before Income Taxes: | ' | ' | ' | |||
Total income (loss) before income taxes | -618 | -427 | ' | |||
Depreciation and Amortization: | ' | ' | ' | |||
Total depreciation and amortization | 1,255 | 1,211 | ' | |||
Interest Expense, net: | ' | ' | ' | |||
Interest expense, net | 11 | 124 | ' | |||
Capital Expenditures: | ' | ' | ' | |||
Capital expenditures | 479 | 516 | ' | |||
Total Assets: | ' | ' | ' | |||
Total assets | 113,048 | ' | 98,180 | |||
Wiring [Member] | Intersegment Eliminations [Member] | ' | ' | ' | |||
Net Sales: | ' | ' | ' | |||
Total net sales | 1,875 | 1,603 | ' | |||
Control Devices [Member] | ' | ' | ' | |||
Net Sales: | ' | ' | ' | |||
Total net sales | 78,075 | 72,709 | ' | |||
Control Devices [Member] | Operating Segments [Member] | ' | ' | ' | |||
Net Sales: | ' | ' | ' | |||
Total net sales | 77,323 | 71,913 | ' | |||
Income (Loss) Before Income Taxes: | ' | ' | ' | |||
Total income (loss) before income taxes | 6,835 | 6,267 | ' | |||
Depreciation and Amortization: | ' | ' | ' | |||
Total depreciation and amortization | 2,371 | 2,535 | ' | |||
Interest Expense, net: | ' | ' | ' | |||
Interest expense, net | 61 | 47 | ' | |||
Capital Expenditures: | ' | ' | ' | |||
Capital expenditures | 1,734 | 3,240 | ' | |||
Total Assets: | ' | ' | ' | |||
Total assets | 117,551 | ' | 105,730 | |||
Control Devices [Member] | Intersegment Eliminations [Member] | ' | ' | ' | |||
Net Sales: | ' | ' | ' | |||
Total net sales | 752 | 796 | ' | |||
Corporate [Member] | ' | ' | ' | |||
Interest Expense, net: | ' | ' | ' | |||
Interest expense, net | 4,001 | 3,939 | ' | |||
Total interest expense, net | -4,001 | -3,939 | ' | |||
Capital Expenditures: | ' | ' | ' | |||
Capital expenditures | 59 | 127 | ' | |||
Total Assets: | ' | ' | ' | |||
Total assets | 294,583 | [2] | ' | 308,167 | [2] | |
Corporate [Member] | Operating Segments [Member] | ' | ' | ' | |||
Income (Loss) Before Income Taxes: | ' | ' | ' | |||
Total income (loss) before income taxes | 697 | -864 | ' | |||
Depreciation and Amortization: | ' | ' | ' | |||
Total depreciation and amortization | 45 | 48 | ' | |||
Pst [Member] | ' | ' | ' | |||
Net Sales: | ' | ' | ' | |||
Total net sales | 33,916 | 42,429 | ' | |||
Pst [Member] | Operating Segments [Member] | ' | ' | ' | |||
Net Sales: | ' | ' | ' | |||
Total net sales | 33,916 | 42,429 | ' | |||
Income (Loss) Before Income Taxes: | ' | ' | ' | |||
Total income (loss) before income taxes | -5,612 | 483 | ' | |||
Depreciation and Amortization: | ' | ' | ' | |||
Total depreciation and amortization | 3,169 | 3,832 | ' | |||
Interest Expense, net: | ' | ' | ' | |||
Interest expense, net | 668 | 277 | ' | |||
Capital Expenditures: | ' | ' | ' | |||
Capital expenditures | 1,667 | 1,466 | ' | |||
Total Assets: | ' | ' | ' | |||
Total assets | 248,070 | ' | 237,649 | |||
Pst [Member] | Intersegment Eliminations [Member] | ' | ' | ' | |||
Net Sales: | ' | ' | ' | |||
Total net sales | ' | ' | ' | |||
[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_Schedule_of_1
Segment Reporting (Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas) (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Net Sales: | ' | ' | ' |
Total net sales | $236,389 | $235,710 | ' |
Long-term Assets: | ' | ' | ' |
Total long-term assets | 250,558 | ' | 248,086 |
North America [Member] | ' | ' | ' |
Net Sales: | ' | ' | ' |
Total net sales | 155,330 | 153,099 | ' |
Long-term Assets: | ' | ' | ' |
Total long-term assets | 76,289 | ' | 79,219 |
South America [Member] | ' | ' | ' |
Net Sales: | ' | ' | ' |
Total net sales | 33,916 | 42,429 | ' |
Long-term Assets: | ' | ' | ' |
Total long-term assets | 158,108 | ' | 154,226 |
Europe and Other [Member] | ' | ' | ' |
Net Sales: | ' | ' | ' |
Total net sales | 47,143 | 40,182 | ' |
Long-term Assets: | ' | ' | ' |
Total long-term assets | $16,161 | ' | $14,641 |
Investments_Narrative_Details
Investments (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Percentage ownership in consolidated subsidiary | 74.00% | ' | ' |
Income (loss) from equity method investments | $238 | $201 | ' |
Noncontrolling interest | 39,907 | ' | 39,540 |
Net income (loss) attributable to noncontrolling interests | -978 | 160 | ' |
Comprehensive income related to noncontrolling interest | -978 | 160 | ' |
PST Eletronicaltda [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Percentage ownership in consolidated subsidiary | 74.00% | ' | 74.00% |
Noncontrolling interest | 39,907 | 44,677 | ' |
Noncontroling interest decrease | 367 | 601 | ' |
Foreign currency translation adjustments | -1,345 | -647 | ' |
Dividend from noncontrolling interest | ' | 211 | ' |
Net income (loss) attributable to noncontrolling interests | 978 | -165 | ' |
Comprehensive income related to noncontrolling interest | -367 | -812 | ' |
Minda Stoneridge Instruments Ltd [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Equity method investment, ownership percentage | 49.00% | ' | 49.00% |
Equity method investments | 6,417 | ' | 5,981 |
Income (loss) from equity method investments | $238 | $201 | ' |