Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | STONERIDGE INC | |
Entity Central Index Key | 1043337 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Accelerated Filer | |
Trading Symbol | sri | |
Entity Common Stock Shares Outstanding | 28,017,385 | |
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2015 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $23,869 | $43,021 |
Accounts receivable, less reserves of $1,296 and $2,017, respectively | 113,655 | 105,102 |
Inventories, net | 71,942 | 71,253 |
Prepaid expenses and other current assets | 26,902 | 26,135 |
Total current assets | 236,368 | 245,511 |
Long-term assets: | ||
Property, plant and equipment, net | 83,405 | 85,311 |
Other assets: | ||
Intangible assets, net | 46,040 | 56,637 |
Goodwill | 965 | 1,078 |
Investments and other long-term assets, net | 10,543 | 10,214 |
Total long-term assets | 140,953 | 153,240 |
Total assets | 377,321 | 398,751 |
Current liabilities: | ||
Current portion of debt | 15,917 | 19,655 |
Accounts payable | 66,458 | 58,593 |
Accrued expenses and other current liabilities | 37,728 | 42,066 |
Total current liabilities | 120,103 | 120,314 |
Long-term liabilities: | ||
Revolving credit facilities | 100,000 | 100,000 |
Long-term debt, net | 7,471 | 10,651 |
Deferred income taxes | 45,646 | 50,006 |
Other long-term liabilities | 4,296 | 3,974 |
Total long-term liabilities | 157,413 | 164,631 |
Shareholders' equity: | ||
Preferred Shares, without par value, authorized 5,000 shares, none issued | ||
Common Shares, without par value, authorized 60,000 shares, issued 28,900 and 28,853 shares issued and 28,018 and 28,221 shares outstanding at March 31, 2015 and December 31, 2014, respectively, with no stated value | ||
Additional paid-in capital | 196,029 | 192,892 |
Common Shares held in treasury, 882 and 632 shares at March 31, 2015 and December 31, 2014, respectively, at cost | -2,465 | -1,284 |
Accumulated deficit | -52,535 | -54,879 |
Accumulated other comprehensive loss | -59,545 | -45,473 |
Total Stoneridge Inc. shareholders' equity | 81,484 | 91,256 |
Noncontrolling interest | 18,321 | 22,550 |
Total shareholders' equity | 99,805 | 113,806 |
Total liabilities and shareholders' equity | $377,321 | $398,751 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ||
Accounts receivable, reserves (in dollars) | $1,296 | $2,017 |
Preferred shares, authorized | 5,000,000 | 5,000,000 |
Preferred shares, no par value | ||
Preferred shares, issued | 0 | 0 |
Common shares, authorized | 60,000,000 | 60,000,000 |
Common shares, no par value | ||
Common shares, issued | 28,900,000 | 28,853,000 |
Common shares, outstanding | 28,018,000 | 28,221,000 |
Common shares held in treasury, shares | 882,000 | 632,000 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement [Abstract] | ||
Net sales | $162,825 | $161,331 |
Costs and expenses: | ||
Cost of goods sold | 119,177 | 113,193 |
Selling, general and administrative | 30,742 | 30,767 |
Design and development | 9,780 | 10,937 |
Operating income (loss) | 3,126 | 6,434 |
Interest expense, net | 1,278 | 4,929 |
Equity in earnings of investee | -189 | -238 |
Other (income) expense, net | -213 | 1,915 |
Income (loss) before income taxes from continuing operations | 2,250 | -172 |
Provision for income taxes from continuing operations | 147 | 295 |
Income (loss) from continuing operations | 2,103 | -467 |
Discontinued operations: | ||
Income from discontinued operations, net of tax | 1,053 | |
Loss on disposal, net of tax | -168 | -96 |
Income (loss) from discontinued operations | -168 | 957 |
Net income | 1,935 | 490 |
Net loss attributable to noncontrolling interest | -409 | -978 |
Net income attributable to Stoneridge, Inc. | $2,344 | $1,468 |
Earnings per share attributable to continuing operations attributable to Stoneridge, Inc.: | ||
Basic (in dollars per share) | $0.10 | $0.02 |
Diluted (in dollars per share) | $0.09 | $0.02 |
Earnings (loss) per share attributable to discontinued operations: | ||
Basic (in dollars per share) | ($0.01) | $0.03 |
Diluted (in dollars per share) | ($0.01) | $0.03 |
Earnings per share attributable to Stoneridge, Inc.: | ||
Basic (in dollars per share) | $0.09 | $0.05 |
Diluted (in dollars per share) | $0.08 | $0.05 |
Weighted average shares outstanding: | ||
Basic (in shares) | 27,145,873 | 26,854,017 |
Diluted (in shares) | 27,892,679 | 27,408,781 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement Of Other Comprehensive Income [Abstract] | ||
Net income | $1,935 | $490 |
Less: loss attributable to noncontrolling interest | -409 | -978 |
Net income attributable to Stoneridge, Inc. | 2,344 | 1,468 |
Other comprehensive income (loss), net of tax: | ||
Foreign currency translation adjustments | -14,962 | 4,178 |
Benefit plan liability | -45 | |
Unrealized gain (loss) on derivatives | 935 | -143 |
Other comprehensive income (loss), net of tax attributable to Stoneridge, Inc. | -14,072 | 4,035 |
Comprehensive income (loss) attributable to Stoneridge, Inc. | ($11,728) | $5,503 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
OPERATING ACTIVITIES: | ||
Net income | $1,935 | $490 |
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: | ||
Depreciation | 5,128 | 6,742 |
Amortization, including accretion of debt discount | 1,085 | 1,434 |
Deferred income taxes | 301 | 421 |
Earnings of equity method investee | -189 | -238 |
(Gain) loss on sale of fixed assets | -14 | 26 |
Share-based compensation expense | 3,325 | 1,163 |
Loss on disposal of Wiring business | 168 | 96 |
Changes in operating assets and liabilities, net of effect of business acquisitions: | ||
Accounts receivable, net | -15,821 | -16,425 |
Inventories, net | -8,347 | -13,677 |
Prepaid expenses and other | -2,501 | -4,285 |
Accounts payable | 11,938 | 6,316 |
Accrued expenses and other | -1,287 | 1,746 |
Net cash used for operating activities | -4,279 | -16,191 |
INVESTING ACTIVITIES: | ||
Capital expenditures | -8,490 | -4,586 |
Proceeds from sale of fixed assets | 17 | 14 |
Net cash used for investing activities | -8,473 | -4,572 |
FINANCING ACTIVITIES: | ||
Proceeds from issuance of other debt | 2,073 | 10,592 |
Repayments of other debt | -5,245 | -3,515 |
Other financing costs | -35 | |
Repurchase of Common Shares to satisfy employee tax withholding | -1,181 | -673 |
Net cash (used for) provided by financing activities | -4,388 | 6,404 |
Effect of exchange rate changes on cash and cash equivalents | -2,012 | -39 |
Net change in cash and cash equivalents | -19,152 | -14,398 |
Cash and cash equivalents at beginning of period | 43,021 | 62,825 |
Cash and cash equivalents at end of period | 23,869 | 48,427 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 1,241 | 822 |
Cash paid for income taxes, net | 760 | 310 |
Supplemental disclosure of non-cash financing activities: | ||
Change in fair value of interest rate swap | 144 | |
Bank payment of vendor payables under short-term debt obligations | $582 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
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, 2015 are not necessarily indicative of the results to be expected for the full year. | |
While 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 2014 Form 10-K. | |
The Company entered into an asset purchase agreement to divest its Wiring business including substantially all of its assets and liabilities during the second quarter of 2014. The sale was completed on August 1, 2014. The Wiring business has been classified as discontinued operations for all periods presented in the condensed consolidated financial statements. Accordingly, the Wiring business is excluded from both continuing operations and segment results for all periods presented. All previously reported financial information has been revised to conform to the current presentation. The Wiring business designed and manufactured wiring harness products and assembled instruments panels for sale principally to the commercial, agricultural and off-highway vehicle markets. | |
Recently_Issued_Accounting_Sta
Recently Issued Accounting Standards | 3 Months Ended |
Mar. 31, 2015 | |
Recently Issued Accounting Standards [Abstract] | |
Recently Issued Accounting Standards | (2) Recently Issued Accounting Standards |
Accounting Standards Not Yet Adopted | |
In April 2015, the Financial Accounting Standards Board (“FASB”) issued accounting standards update (“ASU”) 2015 – 03, “Simplifying the Presentation of Debt Issuance Costs,” which amends the current presentation of debt issuance costs in the financial statements. ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts, instead of as an asset. The amendment is to be applied retrospectively and is effective for public companies for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted. As the Company currently presents deferred financing costs within long-term assets, the adoption of the new guidance will result in the reclassification of debt issuance costs into long-term debt in the Company’s condensed consolidated balance sheets. | |
In January 2015, the FASB issued ASU 2015 – 01 “Income Statement – Extraordinary and Unusual Items,” that eliminates the concept of extraordinary items and their segregation from the results of ordinary operations and expands presentation and disclosure guidance to include items that are both unusual in nature and occur infrequently. The new accounting standard is effective for fiscal years beginning after December 15, 2015. The Company will adopt this standard as of January 1, 2016 which is not expected to have a material impact on the Company’s condensed consolidated financial statements or disclosures. | |
In June 2014, the FASB issued ASU 2014 – 12 “Stock Compensation - Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period,” that requires performance targets that could be achieved after the requisite service period be treated as performance conditions that affect the vesting of the award. The new accounting standard is effective for fiscal years beginning after December 15, 2015. The Company will adopt this standard as of January 1, 2016 which is not expected to have an impact on its condensed consolidated financial statements or financial statement disclosures. | |
In May 2014, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers,” which is the new comprehensive revenue recognition standard that will supersede existing revenue recognition guidance under U.S. GAAP. The standard's core principle is that a company will recognize revenue when it transfers promised goods or services to a customer in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. To achieve this principle, an entity identifies the contract with a customer, identifies the separate performance obligations in the contract, determines the transaction price, allocates the transaction price to the separate performance obligations and recognizes revenue when each separate performance obligation is satisfied. This ASU allows for both retrospective and prospective methods of adoption and is currently effective for annual and interim periods beginning on or after December 15, 2016, with early adoption not permitted. In April 2015, the FASB proposed a one-year deferral of the effective date of the standard. If approved, the new standard will become effective for annual and interim periods beginning after December 15, 2017 with early adoption on the original effective date permitted. The Company is currently evaluating the impact of adopting this standard on its condensed consolidated financial statements. | |
Accounting Standards Adopted | |
In April 2014, the FASB issued ASU No. 2014-08 “Presentation of Financial Statements and Property, Plant, and Equipment,” which amends the definition of a discontinued operation in ASC 205-20 and requires entities to provide additional disclosures about discontinued operations as well as disposal transactions that do not meet the discontinued-operations criteria. The new standard changes the definition of a discontinued operation and requires discontinued operations treatment for disposals of a component or group of components that represents a strategic shift that has or will have a major impact on an entity’s operations or financial results. This ASU was effective prospectively for all disposals (except disposals classified as held for sale before the adoption date) or components initially classified as held for sale in periods beginning on or after December 15, 2014. Early adoption was permitted. The Company adopted this ASU in May 2014 and applied it prospectively to new disposals and new classifications of disposal groups as held for sale including the Wiring business. | |
Discontinued_Operations
Discontinued Operations | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Discontinued Operations [Abstract] | |||||||
Discontinued Operations | (3) Discontinued Operations | ||||||
Wiring Business | |||||||
On May 26, 2014, the Company entered into an asset purchase agreement to sell substantially all of the assets and liabilities of the former Wiring segment to Motherson Sumi Systems Ltd., an India-based manufacturer of diversified products for the global automotive industry and a limited company incorporated under the laws of the Republic of India, and MSSL (GB) LIMITED, a limited company incorporated under the laws of the United Kingdom (collectively, “Motherson”), for $65,700 in cash and the assumption of certain related liabilities of the Wiring business. | |||||||
On August 1, 2014, the Company completed the sale of substantially all of the assets and liabilities of its Wiring business to Motherson for $71,386 in cash that consisted of the stated purchase price and estimated working capital on the closing date. The final purchase price is subject to post-closing working capital and other adjustments, which impacts the loss on disposal recorded in discontinued operations. The disputed items regarding the working capital and other adjustments that have not been amicably resolved between the Company and Motherson are being determined by an independent accountant in accordance with the asset purchase agreement, the resolution of which is expected to occur in the second quarter of 2015. | |||||||
The Company also entered into short-term transition services agreements with Motherson expected to conclude in the second quarter of 2015 associated with information systems, accounting, administrative, occupancy and support services as well as contract manufacturing and production support in Estonia. | |||||||
The Company had post-disposition sales to the Wiring business acquired by Motherson of $7,228 for the three months ended March 31, 2015. Post-disposition purchases by the Company from the Wiring business acquired by Motherson were $168 for the three months ended March 31, 2015. | |||||||
The following tables display summarized activity in our condensed consolidated statements of operations for discontinued operations related to the Wiring business. | |||||||
Three months ended March 31 | 2015 | 2014 | |||||
Net sales | $ | - | $ | 75,059 | |||
Cost of goods sold | - | 68,407 | |||||
Selling, general and administrative | - | 5,370 | |||||
Interest expense, net | - | 11 | |||||
Other expense, net | - | 31 | |||||
Income from operations of discontinued | |||||||
operations before income taxes (A) | - | 1,240 | |||||
Income tax provision on discontinued operations | - | -187 | |||||
Income from discontinued operations, net of tax (C) | - | 1,053 | |||||
Loss on disposal (B) | -178 | -148 | |||||
Income tax benefit on loss on disposal | 10 | 52 | |||||
Loss on disposal, net of tax | -168 | -96 | |||||
Income (loss) from discontinued operations | $ | -168 | $ | 957 | |||
(A) | The operations of the Wiring business were included only for the three months ended March 31, 2014 | ||||||
as the sale was completed on August 1, 2014. | |||||||
46 and $148, respectively, and working capital adjustment of $132 for the three months ended March 31, | |||||||
(B) | Included in loss on disposal for the three months ended March 31, 2015 and 2014 were transaction costs of | ||||||
$46 and $148, respectively, and a working capital adjustment of $132 for the three months ended March 31, | |||||||
2015 | |||||||
(C) | Management fees, which had been reported in the Wiring business in prior periods, of $1,858 for the three | ||||||
months ended March 31, 2014 have been excluded as they were not directly attributable to the business. | |||||||
Three months ended March 31, 2014 | |||||||
Depreciation and amortization | $ | 1,255 | |||||
Capital expenditures | 479 | ||||||
Intercompany sales to the Wiring business were $7,780 for the three months ended March 31, 2014. Intercompany purchases from the Wiring business were $1,875 for the three months ended March 31, 2014. | |||||||
Inventories
Inventories | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Inventories [Abstract] | ||||||
Inventories | ||||||
(4) 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, | |||||
2015 | 2014 | |||||
Raw materials | $ | 41,419 | $ | 41,767 | ||
Work-in-progress | 9,681 | 8,779 | ||||
Finished goods | 20,842 | 20,707 | ||||
Total inventories, net | $ | 71,942 | $ | 71,253 | ||
Inventory valued using the FIFO method was $37,925 and $34,636 at March 31, 2015 and December 31, 2014, respectively. Inventory valued using the average cost method was $34,017 and $36,617 at March 31, 2015 and December 31, 2014, respectively. | ||||||
. | ||||||
Financial_Instruments_and_Fair
Financial Instruments and Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Financial Instruments and Fair Value Measurements [Abstract] | |||||||||||||||||
Financial Instruments and Fair Value Measurements | (5) 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. | |||||||||||||||||
Derivative Instruments and Hedging Activities | |||||||||||||||||
On March 31, 2015, the Company had open foreign currency forward contracts which 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 manage its exposure to fluctuations in foreign currency exchange rates by reducing the effect of such fluctuations on foreign currency denominated intercompany transactions, inventory purchases and other foreign currency exposures. The currencies hedged by the Company during 2015 and 2014 include the U.S. dollar, euro and Mexican peso. | |||||||||||||||||
These forward contracts were executed to hedge forecasted transactions and were accounted for as cash flow hedges. As such, the effective portion of the unrealized gain or loss was deferred and reported in the Company’s condensed consolidated balance sheets as a component of accumulated other comprehensive loss. The cash flow hedges were highly effective. The effectiveness of the transactions has been and will be measured on an ongoing basis using regression analysis and forecasted future purchases of the U.S. dollar and Mexican peso. | |||||||||||||||||
In certain instances, the foreign currency forward contracts do not qualify for hedge accounting or are not designated as hedges, and therefore are marked-to-market with gains and losses recognized in the Company's condensed consolidated statement of operations as a component of other (income) expense, net. | |||||||||||||||||
The Company's foreign currency forward contracts offset a portion of the gains and losses on the underlying foreign currency denominated transactions as follows: | |||||||||||||||||
Euro-denominated Foreign Currency Forward Contract | |||||||||||||||||
As of March 31, 2015 and December 31, 2014, the Company held a foreign currency forward contract with underlying notional amounts of $1,631 and $3,523, respectively, to reduce the exposure related to the Company's euro-denominated intercompany loans. This contract expires in June 2015. The euro-denominated foreign currency forward contract was not designated as a hedging instrument. The Company recognized a gain of $388 and a loss of $61 for the three months ended March 31, 2015 and 2014, respectively, in the condensed consolidated statements of operations as a component of other expense, net related to the euro-denominated contracts. | |||||||||||||||||
U.S. dollar-denominated Foreign Currency Forward Contracts – Cash Flow Hedge | |||||||||||||||||
The Company entered into on behalf of one of its European Electronics subsidiaries whose functional currency is the euro, U.S. dollar-denominated currency contracts with a notional amount at March 31, 2015 of $3,205 which expire ratably on a monthly basis from April 2015 through December 2015, compared to $4,266 at December 31, 2014. | |||||||||||||||||
The Company entered into on behalf of one of its European Electronics subsidiaries whose functional currency is the Swedish krona, U.S. dollar-denominated currency contracts with a notional amount at March 31, 2015 of $8,801 which expire ratably on a monthly basis from April 2015 through December 2015, compared to $11,718 at December 31, 2014. | |||||||||||||||||
Mexican peso-denominated Foreign Currency Forward Contracts – Cash Flow Hedge | |||||||||||||||||
The Company holds Mexican peso-denominated foreign currency forward contracts with notional amounts at March 31, 2015 of $7,790 which expire ratably on a monthly basis from April 2015 through December 2015, compared to $10,282 at December 31, 2014. | |||||||||||||||||
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. Copper is a raw material used in many of the Company’s products. | |||||||||||||||||
The Company did not have any fixed price commodity contracts at March 31, 2015 compared to an aggregate notional amount of 317 pounds at December 31, 2014. | |||||||||||||||||
The unrealized gain or loss for the effective portion of the hedges were deferred and reported in the Company’s condensed consolidated balance sheets as a component of accumulated other comprehensive loss while the ineffective portion, if any, was 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 were highly effective. | |||||||||||||||||
Interest Rate Risk - Fair Value Hedge | |||||||||||||||||
The Company had 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 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 notes due October 15, 2017. Under the Swap, the Company paid a variable interest rate equal to the six-month London Interbank Offered Rate (“LIBOR”) plus 7.2% and it received a fixed interest rate of 9.5%. The difference between amounts received and paid under the Swap was recognized as a component of interest expense, net on the condensed consolidated statements of operations. | |||||||||||||||||
In connection with the Company’s notice of redemption issued on September 15, 2014 to redeem all remaining outstanding senior notes, the interest rate fair value hedge was de-designated on that date. On October 23, 2014, the Company terminated the interest rate swap. | |||||||||||||||||
The Swap reduced interest expense by $225 for the three months ended March 31, 2014. | |||||||||||||||||
The notional amounts and fair values of derivative instruments in the condensed consolidated balance sheets were as follows: | |||||||||||||||||
Prepaid expenses | |||||||||||||||||
Notional | and other current assets / | Accrued expenses and | |||||||||||||||
Amounts (A) | other long-term assets | other current liabilities | |||||||||||||||
March 31, | December 31, | March 31, | December 31, | March 31, | December 31, | ||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||
Cash Flow Hedges: | |||||||||||||||||
Forward currency contracts | $ | $ | $ | $ | $ | $ | |||||||||||
19,796 | 26,266 | 1,510 | 479 | 574 | 478 | ||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||
Forward currency contracts | $ | $ | - | - | $ | $ | |||||||||||
1,631 | 3,523 | 5 | 13 | ||||||||||||||
Fixed price commodity contracts | - | 317 | - | - | - | $ | |||||||||||
69 | |||||||||||||||||
(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) 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 (loss) | other comprehensive income | ||||||||||||||||
(loss) into net income | |||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||
Forward currency contracts | $ | 797 | $ | 118 | $ | -138 | $ | -181 | |||||||||
Fixed price commodity contracts | - | -472 | - | -30 | |||||||||||||
Total derivatives designated as cash flow hedges | $ | 797 | $ | -354 | $ | -138 | $ | -211 | |||||||||
Gains and losses reclassified from other comprehensive income (loss) into net income were recognized in cost of goods sold in the Company's condensed consolidated statements of operations. | |||||||||||||||||
The net deferred gain of $936 on the cash flow hedge derivatives will be reclassified from other comprehensive income (loss) to the condensed consolidated statements of operations in 2015. 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, 2015 and 2014. | |||||||||||||||||
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, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
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 | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||
Forward currency contracts | $ | 1,510 | $ | - | $ | 1,510 | $ | - | $ | 479 | |||||||
Total financial assets carried at fair value | $ | 1,510 | $ | - | $ | 1,510 | $ | - | $ | 479 | |||||||
Financial liabilities carried at fair value: | |||||||||||||||||
Forward currency contracts | $ | 579 | $ | - | $ | 579 | $ | - | $ | 491 | |||||||
Fixed price commodity contracts | - | - | - | - | 69 | ||||||||||||
Total financial liabilities carried at fair value | $ | 579 | $ | - | $ | 579 | $ | - | $ | 560 | |||||||
(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 recurring fair value estimates using Level 1 inputs at March 31, 2015 or December 31, 2014. | ||||||||||||||||
(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 and fixed price commodity, inputs include foreign currency exchange rates and commodity indexes. | ||||||||||||||||
(C) | Fair values estimated using Level 3 inputs consist of significant unobservable inputs. The Company did not have any recurring fair value estimates using Level 3 inputs at March 31, 2015 or December 31, 2014. | ||||||||||||||||
ShareBased_Compensation
Share-Based Compensation | 3 Months Ended |
Mar. 31, 2015 | |
Share-Based Compensation [Abstract] | |
Share-Based Compensation | (6) Share-Based Compensation |
Compensation expense for share-based compensation arrangements, which is recognized in the condensed consolidated statements of operations as a component of selling, general and administrative expenses, was $3,325, including $2,225 from the accelerated vesting in connection with the retirement of its former President and Chief Executive Officer, and $1,163 for the three months ended March 31, 2015 and 2014, respectively. | |
Debt
Debt | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Debt [Abstract] | |||||||||
Debt | |||||||||
(7) Debt | |||||||||
Debt consisted of the following at March 31, 2015 and December 31, 2014: | |||||||||
Interest rates at | |||||||||
March 31, | December 31, | March 31, | |||||||
2015 | 2014 | 2015 | Maturity | ||||||
Revolving Credit Facility | |||||||||
Credit facility | $ | 100,000 | $ | 100,000 | 1.83% | Sep-19 | |||
Debt | |||||||||
PST short-term obligations | 8,608 | 11,249 | 12.72% - 15.97% | Various 2015 | |||||
PST long-term notes | 12,726 | 16,770 | 4.00% - 8.00% | 2016 - 2021 | |||||
Suzhou note | 1,452 | 1,450 | 6.72% | Apr-15 | |||||
Other | 602 | 837 | |||||||
Total debt | 23,388 | 30,306 | |||||||
Less: current portion | -15,917 | -19,655 | |||||||
Total long-term debt, net | $ | 7,471 | $ | 10,651 | |||||
Revolving Credit Facility | |||||||||
On November 2, 2007, the Company entered into an asset-based 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 on September 20, 2010 and December 1, 2011, respectively. | |||||||||
On September 12, 2014, the Company entered into a Third Amended and Restated Credit Agreement (the “Amended Agreement”). The Amended Agreement provides for a $300,000 revolving credit facility, which replaces the Company’s existing $100,000 asset-based credit facility and includes a letter of credit subfacility, swing line subfacility and multicurrency subfacility. The amended revolving credit facility (the “Credit Facility”) also has an accordion feature which allows the Company to increase the availability by up to $80,000 upon the satisfaction of certain conditions. The Amended Agreement extends the termination date of the Company’s Credit Facility to September 12, 2019 from December 1, 2016. On March 26, 2015, the Company entered into Amendment No. 1 (the “Amendment”) to the Amended Agreement which modified the definition of Consolidated EBITDA to allow for the add back of cash premiums and other non-cash charges related to the amendment and restatement of the Amended Agreement and the early extinguishment of the Company’s 9.5% Senior Secured Notes totaling $10,507 both of which occurred in second half of 2014. Consolidated EBITDA is used in computing the Company’s leverage ratio and interest coverage ratio which are covenants within the Amended Agreement. | |||||||||
Borrowings under the Amended Agreement will bear interest at either the Base Rate, as defined, or the LIBOR Rate, at the Company’s option, plus the applicable margin as set forth in the Amended Agreement. The Company is also subject to a commitment fee ranging from 0.20% to 0.35% based on the Company’s leverage ratio. The agreement governing our Credit Facility requires the Company to maintain a maximum leverage ratio of 3.00 to 1.00, and a minimum interest coverage ratio of 3.50 to 1.00 and places a maximum annual limit on capital expenditures. The Amended Agreement also contains other affirmative and negative covenants and events of default that are customary for credit arrangements of this type including covenants which place restrictions and/or limitations on the Company’s ability to borrow money, make capital expenditures and pay dividends. | |||||||||
The Company was in compliance with all credit facility covenants at March 31, 2015 and December 31, 2014. | |||||||||
Debt | |||||||||
On October 4, 2010, the Company issued $175,000 of senior secured notes which bore interest at an annual rate of 9.5% and were scheduled to mature on October 15, 2017. On September 2, 2014, the Company redeemed $17,500, or 10.0%, of its senior secured notes at a price of 103.0% of the principal amount. On October 15, 2014, the Company redeemed the remaining $157,500 of its senior secured notes at a price of 104.75% of the principal amount discharging the corresponding senior notes indenture. | |||||||||
As a result of the redemption, the Company recognized a loss on extinguishment of debt of $10,507 in the second half of 2014, which included a premium of $8,006 and the acceleration of the remaining deferred financing costs of $597, original issue discount of $2,252 and de-designation date unrecognized gain on the interest rate swap of $348. | |||||||||
PST maintains several short-term obligations and long-term notes used for working capital purposes. The PST notes mature on July 15, 2017 and November 15, 2021 with interest payable quarterly at a fixed annual interest rate of 8.0% and 4.0%, respectively. PST’s other short-term obligations and long-term notes also have fixed interest rates. The weighted-average interest rates of short-term and long-term debt of PST at March 31, 2015 were 13.4% and 5.5%, respectively. Depending on the specific note, interest is payable either monthly or annually. The PST debt at March 31, 2015 matures as follows: $13,863 in 2015, $2,252 in 2016, $2,099 in 2017, $1,174 in both 2018 and 2019, $403 in 2020 and $369 in 2021. | |||||||||
On February 25, 2014, the Company's wholly-owned subsidiary located in Suzhou, China entered into a term loan for 9,000 Chinese yuan (the “Suzhou note”) which matured in August 2014. On October 17, 2014, the subsidiary entered into a new term loan for 9,000 Chinese yuan (the "Suzhou note") which matured in April 2015. The U.S. dollar equivalent outstanding loan balance was $1,452 and $1,450 at March 31, 2014 and December 31, 2014, respectively, under these term loan agreements. The Suzhou note is included on the condensed consolidated balance sheets as a component of current portion of long-term debt. Interest is payable quarterly at 120.0% of the one-year lending rate published by The People's Bank of China. | |||||||||
The Company was in compliance with all note covenants at March 31, 2015 and December 31, 2014. | |||||||||
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 $2,317 and $2,562, at March 31, 2015 and December 31, 2014, respectively. At March 31, 2015 and December 31, 2014, there was no balance outstanding on this bank account. | |||||||||
Earnings_Loss_Per_Share
Earnings (Loss) Per Share | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Earnings (Loss) Per Share [Abstract] | |||||
Earnings (Loss) Per Share | (8) Earnings (Loss) Per Share | ||||
Basic earnings (loss) per share was computed by dividing net income (loss) by the weighted-average number of Common Shares outstanding for each respective period. Diluted earnings (loss) per share was calculated by dividing net income (loss) 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 earnings (loss) per share were as follows: | |||||
Three months ended March 31 | 2015 | 2014 | |||
Basic weighted-average Common Shares outstanding | 27,145,873 | 26,854,017 | |||
Effect of dilutive shares | 746,806 | 554,764 | |||
Diluted weighted-average Common Shares outstanding | 27,892,679 | 27,408,781 | |||
There were no options outstanding at March 31, 2015 or December 31, 2014. | |||||
There were 234,450 and 466,650 performance-based restricted Common Shares outstanding at March 31, 2015 and 2014, respectively. There were also 710,235 and 374,400 performance-based right to receive Common Shares outstanding at March 31, 2015 and 2014, respectively. These performance-based restricted and right to receive Common Shares are included in the computation of diluted earnings per share based on the number of Common Shares that would be issuable if the end of the quarter were the end of the contingency period. | |||||
Changes_in_Accumulated_Other_C
Changes in Accumulated Other Comprehensive Loss by Component | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Changes in Accumulated Other Comprehensive Loss by Component [Abstract] | |||||||||
Changes in Accumulated Other Comprehensive Loss by Component | (9) Changes in Accumulated Other Comprehensive Loss by Component | ||||||||
Foreign | Unrealized | Benefit | |||||||
currency | gain (loss) | plan | |||||||
translation | on derivatives | liability | Total | ||||||
Balance at January 1, 2015 | $ | -45,603 | $ | 1 | $ | 129 | $ | -45,473 | |
Other comprehensive income (loss) before reclassifications | -14,962 | 797 | -45 | -14,210 | |||||
Amounts reclassified from accumulated other | |||||||||
comprehensive loss | - | 138 | - | 138 | |||||
Net other comprehensive income (loss), net of tax | -14,962 | 935 | -45 | -14,072 | |||||
Balance at March 31, 2015 | $ | -60,565 | $ | 936 | $ | 84 | $ | -59,545 | |
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 | |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Commitments and Contingencies [Abstract] | |||||
Commitments and Contingencies | (10) 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, employment-related matters and environmental 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 effect 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 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 2015, as the remedial action plan has been approved by the Florida Department of Environmental Protection. During the three months ended March 31, 2015 and 2014, environmental remediation costs incurred were immaterial. At March 31, 2015 and December 31, 2014, the Company had accrued an undiscounted liability of $865 and $876, respectively, related to future remediation. At March 31, 2015 and December 31, 2014, $801 and $813, respectively, 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 $2,000 letter of credit for the benefit of the buyer. | |||||
In September 2013, a legal proceeding was initiated by Actia Automotive (“Actia”) in a French court (the tribunal de grande instance de Paris) alleging infringement of its patents by the Company’s Electronics segment. The euro (“€”) and U.S. dollar equivalent (“$”) that Actia is seeking is €14,000 ($15,000) for injunctive relief and monetary damages resulting from such alleged infringement. The Company believes that its products did not infringe on any of the patents claimed by Actia, and the claim is without merit. Therefore it is vigorously defending itself against these allegations. The Company believes the likelihood of loss is not probable. As such, no liability has been recorded for this claim. There have been no significant changes to the facts and circumstances related to this claim for the three months ended March 31, 2015. | |||||
On May 24, 2013, the State Revenue Services of São Paulo issued a tax deficiency notice against PST claiming that the vehicle tracking and monitoring services it provides should be classified as communication services, and therefore subject to the State Value Added Tax – ICMS. The State Revenue Services assessment imposed the 25.0% ICMS tax on all revenues of PST related to the vehicle tracking and monitoring services rendered during the period from January 2009 through December 2010. The Brazilian real (“R$”) and U.S. dollar equivalent (“$”) of the aggregate tax assessment is approximately R$92,500 ($28,800) which is comprised of Value Added Tax – ICMS of R$13,200 ($4,100), interest of R$11,400 ($3,600) and penalties of R$67,900 ($21,100). | |||||
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. In April 2015, the Tribunal of Taxes and Imposts of the State of São Paulo ruled in favor of PST that its tracking and monitoring services are not subject to state ICMS tax. However, the written opinion of that tribunal has not yet been issued and is subject to appeal by the State Revenue Services of São Paulo to a higher court. Management believes, based on the legal opinion of the Company’s Brazilian legal counsel, the recent favorable legal ruling in favor of PST and the results of the Brazil Administrative Court's binding 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, 2015 and December 31, 2014, 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 the Company’s legal advisors in Brazil. As a result, no provision has been recorded with respect to these contingencies, which amounted to R$25,842 ($8,100) and R$37,237 ($14,000) at March 31, 2015 and December 31, 2014, respectively. An unfavorable outcome on these contingencies 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 $1,188 and $1,204 of a long-term liability at March 31, 2015 and December 31, 2014, 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 | 2015 | 2014 | |||
Product warranty and recall at beginning of period | $ | 7,601 | $ | 6,414 | |
Accruals for products shipped during period | 1,381 | 1,122 | |||
Aggregate changes in pre-existing liabilities due to claim developments | -57 | 258 | |||
Settlements made during the period | -1,745 | -540 | |||
Product warranty and recall at end of period | $ | 7,180 | $ | 7,254 | |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | (11) Income Taxes |
The Company computes its consolidated income tax provision each quarter based on a projected annual effective tax rate, as required. The Company is required to reduce deferred tax assets by a valuation allowance if, based on all available evidence, it is considered more likely than not that some portion or all of the benefit of the deferred tax assets will not be realized in future periods. | |
When a company maintains a valuation allowance in a particular jurisdiction, no net tax expense will typically be provided on the income for that jurisdiction. Jurisdictions with projected income that maintain a valuation allowance typically will form part of the projected annual effective tax rate calculation discussed above. However, jurisdictions with a projected loss for the year that maintain a valuation allowance are excluded from the projected annual effective income tax rate calculation. Instead, the income tax for these jurisdictions is computed separately. | |
The Company also records the income 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. | |
Therefore, the actual effective income tax rate during a particular quarter can vary significantly based upon the jurisdictional mix and timing of actual earnings compared to projected annual earnings, permanent items, earnings for those jurisdictions that maintain a valuation allowance, tax associated with jurisdictions excluded from the projected annual effective income tax rate calculation and discrete items. | |
The Company recognized an income tax provision of $147 and $295 from continuing operations for federal, state and foreign income taxes for the three months ended March 31, 2015 and 2014, respectively. The effective tax rate decreased from 171.5% in the first quarter of 2014 to 6.5% in the first quarter of 2015. The decrease in the tax provision and the effective tax rate for the three months ended March 31, 2015 compared to the same period for 2014 was primarily due to the improved earnings of the U.S. operations and reduced earnings of the European operations, which was partially offset by the smaller operating loss of PST. In addition, the Company recognized a discrete tax expense related to certain foreign operations during the first quarter of 2014 which did not recur in the first quarter of 2015. | |
Segment_Reporting
Segment Reporting | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Segment Reporting [Abstract] | |||||
Segment Reporting | (12) Segment Reporting | ||||
Operating segments are defined as components of an enterprise that are evaluated regularly by the Company's chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company's chief operating decision maker is the chief executive officer. | |||||
During the third quarter of 2014 the Company sold its Wiring business segment, which designed and manufactured wiring harness products and assembled instrument panels for sale principally to the commercial, agricultural and off-highway vehicle markets. As such, for all periods presented the Company reported this business as discontinued operations in the Company’s condensed consolidated financial statements and therefore excluded it from the segment disclosures herein. See Note 3 for additional details. | |||||
The Company has three reportable segments, Control Devices, Electronics and PST, which also represent 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 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. | |||||
Also, during the first half of 2014 the Company changed its segment operating performance metric in accordance with changes in the financial information reviewed and performance measured by the Company’s chief operating decision maker. As a result, the Company now uses operating income for financial reporting purposes. Historically, the Company used income before income taxes. The Company has revised the consolidated segment information for all periods presented to reflect this presentation. | |||||
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 2014 Form 10-K. The Company's management evaluates the performance of its reportable segments based primarily on revenues from external customers, capital expenditures and operating income. Inter-segment sales are accounted for on terms similar to those to third parties and are eliminated upon consolidation. | |||||
A summary of financial information by reportable segment is as follows: | |||||
Three months ended March 31 | 2015 | 2014 | |||
Net Sales: | |||||
Control Devices | $ | 79,870 | $ | 77,324 | |
Inter-segment sales | 688 | 752 | |||
Control Devices net sales | 80,558 | 78,076 | |||
Electronics | 56,432 | 50,091 | |||
Inter-segment sales | 4,966 | 11,757 | |||
Electronics net sales | 61,398 | 61,848 | |||
PST | 26,523 | 33,916 | |||
Inter-segment sales | - | - | |||
PST net sales | 26,523 | 33,916 | |||
Eliminations | -5,654 | -12,509 | |||
Total net sales | $ | 162,825 | $ | 161,331 | |
Operating Income (Loss): | |||||
Control Devices | $ | 9,605 | $ | 8,433 | |
Electronics | 3,424 | 4,782 | |||
PST | -2,650 | -2,542 | |||
Unallocated Corporate (A) | -7,253 | -4,239 | |||
Total operating income | $ | 3,126 | $ | 6,434 | |
Depreciation and Amortization: | |||||
Control Devices | $ | 2,459 | $ | 2,371 | |
Electronics | 956 | 1,101 | |||
PST | 2,687 | 3,169 | |||
Corporate | 14 | 45 | |||
Total depreciation and amortization (B) | $ | 6,116 | $ | 6,686 | |
Interest Expense, net: | |||||
Control Devices | $ | 85 | $ | 61 | |
Electronics | 45 | 199 | |||
PST | 420 | 668 | |||
Corporate | 728 | 4,001 | |||
Total interest expense, net | $ | 1,278 | $ | 4,929 | |
Capital Expenditures: | |||||
Control Devices | $ | 4,035 | $ | 1,734 | |
Electronics | 1,938 | 647 | |||
PST | 1,373 | 1,667 | |||
Corporate | 1,144 | 59 | |||
Total capital expenditures | $ | 8,490 | $ | 4,107 | |
March 31, | December 31, | ||||
2015 | 2014 | ||||
Total Assets: | |||||
Control Devices | $ | 130,340 | $ | 115,703 | |
Electronics | 95,621 | 95,140 | |||
PST | 132,048 | 159,980 | |||
Corporate (C) | 267,571 | 279,013 | |||
Eliminations | -248,259 | -251,085 | |||
Total assets | $ | 377,321 | $ | 398,751 | |
(A) Unallocated Corporate expenses include, among other items, accounting, finance, legal, information technology costs as well as share-based compensation. | |||||
(B) These amounts represent depreciation and amortization on property, plant and equipment and certain intangible assets. | |||||
(C) 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 | 2015 | 2014 | |||
Net Sales: | |||||
North America | $ | 89,753 | $ | 79,798 | |
South America | 26,523 | 33,916 | |||
Europe and Other | 46,549 | 47,617 | |||
Total net sales | $ | 162,825 | $ | 161,331 | |
March 31, | December 31, | ||||
2015 | 2014 | ||||
Long-term Assets: | |||||
North America | $ | 56,370 | $ | 53,406 | |
South America | 70,708 | 85,433 | |||
Europe and Other | 13,875 | 14,401 | |||
Total long-term assets | $ | 140,953 | $ | 153,240 | |
Investments
Investments | 3 Months Ended |
Mar. 31, 2015 | |
Investments [Abstract] | |
Investments | |
(13) 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 $6,899 and $6,653 at March 31, 2015 and December 31, 2014, respectively. Equity in earnings of Minda included in the condensed consolidated statements of operations was $189 and $238, for the three months ended March 31, 2015 and 2014, respectively. | |
PST Eletrônica Ltda. | |
The Company has a 74% controlling interest in PST. Noncontrolling interest in PST decreased to $18,321 at March 31, 2015 due to comprehensive loss of $4,229 resulting from a proportionate share of its net loss of $409 and an unfavorable change in foreign currency translation of $3,820. Noncontrolling interest in PST increased to $39,907 at March 31, 2014 due to comprehensive income of $367 resulting from a favorable change in foreign currency translation of $1,345, partially offset by a proportionate share of its net loss of $978 for the three months ended March 31, 2014. | |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Discontinued Operations [Abstract] | |||||||
Statements of Operations for Discontinued Operations | The following tables display summarized activity in our condensed consolidated statements of operations for discontinued operations related to the Wiring business. | ||||||
Three months ended March 31 | 2015 | 2014 | |||||
Net sales | $ | - | $ | 75,059 | |||
Cost of goods sold | - | 68,407 | |||||
Selling, general and administrative | - | 5,370 | |||||
Interest expense, net | - | 11 | |||||
Other expense, net | - | 31 | |||||
Income from operations of discontinued | |||||||
operations before income taxes (A) | - | 1,240 | |||||
Income tax provision on discontinued operations | - | -187 | |||||
Income from discontinued operations, net of tax (C) | - | 1,053 | |||||
Loss on disposal (B) | -178 | -148 | |||||
Income tax benefit on loss on disposal | 10 | 52 | |||||
Loss on disposal, net of tax | -168 | -96 | |||||
Income (loss) from discontinued operations | $ | -168 | $ | 957 | |||
(A) | The operations of the Wiring business were included only for the three months ended March 31, 2014 | ||||||
as the sale was completed on August 1, 2014. | |||||||
46 and $148, respectively, and working capital adjustment of $132 for the three months ended March 31, | |||||||
(B) | Included in loss on disposal for the three months ended March 31, 2015 and 2014 were transaction costs of | ||||||
$46 and $148, respectively, and a working capital adjustment of $132 for the three months ended March 31, | |||||||
2015 | |||||||
(C) | Management fees, which had been reported in the Wiring business in prior periods, of $1,858 for the three | ||||||
months ended March 31, 2014 have been excluded as they were not directly attributable to the business. | |||||||
Schedule of Depreciation, Amortization, and Capital Expenditures of Discontinued Operations | |||||||
Three months ended March 31, 2014 | |||||||
Depreciation and amortization | $ | 1,255 | |||||
Capital expenditures | 479 | ||||||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Inventories [Abstract] | ||||||
Schedule of Inventory, Current | Inventory cost includes material, labor and overhead. Inventories consisted of the following: | |||||
March 31, | December 31, | |||||
2015 | 2014 | |||||
Raw materials | $ | 41,419 | $ | 41,767 | ||
Work-in-progress | 9,681 | 8,779 | ||||
Finished goods | 20,842 | 20,707 | ||||
Total inventories, net | $ | 71,942 | $ | 71,253 | ||
Financial_Instruments_and_Fair1
Financial Instruments and Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
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 were as follows: | |||||||||||||||||
Prepaid expenses | |||||||||||||||||
Notional | and other current assets / | Accrued expenses and | |||||||||||||||
Amounts (A) | other long-term assets | other current liabilities | |||||||||||||||
March 31, | December 31, | March 31, | December 31, | March 31, | December 31, | ||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||
Cash Flow Hedges: | |||||||||||||||||
Forward currency contracts | $ | $ | $ | $ | $ | $ | |||||||||||
19,796 | 26,266 | 1,510 | 479 | 574 | 478 | ||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||
Forward currency contracts | $ | $ | - | - | $ | $ | |||||||||||
1,631 | 3,523 | 5 | 13 | ||||||||||||||
Fixed price commodity contracts | - | 317 | - | - | - | $ | |||||||||||
69 | |||||||||||||||||
(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 (loss) 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 (loss) | other comprehensive income | ||||||||||||||||
(loss) into net income | |||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||
Forward currency contracts | $ | 797 | $ | 118 | $ | -138 | $ | -181 | |||||||||
Fixed price commodity contracts | - | -472 | - | -30 | |||||||||||||
Total derivatives designated as cash flow hedges | $ | 797 | $ | -354 | $ | -138 | $ | -211 | |||||||||
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, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
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 | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||
Forward currency contracts | $ | 1,510 | $ | - | $ | 1,510 | $ | - | $ | 479 | |||||||
Total financial assets carried at fair value | $ | 1,510 | $ | - | $ | 1,510 | $ | - | $ | 479 | |||||||
Financial liabilities carried at fair value: | |||||||||||||||||
Forward currency contracts | $ | 579 | $ | - | $ | 579 | $ | - | $ | 491 | |||||||
Fixed price commodity contracts | - | - | - | - | 69 | ||||||||||||
Total financial liabilities carried at fair value | $ | 579 | $ | - | $ | 579 | $ | - | $ | 560 | |||||||
(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 recurring fair value estimates using Level 1 inputs at March 31, 2015 or December 31, 2014. | ||||||||||||||||
(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 and fixed price commodity, inputs include foreign currency exchange rates and commodity indexes. | ||||||||||||||||
(C) | Fair values estimated using Level 3 inputs consist of significant unobservable inputs. The Company did not have any recurring fair value estimates using Level 3 inputs at March 31, 2015 or December 31, 2014. | ||||||||||||||||
Debt_Tables
Debt (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Debt [Abstract] | |||||||||
Schedule of Debt | |||||||||
Interest rates at | |||||||||
March 31, | December 31, | March 31, | |||||||
2015 | 2014 | 2015 | Maturity | ||||||
Revolving Credit Facility | |||||||||
Credit facility | $ | 100,000 | $ | 100,000 | 1.83% | Sep-19 | |||
Debt | |||||||||
PST short-term obligations | 8,608 | 11,249 | 12.72% - 15.97% | Various 2015 | |||||
PST long-term notes | 12,726 | 16,770 | 4.00% - 8.00% | 2016 - 2021 | |||||
Suzhou note | 1,452 | 1,450 | 6.72% | Apr-15 | |||||
Other | 602 | 837 | |||||||
Total debt | 23,388 | 30,306 | |||||||
Less: current portion | -15,917 | -19,655 | |||||||
Total long-term debt, net | $ | 7,471 | $ | 10,651 | |||||
Earnings_Loss_Per_Share_Tables
Earnings (Loss) Per Share (Tables) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Earnings (Loss) Per Share [Abstract] | |||||
Schedule of Weighted-Average Number of Shares | |||||
Weighted-average Common Shares outstanding used in calculating basic and diluted earnings (loss) per share were as follows: | |||||
Three months ended March 31 | 2015 | 2014 | |||
Basic weighted-average Common Shares outstanding | 27,145,873 | 26,854,017 | |||
Effect of dilutive shares | 746,806 | 554,764 | |||
Diluted weighted-average Common Shares outstanding | 27,892,679 | 27,408,781 | |||
Changes_in_Accumulated_Other_C1
Changes in Accumulated Other Comprehensive Loss by Component (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Changes in Accumulated Other Comprehensive Loss by Component [Abstract] | |||||||||
Changes in Accumulated Other Comprehensive Loss by Component | |||||||||
Foreign | Unrealized | Benefit | |||||||
currency | gain (loss) | plan | |||||||
translation | on derivatives | liability | Total | ||||||
Balance at January 1, 2015 | $ | -45,603 | $ | 1 | $ | 129 | $ | -45,473 | |
Other comprehensive income (loss) before reclassifications | -14,962 | 797 | -45 | -14,210 | |||||
Amounts reclassified from accumulated other | |||||||||
comprehensive loss | - | 138 | - | 138 | |||||
Net other comprehensive income (loss), net of tax | -14,962 | 935 | -45 | -14,072 | |||||
Balance at March 31, 2015 | $ | -60,565 | $ | 936 | $ | 84 | $ | -59,545 | |
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 | |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
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 | 2015 | 2014 | |||
Product warranty and recall at beginning of period | $ | 7,601 | $ | 6,414 | |
Accruals for products shipped during period | 1,381 | 1,122 | |||
Aggregate changes in pre-existing liabilities due to claim developments | -57 | 258 | |||
Settlements made during the period | -1,745 | -540 | |||
Product warranty and recall at end of period | $ | 7,180 | $ | 7,254 | |
Segment_Reporting_Tables
Segment Reporting (Tables) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Segment Reporting [Abstract] | |||||
Schedule of Segment Reporting Information, by Segment | |||||
Three months ended March 31 | 2015 | 2014 | |||
Net Sales: | |||||
Control Devices | $ | 79,870 | $ | 77,324 | |
Inter-segment sales | 688 | 752 | |||
Control Devices net sales | 80,558 | 78,076 | |||
Electronics | 56,432 | 50,091 | |||
Inter-segment sales | 4,966 | 11,757 | |||
Electronics net sales | 61,398 | 61,848 | |||
PST | 26,523 | 33,916 | |||
Inter-segment sales | - | - | |||
PST net sales | 26,523 | 33,916 | |||
Eliminations | -5,654 | -12,509 | |||
Total net sales | $ | 162,825 | $ | 161,331 | |
Operating Income (Loss): | |||||
Control Devices | $ | 9,605 | $ | 8,433 | |
Electronics | 3,424 | 4,782 | |||
PST | -2,650 | -2,542 | |||
Unallocated Corporate (A) | -7,253 | -4,239 | |||
Total operating income | $ | 3,126 | $ | 6,434 | |
Depreciation and Amortization: | |||||
Control Devices | $ | 2,459 | $ | 2,371 | |
Electronics | 956 | 1,101 | |||
PST | 2,687 | 3,169 | |||
Corporate | 14 | 45 | |||
Total depreciation and amortization (B) | $ | 6,116 | $ | 6,686 | |
Interest Expense, net: | |||||
Control Devices | $ | 85 | $ | 61 | |
Electronics | 45 | 199 | |||
PST | 420 | 668 | |||
Corporate | 728 | 4,001 | |||
Total interest expense, net | $ | 1,278 | $ | 4,929 | |
Capital Expenditures: | |||||
Control Devices | $ | 4,035 | $ | 1,734 | |
Electronics | 1,938 | 647 | |||
PST | 1,373 | 1,667 | |||
Corporate | 1,144 | 59 | |||
Total capital expenditures | $ | 8,490 | $ | 4,107 | |
March 31, | December 31, | ||||
2015 | 2014 | ||||
Total Assets: | |||||
Control Devices | $ | 130,340 | $ | 115,703 | |
Electronics | 95,621 | 95,140 | |||
PST | 132,048 | 159,980 | |||
Corporate (C) | 267,571 | 279,013 | |||
Eliminations | -248,259 | -251,085 | |||
Total assets | $ | 377,321 | $ | 398,751 | |
(A) Unallocated Corporate expenses include, among other items, accounting, finance, legal, information technology costs as well as share-based compensation. | |||||
(B) These amounts represent depreciation and amortization on property, plant and equipment and certain intangible assets. | |||||
(C) 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 | 2015 | 2014 | |||
Net Sales: | |||||
North America | $ | 89,753 | $ | 79,798 | |
South America | 26,523 | 33,916 | |||
Europe and Other | 46,549 | 47,617 | |||
Total net sales | $ | 162,825 | $ | 161,331 | |
March 31, | December 31, | ||||
2015 | 2014 | ||||
Long-term Assets: | |||||
North America | $ | 56,370 | $ | 53,406 | |
South America | 70,708 | 85,433 | |||
Europe and Other | 13,875 | 14,401 | |||
Total long-term assets | $ | 140,953 | $ | 153,240 | |
Discontinued_Operations_Narrat
Discontinued Operations (Narrative) (Details) (USD $) | 0 Months Ended | 3 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 01, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | 26-May-14 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Discontinued operation, gain (loss) on disposal of discontinued operation, net of tax | ($168) | ($96) | ||
Cost of sales | 119,177 | 113,193 | ||
Sales | 162,825 | 161,331 | ||
Transaction costs related to Wiring sale | 46 | 148 | ||
Wiring [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Cash received for sale of business segment | 71,386 | |||
Base purchase price | 65,700 | |||
Discontinued operation, gain (loss) on disposal of discontinued operation, net of tax | -168 | -96 | ||
Intercompany sales to Wiring | 7,780 | |||
Intercompany purchases from Wiring | 1,875 | |||
Cost of sales | 68,407 | |||
Sales | 75,059 | |||
Income tax provision on loss on disposal | -10 | -52 | ||
Electronics [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Post-disposition sales to Motherson acquired Wiring business | 7,228 | |||
Post-disposition purchases from Motherson acquired Wiring business | $168 |
Discontinued_Operations_Statem
Discontinued Operations Statements of Operations (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net sales | $162,825 | $161,331 | ||
Cost of goods sold | 119,177 | 113,193 | ||
Selling, general and administrative | 30,742 | 30,767 | ||
Interest expense, net | 1,278 | 4,929 | ||
Other (income) expense, net | -213 | 1,915 | ||
Income (loss) from discontinued operations, net of tax | 1,053 | |||
Loss on disposal, net of tax | -168 | -96 | ||
Income (loss) from discontinued operations | -168 | 957 | ||
Write-down of asset group to fair value less cost to sell | -132 | |||
Transaction costs related to Wiring sale | 46 | 148 | ||
Wiring [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net sales | 75,059 | |||
Cost of goods sold | 68,407 | |||
Selling, general and administrative | 5,370 | |||
Interest expense, net | 11 | |||
Other (income) expense, net | 31 | |||
Income (loss) from operations of discontinued operations before income taxes | 1,240 | [1] | ||
Income tax provision on discontinued operations | -187 | |||
Income (loss) from discontinued operations, net of tax | 1,053 | [2] | ||
Gross Loss on disposal | -178 | [3] | -148 | [3] |
Income tax benefit on loss on disposal | 10 | 52 | ||
Loss on disposal, net of tax | -168 | -96 | ||
Income (loss) from discontinued operations | -168 | 957 | ||
Management fees | $1,858 | |||
[1] | The operations of the Wiring business were included only for the three months ended March 31, 2014 as the sale was completed on August 1, 2014. | |||
[2] | Management fees, which had been reported in the Wiring business in prior periods, of $1,858 for the threemonths ended March 31, 2014 have been excluded as they were not directly attributable to the business. | |||
[3] | Included in loss on disposal for the three months ended March 31, 2015 and 2014 were transaction costs of$46 and $148, respectively, and a working capital adjustment of $132 for the three months ended March 31,2015. |
Discontinued_Operations_Deprec
Discontinued Operations (Depreciation, Amortization, and Capital Expenditures of Discontinued Operations) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Capital expenditures | $8,490 | $4,586 |
Wiring [Member] | ||
Depreciation and amortization | 1,255 | |
Capital expenditures | $479 |
Inventories_Narrative_Details
Inventories (Narrative) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ||
Inventory amount, FIFO | $37,925 | $34,636 |
Inventory amount, weighted average cost | $34,017 | $36,617 |
Inventories_Schedule_of_Invent
Inventories (Schedule of Inventories) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ||
Raw materials | $41,419 | $41,767 |
Work-in-progress | 9,681 | 8,779 |
Finished goods | 20,842 | 20,707 |
Total inventories, net | $71,942 | $71,253 |
Financial_Instruments_and_Fair2
Financial Instruments and Fair Value Measurements (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Sep. 01, 2014 | Oct. 04, 2010 | |
lb | |||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||||
Amount from cash flow hedge derivatives to be reclassified | $936 | ||||||
Euro-Denominated Foreign Currency Forward Contracts [Member] | |||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||||
Gain (loss) on derivative instruments held for trading purposes, net | 388 | -61 | |||||
Interest Rate Swap [Member] | |||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||||
Discription of variable rate basis of derivative | the Company paid a variable interest rate equal to the six-month London Interbank Offered Rate ("LIBOR") plus 7.2% | ||||||
Fixed interest rate | 9.50% | ||||||
Reduced interest expense as a result of swap | -225 | ||||||
Senior Notes [Member] | |||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||||
Face value of senior secured notes | 175,000 | 175,000 | |||||
Fixed interest rate | 9.50% | ||||||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Forward Currency Contracts [Member] | |||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||||
Notional amounts | 19,796 | 26,266 | |||||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | U.S. Dollar Denominated Foreign Currency Forward Contracts, Swedish Krona Functional Currency [Member] | |||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||||
Notional amounts | 8,801 | 11,718 | |||||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | U.S. Dollar Denominated Foreign Currency Forward Contracts Euro Functional Currency [Member] | |||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||||
Notional amounts | 3,205 | 4,266 | |||||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Mexican Peso-Denominated Foreign Currency Forward Contracts [Member] | |||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||||
Notional amounts | 7,790 | 10,282 | |||||
Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | Interest Rate Swap [Member] | |||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||||
Notional amounts | 45,000 | ||||||
Not Designated as Hedging Instrument [Member] | Forward Currency Contracts [Member] | |||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||||
Notional amounts | 1,631 | 3,523 | |||||
Not Designated as Hedging Instrument [Member] | Euro-Denominated Foreign Currency Forward Contracts [Member] | |||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||||
Notional amounts | 1,631 | 3,523 | |||||
Not Designated as Hedging Instrument [Member] | Copper Commodity [Member] | |||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||||
Notional amounts | $317 | [1] | |||||
Fixed price commodity contracts (in pounds) | 317,000 | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Interest Rate Swap [Member] | |||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||||
Variable interest rate in addition to LIBOR | 7.20% | ||||||
[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 $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Mar. 31, 2015 | Sep. 30, 2014 | |
lb | ||||
Forward Currency Contracts [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amounts | $3,523 | $1,631 | ||
Forward Currency Contracts [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amounts | 26,266 | 19,796 | ||
Copper Commodity [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amounts | 317 | [1] | ||
Fixed price commodity contracts (in pounds) | 317,000 | |||
Interest Rate Swap [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amounts | 45,000 | |||
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 | 479 | 1,510 | ||
Other Liabilities [Member] | Forward Currency Contracts [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair value of other derivatives | -13 | -5 | ||
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 | -478 | -574 | ||
Other Liabilities [Member] | Copper Commodity [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair value of other derivatives | ($69) | |||
[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, 2015 | Mar. 31, 2014 |
Derivatives designated as cash flow hedges: | ||
Gain (loss) recorded in other comprehensive income (loss) | $797 | ($354) |
Gain (loss) reclassified from other comprehensive income (loss) into net income (loss) | -138 | -211 |
Forward Currency Contracts [Member] | ||
Derivatives designated as cash flow hedges: | ||
Gain (loss) recorded in other comprehensive income (loss) | 797 | 118 |
Gain (loss) reclassified from other comprehensive income (loss) into net income (loss) | -138 | -181 |
Commodity Contract [Member] | ||
Derivatives designated as cash flow hedges: | ||
Gain (loss) recorded in other comprehensive income (loss) | -472 | |
Gain (loss) reclassified from other comprehensive income (loss) into net income (loss) | ($30) |
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, 2015 | Dec. 31, 2014 | |
In Thousands, unless otherwise specified | |||
Financial assets carried at fair value: | |||
Forward currency contracts | $1,510 | $479 | |
Total financial assets carried at fair value | 1,510 | 479 | |
Financial liabilities carried at fair value: | |||
Forward currency contracts | 579 | 491 | |
Fixed price commodity contracts | 69 | ||
Total financial liabilities carried at fair value | 579 | 560 | |
Fair Value, Inputs, Level 1 [Member] | |||
Financial assets carried at fair value: | |||
Interest rate swap contract | [1] | ||
Forward currency 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 | [2] | ||
Forward currency contracts | 1,510 | [2] | |
Total financial assets carried at fair value | 1,510 | [2] | |
Financial liabilities carried at fair value: | |||
Forward currency contracts | 579 | [2] | |
Fixed price commodity contracts | [2] | ||
Total financial liabilities carried at fair value | 579 | [2] | |
Fair Value, Inputs, Level 3 [Member] | |||
Financial assets carried at fair value: | |||
Interest rate swap contract | [3] | ||
Forward currency 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 recurring fair value estimates using Level 1 inputs at March 31, 2015 or December 31, 2014. | ||
[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 and fixed price commodity, inputs include foreign currency exchange rates and commodity indexes. | ||
[3] | Fair values estimated using Level 3 inputs consist of significant unobservable inputs.B The Company did not have any recurring fair value estimates using Level 3 inputs at March 31, 2015 or December 31, 2014 |
ShareBased_Compensation_Narrat
Share-Based Compensation (Narrative) (Details) (Selling, General and Administrative Expenses [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Allocated share-based compensation expense | $3,325 | $1,163 |
CEO Retirement Additional Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Additional stock compensation expense in connection with retirement of former President and CEO | $2,225 |
Debt_Narrative_Details
Debt (Narrative) (Details) | 3 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | Dec. 31, 2014 | Oct. 15, 2014 | Sep. 02, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 01, 2014 | Oct. 04, 2010 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 12, 2014 | Nov. 02, 2007 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Feb. 25, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Oct. 17, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | |
USD ($) | USD ($) | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan One [Member] | Term Loan One [Member] | Term Loan Two [Member] | Term Loan Two [Member] | Term Loan Two [Member] | PST Eletronicaltda [Member] | PST Eletronicaltda [Member] | PST Eletronicaltda [Member] | Electronics [Member] | Electronics [Member] | Electronics [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Maximum [Member] | Minimum [Member] | USD ($) | USD ($) | CNY | People's Bank of China One-Year Lending Rate [Member] | USD ($) | USD ($) | CNY | Term Loan One [Member] | Term Loan Two [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | |||||
USD ($) | SEK | USD ($) | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Write off of deferred financing costs | $597,000 | ||||||||||||||||||||||||||
Credit Facility covenat compliance | The Company was in compliance with all credit facility covenants at March 31, 2015 and December 31, 2014 | ||||||||||||||||||||||||||
Notes covenant compliance | The Company was in compliance with all note covenants at March 31, 2015 and December 31, 2014. | ||||||||||||||||||||||||||
Debt interest rate | 9.50% | 1.83% | 8.00% | 4.00% | |||||||||||||||||||||||
Debt instrument, maturity date | 15-Oct-17 | ||||||||||||||||||||||||||
Credit facility, commitment fee percentage | 0.35% | 0.20% | |||||||||||||||||||||||||
Line of credit facility, maximum borrowing capacity | 300,000,000 | 100,000,000 | 2,317,000 | 20,000,000 | 2,562,000 | ||||||||||||||||||||||
Increase in maximum borrowing capacity of credit facility | 80,000,000 | ||||||||||||||||||||||||||
Borrowings outstanding | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | |||||||||||||||||||||||
Interest rate multiplier | 120.00% | ||||||||||||||||||||||||||
Line of credit, current | 0 | 0 | |||||||||||||||||||||||||
Face value of senior secured notes | 175,000,000 | 175,000,000 | |||||||||||||||||||||||||
Note redeemable start date | 15-Oct-14 | ||||||||||||||||||||||||||
Percentage of outstanding debt redeemed | 10.00% | ||||||||||||||||||||||||||
Debt early redemption percentage | 104.75% | 103.00% | |||||||||||||||||||||||||
Debt early redemption premium | 104.75% | ||||||||||||||||||||||||||
Amortization of debt discount (premium) | 2,252,000 | ||||||||||||||||||||||||||
De-designation date unrecognized gain on interest rate swap | 348,000 | ||||||||||||||||||||||||||
Redemption of notes | 157,500,000 | 17,500,000 | |||||||||||||||||||||||||
Debt, face amount | 9,000,000 | 9,000,000 | |||||||||||||||||||||||||
Debt outstanding | 1,452,000 | 1,450,000 | |||||||||||||||||||||||||
Line of credit expiration date | 12-Sep-19 | ||||||||||||||||||||||||||
Maximum leverage ratio | 3.00% | ||||||||||||||||||||||||||
Minimum interest coverage ratio | 3.50% | ||||||||||||||||||||||||||
Total long-term debt, net | 7,471,000 | 10,651,000 | |||||||||||||||||||||||||
Less: current portion | 15,917,000 | 19,655,000 | |||||||||||||||||||||||||
Loss on early extinguishment of debt | -10,507,000 | ||||||||||||||||||||||||||
Premium paid on extinguishment of debt | 8,006,000 | ||||||||||||||||||||||||||
2015 | 13,863,000 | ||||||||||||||||||||||||||
2016 | 2,252,000 | ||||||||||||||||||||||||||
2017 | 2,099,000 | ||||||||||||||||||||||||||
2018 | 1,174,000 | ||||||||||||||||||||||||||
2019 | 1,174,000 | ||||||||||||||||||||||||||
2020 | 403,000 | ||||||||||||||||||||||||||
2021 | $369,000 | ||||||||||||||||||||||||||
Long-term debt, weighted average interest rate | 5.50% | ||||||||||||||||||||||||||
Short-term debt, weighted average interest rate | 13.40% |
Debt_Schedule_of_Debt_Details
Debt (Schedule of Debt) (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Oct. 04, 2010 |
Debt Instrument [Line Items] | |||
Revolving credit facilities | $100,000 | $100,000 | |
Debt: | |||
Total debt | 23,388 | 30,306 | |
Less: current portion | -15,917 | -19,655 | |
Total long-term debt, net | 7,471 | 10,651 | |
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Revolving credit facilities | 100,000 | 100,000 | |
Debt: | |||
Debt interest rate | 1.83% | ||
Debt, maturity | Sep-19 | ||
Senior Notes [Member] | |||
Debt: | |||
Debt interest rate | 9.50% | ||
PST Short-Term Notes [Member] | |||
Debt Instrument [Line Items] | |||
Short-term debt | 8,608 | 11,249 | |
Debt: | |||
Debt, maturity | Various 2015 | ||
PST Short-Term Notes [Member] | Maximum [Member] | |||
Debt: | |||
Interest rate maximum | 15.97% | ||
PST Short-Term Notes [Member] | Minimum [Member] | |||
Debt: | |||
Interest rate minimum | 12.72% | ||
PST Long-Term Notes [Member] | |||
Debt: | |||
Long-term debt | 12,726 | 16,770 | |
Debt maturity period range start | 2016 | ||
Debt maturity period range end | 2021 | ||
PST Long-Term Notes [Member] | Maximum [Member] | |||
Debt: | |||
Interest rate maximum | 8.00% | ||
PST Long-Term Notes [Member] | Minimum [Member] | |||
Debt: | |||
Interest rate minimum | 4.00% | ||
Other [Member] | |||
Debt: | |||
Total debt | 602 | 837 | |
Suzhou Note [Member] | |||
Debt Instrument [Line Items] | |||
Short-term debt | $1,452 | $1,450 | |
Debt: | |||
Debt, maturity | Apr-15 | ||
Long-term debt, weighted average interest rate | 6.72% |
Earnings_Loss_Per_Share_Narati
Earnings (Loss) Per Share (Narative) (Details) | Mar. 31, 2015 | Mar. 31, 2014 |
Equity Option [Member] | ||
Options outstanding | 0 | |
Restricted Stock [Member] | ||
Common shares, non-vested | 234,450 | 466,650 |
Performance Based Right to Received Common Shares [Member] | ||
Common shares, non-vested | 710,235 | 374,400 |
Earnings_Loss_Per_Share_Weight
Earnings (Loss) Per Share (Weighted Average Shares Oustanding Used in Calculating Basic and Diluted Net Income Per Share) (Details) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Earnings (Loss) Per Share [Abstract] | ||
Basic weighted-average common shares outstanding | 27,145,873 | 26,854,017 |
Effect of dilutive shares | 746,806 | 554,764 |
Diluted weighted-average common shares outstanding | 27,892,679 | 27,408,781 |
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, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
Changes in Accumulated Other Comprehensive Loss by Component [Abstract] | ||||
Foreign currency translation, Beginning balance | ($45,603) | ($30,335) | ||
Foreign currency translation, Other comprehensive income (loss) before reclassifications | -14,962 | 4,178 | ||
Other comprehensive income (loss), Foreign currency transaction and translation adjustment, net of tax | -14,962 | 4,178 | ||
Foreign currency translation, Ending balance | -60,565 | -26,157 | ||
Unrealized gain (loss) on hedging activities, Beginning balance | 1 | -111 | ||
Unrealized gain (loss) on hedging activities, Net other comprehensive income (loss), net of tax | 797 | -354 | ||
Unrealized gain (loss) on hedging activities, Amounts reclassified from accumulated other comprehensive loss | 138 | 211 | ||
Unrealized gain (loss) on hedging activities, Net other comprehensive income (loss), net of tax | 935 | -143 | ||
Unrealized gain (loss) on hedging activities, Ending balance | 936 | -254 | ||
Post employment benefit liability, Beginning balance | 129 | -12 | ||
Post employment benefit liability, Other comprehensive loss before reclassifications | -45 | |||
Post employment benefit liability, Other comprehensive income (loss) | -45 | |||
Post employment benefit liability, Ending balance | 84 | -12 | ||
Total, Other comprehensive income (loss) before reclassifications | -14,210 | 3,824 | ||
Total, Amounts reclassified from accumulated other comprehensive loss | 138 | 211 | ||
Other comprehensive income (loss), net of tax | -14,072 | 4,035 | ||
Accumulated other comprehensive income (loss), net of tax, total | ($59,545) | ($26,423) | ($45,473) | ($30,458) |
Commitments_and_Contingencies_1
Commitments and Contingencies (Narrative) (Details) | 24 Months Ended | 3 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2010 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 |
USD ($) | USD ($) | Electronics [Member] | Electronics [Member] | Accrued Expenses and Other Current Liabilities [Member] | Accrued Expenses and Other Current Liabilities [Member] | Letter of Credit [Member] | PST Eletronicaltda [Member] | PST Eletronicaltda [Member] | PST Eletronicaltda [Member] | PST Eletronicaltda [Member] | PST Eletronicaltda [Member] | PST Eletronicaltda [Member] | PST Eletronicaltda [Member] | PST Eletronicaltda [Member] | PST Eletronicaltda [Member] | PST Eletronicaltda [Member] | Minda Stoneridge Instruments Ltd [Member] | ||
USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | BRL | USD ($) | BRL | Value Added Tax [Member] | Value Added Tax [Member] | Interest On Tax [Member] | Interest On Tax [Member] | Penalties On Tax [Member] | Penalties On Tax [Member] | |||||
USD ($) | BRL | USD ($) | BRL | USD ($) | BRL | ||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||
Environmental remediation accrued undiscounted liability | $865 | $876 | $801 | $813 | |||||||||||||||
Line of credit | 2,000 | ||||||||||||||||||
Loss contingency, estimate of possible loss | 15,000 | 14,000 | 8,100 | 25,842 | 14,000 | 37,237 | |||||||||||||
Equity method investment, ownership percentage | 49.00% | ||||||||||||||||||
Loss contingencies aggregate tax assessment not accrued | 28,800 | 92,500 | 4,100 | 13,200 | 3,600 | 11,400 | 21,100 | 67,900 | |||||||||||
Percentage of state value added tax | 25.00% | ||||||||||||||||||
Percentage ownership in consolidated subsidiary | 74.00% | 74.00% | |||||||||||||||||
Product warranty and recall accrual | $1,188 | $1,204 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Reconciliation of Changes in Product Warranty and Recall Liability) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Commitments and Contingencies [Abstract] | ||
Product warranty and recall at beginning of period | $7,601 | $6,414 |
Accruals for products shipped during period | 1,381 | 1,122 |
Aggregate changes in pre-existing liabilities due to claim developments | -57 | 258 |
Settlements made during the period | -1,745 | -540 |
Product warranty and recall at end of period | $7,180 | $7,254 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Taxes [Abstract] | ||
Provision for income taxes from continuing operations | $147 | $295 |
Effective income tax rate | 6.50% | 171.50% |
Segment_Reporting_Narrative_De
Segment Reporting (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2015 | |
segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
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, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |||
Net Sales: | ||||||
Total net sales | $162,825 | $161,331 | ||||
Income (Loss) Before Income Taxes: | ||||||
Total operating income (loss) | 3,126 | 6,434 | ||||
Total income before income taxes | 2,250 | -172 | ||||
Interest Expense, net: | ||||||
Interest expense, net | 1,278 | 4,929 | ||||
Capital Expenditures: | ||||||
Capital expenditures | 8,490 | 4,586 | ||||
Total Assets: | ||||||
Total assets | 377,321 | 398,751 | ||||
Continuing Operations [Member] | ||||||
Net Sales: | ||||||
Total net sales | 162,825 | 161,331 | ||||
Depreciation and Amortization: | ||||||
Total depreciation and amortization | 6,116 | [1] | 6,686 | [1] | ||
Interest Expense, net: | ||||||
Interest expense, net | 1,278 | 4,929 | ||||
Capital Expenditures: | ||||||
Capital expenditures | 8,490 | 4,107 | ||||
Total Assets: | ||||||
Total assets | 377,321 | 398,751 | ||||
Operating Segments [Member] | Continuing Operations [Member] | ||||||
Income (Loss) Before Income Taxes: | ||||||
Total operating income (loss) | 3,126 | 6,434 | ||||
Intersegment Eliminations [Member] | Continuing Operations [Member] | ||||||
Net Sales: | ||||||
Total net sales | -5,654 | -12,509 | ||||
Total Assets: | ||||||
Total assets | -248,259 | -251,085 | ||||
Electronics [Member] | Continuing Operations [Member] | ||||||
Net Sales: | ||||||
Total net sales | 61,398 | 61,848 | ||||
Electronics [Member] | Operating Segments [Member] | Continuing Operations [Member] | ||||||
Net Sales: | ||||||
Total net sales | 56,432 | 50,091 | ||||
Income (Loss) Before Income Taxes: | ||||||
Total operating income (loss) | 3,424 | 4,782 | ||||
Depreciation and Amortization: | ||||||
Total depreciation and amortization | 956 | 1,101 | ||||
Interest Expense, net: | ||||||
Interest expense, net | 45 | 199 | ||||
Capital Expenditures: | ||||||
Capital expenditures | 1,938 | 647 | ||||
Total Assets: | ||||||
Total assets | 95,621 | 95,140 | ||||
Electronics [Member] | Intersegment Eliminations [Member] | Continuing Operations [Member] | ||||||
Net Sales: | ||||||
Total net sales | 4,966 | 11,757 | ||||
Control Devices [Member] | Continuing Operations [Member] | ||||||
Net Sales: | ||||||
Total net sales | 80,558 | 78,076 | ||||
Control Devices [Member] | Operating Segments [Member] | Continuing Operations [Member] | ||||||
Net Sales: | ||||||
Total net sales | 79,870 | 77,324 | ||||
Income (Loss) Before Income Taxes: | ||||||
Total operating income (loss) | 9,605 | 8,433 | ||||
Depreciation and Amortization: | ||||||
Total depreciation and amortization | 2,459 | 2,371 | ||||
Interest Expense, net: | ||||||
Interest expense, net | 85 | 61 | ||||
Capital Expenditures: | ||||||
Capital expenditures | 4,035 | 1,734 | ||||
Total Assets: | ||||||
Total assets | 130,340 | 115,703 | ||||
Control Devices [Member] | Intersegment Eliminations [Member] | Continuing Operations [Member] | ||||||
Net Sales: | ||||||
Total net sales | 688 | 752 | ||||
Corporate [Member] | Continuing Operations [Member] | ||||||
Interest Expense, net: | ||||||
Interest expense, net | 728 | 4,001 | ||||
Capital Expenditures: | ||||||
Capital expenditures | 1,144 | 59 | ||||
Total Assets: | ||||||
Total assets | 267,571 | [2] | 279,013 | [2] | ||
Corporate [Member] | Operating Segments [Member] | Continuing Operations [Member] | ||||||
Income (Loss) Before Income Taxes: | ||||||
Total operating income (loss) | -7,253 | [3] | -4,239 | [3] | ||
Depreciation and Amortization: | ||||||
Total depreciation and amortization | 14 | 45 | ||||
PST [Member] | Continuing Operations [Member] | ||||||
Net Sales: | ||||||
Total net sales | 26,523 | 33,916 | ||||
PST [Member] | Operating Segments [Member] | Continuing Operations [Member] | ||||||
Net Sales: | ||||||
Total net sales | 26,523 | 33,916 | ||||
Income (Loss) Before Income Taxes: | ||||||
Total operating income (loss) | -2,650 | -2,542 | ||||
Depreciation and Amortization: | ||||||
Total depreciation and amortization | 2,687 | 3,169 | ||||
Interest Expense, net: | ||||||
Interest expense, net | 420 | 668 | ||||
Capital Expenditures: | ||||||
Capital expenditures | 1,373 | 1,667 | ||||
Total Assets: | ||||||
Total assets | 132,048 | 159,980 | ||||
PST [Member] | Intersegment Eliminations [Member] | Continuing Operations [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. | |||||
[3] | Unallocated Corporate expenses include, among other items, accounting, finance, legal, information technology costs as well as share-based compensation. |
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, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Net Sales: | |||
Total net sales | $162,825 | $161,331 | |
Long-term Assets: | |||
Total long-term assets | 140,953 | 153,240 | |
North America [Member] | |||
Net Sales: | |||
Total net sales | 89,753 | 79,798 | |
Long-term Assets: | |||
Total long-term assets | 56,370 | 53,406 | |
South America [Member] | |||
Net Sales: | |||
Total net sales | 26,523 | 33,916 | |
Long-term Assets: | |||
Total long-term assets | 70,708 | 85,433 | |
Europe and Other [Member] | |||
Net Sales: | |||
Total net sales | 46,549 | 47,617 | |
Long-term Assets: | |||
Total long-term assets | $13,875 | $14,401 |
Investments_Narrative_Details
Investments (Narrative) (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Schedule of Equity Method Investments [Line Items] | |||
Income (loss) from equity method investments | $189 | $238 | |
Noncontrolling interest | 18,321 | 22,550 | |
Less: loss attributable to noncontrolling interest | -409 | -978 | |
PST Eletronicaltda [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage ownership in consolidated subsidiary | 74.00% | ||
Noncontrolling interest | 18,321 | 39,907 | |
Foreign currency translation adjustments | -3,820 | 1,345 | |
Less: loss attributable to noncontrolling interest | -409 | 978 | |
Comprehensive income (loss) related to noncontrolling interest | -4,229 | 367 | |
Minda Stoneridge Instruments Ltd [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership percentage | 49.00% | ||
Equity method investments | 6,899 | 6,653 | |
Income (loss) from equity method investments | $189 | $238 |