DOCUMENT AND ENTITY INFORMATION
DOCUMENT AND ENTITY INFORMATION - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 29, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | STONERIDGE INC | ||
Entity Central Index Key | 1,043,337 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Trading Symbol | sri | ||
Entity Common Stock Shares Outstanding | 27,786,978 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,015 | ||
Entity Well-Known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 310.1 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 54,361 | $ 43,021 |
Accounts receivable, less reserves of $1,066 and $2,017, respectively | 94,937 | 105,102 |
Inventories, net | 61,009 | 71,253 |
Prepaid expenses and other current assets | 21,602 | 26,135 |
Total current assets | 231,909 | 245,511 |
Long-term assets: | ||
Property, plant and equipment, net | 85,264 | 85,311 |
Other assets: | ||
Intangible assets, net and goodwill | 36,699 | 57,715 |
Investments and other long-term assets, net | 10,380 | 10,214 |
Total long-term assets | 132,343 | 153,240 |
Total assets | 364,252 | 398,751 |
Current liabilities: | ||
Current portion of debt | 13,905 | 19,655 |
Accounts payable | 55,225 | 58,593 |
Accrued expenses and other current liabilities | 38,920 | 42,066 |
Total current liabilities | 108,050 | 120,314 |
Long-term liabilities: | ||
Revolving credit facility | 100,000 | 100,000 |
Long-term debt, net | 4,458 | 10,651 |
Deferred income taxes | 41,332 | 50,006 |
Other long-term liabilities | 3,983 | 3,974 |
Total long-term liabilities | $ 149,773 | $ 164,631 |
Shareholders' equity: | ||
Preferred Shares, without par value, authorized 5,000 shares, none issued | ||
Common Shares, without par value, authorized 60,000 shares, 28,907 and 28,853 shares issued and 27,912 and 28,221 shares outstanding at December 31, 2015 and 2014, respectively, with no stated value | ||
Additional paid-in capital | $ 199,254 | $ 192,892 |
Common Shares held in treasury, 995 and 632 shares at December 31, 2015 and 2014, respectively, at cost | (4,208) | (1,284) |
Accumulated deficit | (32,105) | (54,879) |
Accumulated other comprehensive loss | (69,822) | (45,473) |
Total Stoneridge Inc. shareholders' equity | 93,119 | 91,256 |
Noncontrolling interest | 13,310 | 22,550 |
Total shareholders' equity | 106,429 | 113,806 |
Total liabilities and shareholders' equity | $ 364,252 | $ 398,751 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Statement Of Financial Position [Abstract] | ||
Accounts receivable, reserves (in dollars) | $ 1,066 | $ 2,017 |
Preferred shares, no par value | $ 0 | $ 0 |
Preferred shares, authorized | 5,000,000 | 5,000,000 |
Preferred shares, issued | 0 | 0 |
Common shares, no par value | $ 0 | $ 0 |
Common shares, authorized | 60,000,000 | 60,000,000 |
Common shares, issued | 28,907,000 | 28,853,000 |
Common shares, outstanding | 27,912,000 | 28,221,000 |
Common shares held in treasury, shares | 995,000 | 632,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||||||
Income Statement [Abstract] | |||||||||||||||||||
Net sales | $ 154,641 | $ 162,057 | $ 165,289 | $ 162,825 | $ 166,811 | $ 170,338 | $ 162,099 | $ 161,331 | $ 644,812 | $ 660,579 | $ 659,486 | ||||||||
Costs and expenses: | |||||||||||||||||||
Cost of goods sold | 467,834 | 469,705 | 453,531 | ||||||||||||||||
Selling, general and administrative | 110,371 | 123,630 | 123,180 | ||||||||||||||||
Design and development | 38,792 | 41,609 | 40,372 | ||||||||||||||||
Goodwill impairment charge (benefit) | 51,458 | ||||||||||||||||||
Operating income (loss) | 8,327 | 8,947 | 7,415 | 3,126 | (22,795) | 13,759 | (23,221) | 6,434 | 27,815 | (25,823) | 42,403 | ||||||||
Interest expense, net | 6,365 | 16,880 | 18,096 | ||||||||||||||||
Equity in earnings of investee | (608) | (815) | (476) | ||||||||||||||||
Loss on early extinguishment of debt | 9,687 | 920 | 10,607 | ||||||||||||||||
Other expense (income), net | 1,828 | 565 | 1,457 | ||||||||||||||||
Income (loss) before income taxes from continuing operations | 20,230 | (53,060) | 23,326 | ||||||||||||||||
Provision (benefit) for income taxes from continuing operations | (345) | 32 | (381) | 147 | (1,066) | (1,174) | 90 | 294 | (547) | (1,856) | 2,797 | ||||||||
Income (loss) from continuing operations | 4,935 | 7,411 | 6,328 | 2,103 | (31,306) | [1] | 9,138 | [1] | (28,569) | [1] | (467) | [1] | 20,777 | (51,204) | 20,529 | ||||
Discontinued operations: | |||||||||||||||||||
Income (loss) from discontinued operations, net of tax | (811) | (4,021) | |||||||||||||||||
Loss on disposal, net of tax | 16 | (113) | 55 | (168) | (890) | (6,548) | (1,138) | (210) | (8,576) | ||||||||||
Income (loss) from discontinued operations | 16 | [2] | (113) | [2] | 55 | [2] | (168) | [2] | (1,692) | [2] | (8,108) | [2] | (544) | [2] | 957 | [2] | (210) | (9,387) | (4,021) |
Net income (loss) | 4,951 | 7,298 | 6,383 | 1,935 | (32,998) | [2],[3] | 1,030 | [2],[3] | (29,113) | [2],[3] | 490 | [2],[3] | 20,567 | (60,591) | 16,508 | ||||
Net income (loss) attributable to noncontrolling interest | (1,133) | (69) | (596) | (409) | (6,444) | [3] | 1,160 | [3] | (7,221) | [3] | (978) | [3] | (2,207) | (13,483) | 1,377 | ||||
Net income (loss) attributable to Stoneridge, Inc. | $ 6,084 | $ 7,367 | $ 6,979 | $ 2,344 | $ (26,554) | [1],[3] | $ (130) | [1],[3] | $ (21,892) | [1],[3] | $ 1,468 | [1],[3] | $ 22,774 | $ (47,108) | $ 15,131 | ||||
Earnings (loss) per share attributable to continuing operations attributable to Stoneridge, Inc.: | |||||||||||||||||||
Basic (in dollars per share) | $ 0.22 | [4] | $ 0.27 | [4] | $ 0.26 | [4] | $ 0.10 | [4] | $ (0.92) | [4] | $ 0.30 | [4] | $ (0.79) | [4] | $ 0.02 | [4] | $ 0.84 | $ (1.40) | $ 0.72 |
Diluted (in dollars per share) | 0.22 | [4] | 0.27 | [4] | 0.25 | [4] | 0.09 | [4] | (0.92) | [4] | 0.29 | [4] | (0.79) | [4] | 0.02 | [4] | 0.82 | (1.40) | 0.70 |
Earnings (loss) per share attributable to discontinued operations: | |||||||||||||||||||
Basic (in dollars per share) | 0 | [4] | (0.01) | [4] | 0 | [4] | (0.01) | [4] | (0.07) | [4] | (0.30) | [4] | (0.02) | [4] | 0.03 | [4] | (0.01) | (0.35) | (0.15) |
Diluted (in dollars per share) | 0 | [4] | (0.01) | [4] | 0 | [4] | (0.01) | [4] | (0.07) | [4] | (0.29) | [4] | (0.02) | [4] | 0.03 | [4] | (0.01) | (0.35) | (0.14) |
Earnings (loss) per share attributable to Stoneridge, Inc.: | |||||||||||||||||||
Basic (in dollars per share) | 0.22 | [4] | 0.26 | [4] | 0.26 | [4] | 0.09 | [4] | (0.99) | [4] | 0 | [4] | (0.81) | [4] | 0.05 | [4] | 0.83 | (1.75) | 0.57 |
Diluted (in dollars per share) | $ 0.22 | [4] | $ 0.26 | [4] | $ 0.25 | [4] | $ 0.08 | [4] | $ (0.99) | [4] | $ 0 | [4] | $ (0.81) | [4] | $ 0.05 | [4] | $ 0.81 | $ (1.75) | $ 0.56 |
Weighted average shares outstanding: | |||||||||||||||||||
Basic (in shares) | 27,337,954 | 26,923,809 | 26,670,501 | ||||||||||||||||
Diluted (in shares) | 27,959,162 | 26,923,809 | 27,193,485 | ||||||||||||||||
[1] | In addition to the PST goodwill impairment amounts in item (B) herein, a loss on early extinguishment of debt of $920 and $9,687 was recorded for the quarters ended September 30, 2014 and December 31, 2014, respectively. | ||||||||||||||||||
[2] | A gain (loss) on disposal of the Wiring business was recorded for $(168), $55, $(113) and $16 for the quarters ended March 31, 2015, June 30, 2015, September 30, 2015 and December 31, 2015, respectively. In addition, a loss on disposal of the Wiring business was recorded for $1,138, $6,548 and $890 for the quarters ended June 30, 2014, September 30, 2014 and December 31, 2014, respectively. | ||||||||||||||||||
[3] | Goodwill impairment charge (benefit) of $29,300, $(5,802), and $27,960 related to the PST segment was recorded for the quarters ended June 30, 2014, September 30, 2014 and December 31, 2014, respectively, of which $6,436, $(1,274) and $6,142, respectively, was attributable to noncontrolling interest. | ||||||||||||||||||
[4] | Earnings per share for the year may not equal the sum of the four historical quarters earnings per share due to changes in weighted-average basic and diluted shares outstanding. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement Of Other Comprehensive Income [Abstract] | |||
Net income (loss) | $ 20,567 | $ (60,591) | $ 16,508 |
Less: income (loss) attributable to noncontrolling interest | (2,207) | (13,483) | 1,377 |
Net income (loss) attributable to Stoneridge, Inc. | 22,774 | (47,108) | 15,131 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustments | (24,693) | (15,268) | (17,925) |
Benefit plan liability adjustments | (45) | 141 | |
Unrealized gain (loss) on derivatives | 389 | 112 | (2,251) |
Other comprehensive income (loss), net of tax attributable to Stoneridge, Inc. | (24,349) | (15,015) | (20,176) |
Comprehensive income (loss) attributable to Stoneridge, Inc. | $ (1,575) | $ (62,123) | $ (5,045) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
OPERATING ACTIVITIES: | |||
Net income (loss) | $ 20,567 | $ (60,591) | $ 16,508 |
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: | |||
Depreciation | 18,964 | 24,372 | 28,989 |
Amortization, including accretion of debt discount | 3,833 | 5,709 | 6,236 |
Deferred income taxes | (2,165) | (3,238) | (3,081) |
Earnings of equity method investee | (608) | (815) | (476) |
Loss (gain) on sale of fixed assets | 74 | 110 | 189 |
Share-based compensation expense | 7,224 | 5,406 | 4,974 |
Goodwill impairment charge (benefit) | 51,458 | ||
Loss on disposal of business | 210 | 8,576 | |
Loss on early extinguishment of debt | 10,607 | ||
Changes in operating assets and liabilities, net of effect of business acquisitions: | |||
Accounts receivable, net | (489) | (19,400) | 4,122 |
Inventories, net | (4,340) | 3,161 | (23,646) |
Prepaid expenses and other | (295) | (1,306) | (2,585) |
Accounts payable | 6,577 | 524 | 9,485 |
Accrued expenses and other | 5,253 | (4,758) | 2,969 |
Net cash provided by operating activities | 54,805 | 19,815 | 43,684 |
INVESTING ACTIVITIES: | |||
Capital expenditures | (28,735) | (24,754) | (25,344) |
Proceeds from sale of fixed assets | 64 | 110 | 107 |
Proceeds from (payments related to) sale of Wiring business | (1,230) | 71,386 | |
Business acquisition | (469) | (1,022) | |
Net cash provided by (used for) investing activities | (30,370) | 45,720 | (25,237) |
FINANCING ACTIVITIES: | |||
Revolving credit facility borrowings | 100,000 | ||
Revolving credit facility payments | (1,160) | ||
Extinguishment of senior notes | (175,000) | ||
Premium related to early extinguishment of senior notes | (8,006) | ||
Proceeds from issuance of other debt | 22,540 | 30,072 | 25,555 |
Repayments of other debt | (30,586) | (25,610) | (24,382) |
Noncontrolling interest shareholder distribution | (1,083) | ||
Other financing costs | (49) | (1,666) | |
Repurchase of Common Shares to satisfy employee tax withholding | (2,924) | (765) | (516) |
Net cash used for financing activities | (11,019) | (82,058) | (503) |
Effect of exchange rate changes on cash and cash equivalents | (2,076) | (3,281) | 326 |
Net change in cash and cash equivalents | 11,340 | (19,804) | 18,270 |
Cash and cash equivalents at beginning of period | 43,021 | 62,825 | 44,555 |
Cash and cash equivalents at end of period | 54,361 | 43,021 | 62,825 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest | 6,092 | 20,464 | 18,634 |
Cash paid for income taxes, net | 2,494 | 3,054 | 6,426 |
Supplemental disclosure of non-cash financing activities: | |||
Change in fair value of interest rate swap | (793) | $ (1,419) | |
Bank payment of vendor payables under short-term debt obligations | $ 5,323 | $ 4,758 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-In Capital [Member] | Common Shares Held In Treasury [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] | Total |
Balance at Dec. 31, 2012 | $ 184,822 | $ (1,885) | $ (22,902) | $ (10,282) | $ 44,081 | $ 193,834 | ||
BALANCE (in shares) at Dec. 31, 2012 | 27,913,000 | |||||||
Treasury Stock, Shares, Beginning Balance at Dec. 31, 2012 | 520,000 | |||||||
Net income (loss) attributable to noncontrolling interest | 1,377 | 1,377 | ||||||
Net income (loss) | 16,508 | |||||||
Net income (loss) attributable to Stoneridge, Inc. | 15,131 | 15,131 | ||||||
Unrealized gain (loss) on derivatives | (2,251) | (2,251) | ||||||
Currency translation adjustments | (17,925) | (5,706) | (23,631) | |||||
Noncontrolling interest, (decrease) from distributions to noncontrolling interest holders | (212) | $ (212) | ||||||
Exercise of share options (in shares) | 0 | |||||||
Issuance of restricted Common Shares | (1,882) | 1,882 | ||||||
Issuance of restricted Common Shares ( in shares) | 883,000 | |||||||
Issuance of restricted Common Shares ( in treasruy shares) | (513,000) | |||||||
Forfeited restricted Common Shares ( in shares) | (233,000) | |||||||
Forfeited restricted Common Shares (in treasury shares) | 233,000 | |||||||
Repurchased Common Shares for treasury | (516) | |||||||
Repurchased Common Shares for treasury (in shares) | (80,000) | (516,000) | ||||||
Repurchased Common Shares for treasury (in treasury shares) | 80,000 | |||||||
Share-based compensation | 4,802 | $ 4,802 | ||||||
Balance at Dec. 31, 2013 | 187,742 | (519) | (7,771) | (30,458) | 39,540 | 188,534 | ||
BALANCE (in shares) at Dec. 31, 2013 | 28,483,000 | |||||||
Treasury Stock, Shares, Ending Balance at Dec. 31, 2013 | 320,000 | |||||||
Net income (loss) attributable to noncontrolling interest | (13,483) | (13,483) | ||||||
Net income (loss) | (60,591) | |||||||
Net income (loss) attributable to Stoneridge, Inc. | (47,108) | (47,108) | ||||||
Benefit plan liability adjustments | 141 | 141 | ||||||
Unrealized gain (loss) on derivatives | 112 | 112 | ||||||
Currency translation adjustments | (15,268) | (3,507) | $ (18,775) | |||||
Exercise of share options (in shares) | 0 | |||||||
Issuance of restricted Common Shares ( in shares) | 50,000 | |||||||
Forfeited restricted Common Shares ( in shares) | (238,000) | |||||||
Forfeited restricted Common Shares (in treasury shares) | 238,000 | |||||||
Repurchased Common Shares for treasury | (765) | |||||||
Repurchased Common Shares for treasury (in shares) | (74,000) | (765,000) | ||||||
Repurchased Common Shares for treasury (in treasury shares) | 74,000 | |||||||
Share-based compensation | 5,150 | $ 5,150 | ||||||
Balance at Dec. 31, 2014 | 192,892 | (1,284) | (54,879) | (45,473) | 22,550 | $ 113,806 | ||
BALANCE (in shares) at Dec. 31, 2014 | 28,221,000 | |||||||
Treasury Stock, Shares, Ending Balance at Dec. 31, 2014 | 632,000 | 632,000 | ||||||
Net income (loss) attributable to noncontrolling interest | (2,207) | $ (2,207) | ||||||
Net income (loss) | 20,567 | |||||||
Net income (loss) attributable to Stoneridge, Inc. | 22,774 | 22,774 | ||||||
Benefit plan liability adjustments | (45) | (45) | ||||||
Unrealized gain (loss) on derivatives | 389 | 389 | ||||||
Currency translation adjustments | (24,693) | (7,033) | $ (31,726) | |||||
Exercise of share options (in shares) | 0 | |||||||
Issuance of restricted Common Shares ( in shares) | 172,000 | |||||||
Issuance of restricted Common Shares ( in treasruy shares) | (118,000) | |||||||
Forfeited restricted Common Shares ( in shares) | (239,000) | |||||||
Forfeited restricted Common Shares (in treasury shares) | 239,000 | |||||||
Repurchased Common Shares for treasury | (2,924) | |||||||
Repurchased Common Shares for treasury (in shares) | (242,000) | (2,924,000) | ||||||
Repurchased Common Shares for treasury (in treasury shares) | 242,000 | |||||||
Share-based compensation | 6,362 | $ 6,362 | ||||||
Balance at Dec. 31, 2015 | $ 199,254 | $ (4,208) | $ (32,105) | $ (69,822) | $ 13,310 | $ 106,429 | ||
BALANCE (in shares) at Dec. 31, 2015 | 27,912,000 | |||||||
Treasury Stock, Shares, Ending Balance at Dec. 31, 2015 | 995,000 | 995,000 |
Organization and Nature of Busi
Organization and Nature of Business | 12 Months Ended |
Dec. 31, 2015 | |
Organization and Nature of Business [Abstract] | |
Organization and Nature of Business | 1. Organization and Nature of Business Stoneridge, Inc. and its subsidiaries are global designers and manufacturers of highly engineered electrical and electronic components, modules and systems for the automotive, commercial, motorcycle, off-highway and agricultural vehicle markets. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements include the accounts of Stoneridge, Inc. and its wholly-owned and majority-owned subsidiaries (collectively, the “Company”). Intercompany transactions and balances have been eliminated in consolidation. The Company analyzes its ownership interests in accordance with Accounting Standards Codification (“ASC”) Topic 810 (Consolidations) to determine whether they are VIE’s and, if so, whether the Company is the primary beneficiary. The Company’s investment in Minda Stoneridge Instruments Ltd. (“Minda”) for the years ended December 31, 2015, 2014 and 2013 was determined to be an unconsolidated entity , and therefore was accounted for under the equity method of accounting based on our 49% ownership . The Company had a 74% controlling interest in PST Eletrônica Ltda. (“ PST”) for the years ended December 31, 2015, 2014 and 2013 which was accounted for a consolidated subsidiary . The Company sold substantially all of the assets and liabilities of its Wiring business on August 1, 2014. As a result, the Wiring business has been classified as discontinued operations for all periods presented in the Company’s financial statements herein, and therefore has been excluded from both continuing operations and segment results for all periods presented. 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. Accounting Estimates The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, including certain self-insured risks and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Because actual results could differ from those estimates, the Company revises its estimates and assumptions as new information becomes available. Cash and Cash Equivalents The Company’s cash and cash equivalents are actively traded money market funds with short-term investments in marketable securities, primarily U.S. government securities. Cash and cash equivalents are stated at cost, which approximates fair value, due to the highly liquid nature and short-term duration of the underlying securities. Accounts Receivable and Concentration of Credit Risk Revenues are principally generated from the automotive, commercial, motorcycle, off-highway and agricultural vehicle markets. The Company’s largest customers were Ford Motor Company and Scania Group, primarily related to the Control Devices and Electronics reportable segments, respectively, and accounted for the following percentages of consolidated net sales for the years ended December 31, 2015, 2014 and 2013: 2015 2014 2013 Ford Motor Company 14 % 11 % 10 % Scania Group 7 % 8 % 8 % Accounts receivable are recorded at the invoice price, net of an estimate of allowance for doubtful accounts and other reserves. Al lowance for Doubtful Accounts The Company evaluates the collectability of accounts receivable based on a combination of factors. In circumstances where the Company is aware of a specific customer’s inability to meet its financial obligations, a specific allowance for doubtful accounts is recorded against amounts due to reduce the net recognized receivable to the amount the Company reasonably believes will be collected. Additionally, the Company reviews historical trends for collectability in determining an estimate for its allowance for doubtful accounts. If economic circumstances change substantially, estimates of the recoverability of amounts due to the Company could be reduced by a material amount. The Company does not have collateral requirements with its customers. Sales of Accounts Receivable The Company’s PST segment sells selected accounts receivable on a full recourse basis to an unrelated financial institution in Brazil. PST accounts for these transactions as sales of accounts receivable. As such, in accordance with ASC 860, “Transfers and Servicing”, the sales of accounts receivable are reflected as a reduction of accounts receivable in the consolidated balance sheets and the loss on sale is recorded within i nterest expense, net in the consolidated statement s of operations while the proceeds received from the sale are included in the cash flows from operat ing activities in the consolidated statements of cash flows. During 2015 PST sold $6,401 ( 24,994 Brazilian real) of accounts receivable at a loss of $156 ( 540 Brazilian real) , which represents the implicit interest on the transaction, and received proceeds of $6,245 ( 24,454 Brazilian real) . PST has a remaining credit exposure of $2,657 ( 10,376 Brazilian real) at December 31, 2015 related to the receivables sold for which payment from the customer was not yet due . 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 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 consist of the following: As of December 31 2015 2014 Raw materials $ 36,021 $ 41,767 Work-in-progress 7,162 8,779 Finished goods 17,826 20,707 Total inventories, net $ 61,009 $ 71,253 Inventory valued using the FIFO method was $35,378 and $34,636 at December 31, 2015 and 2014, respectively. Inventory valued using the average cost method was $25,631 and $36,617 at December 31, 2015 and 2014, respectively. Pre-production Costs Related to Long-term Supply Arrangements Engineering, research and development and other design and development costs for products sold on long-term supply arrangements are expensed as incurred unless the Company has a contractual guarantee for reimbursement from the customer. Costs for molds, dies and other tools used to make products sold on long-term supply arrangements for which the Company either has title to the assets or has the noncancelable right to use the assets during the term of the supply arrangement are capitalized in property, plant and equipment and amortized to cost of sales over the shorter of the term of the arrangement or over the estimated useful lives of the assets, typically three to five years. Costs for molds, dies and other tools used to make products sold on long-term supply arrangements for which the Company has a contractual guarantee to a lump sum reimbursement from the customer are capitalized as a component of prepaid expenses and other current assets within the consolidated balance sheets. Capitalized pre-production costs were $9,405 and $10,067 at December 31, 2015 and 2014, respectively. 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 was subject to post-closing working capital and other adjustments. Upon the final resolution of the working capital and other adjustments in the second quarter of 2015, the Company returned $1,230 in cash to Motherson. The Company recorded a loss on disposal, net of tax of $8,576 for the year ended December 31, 2014 which included the recognition of previously deferred foreign currency translation of $2,734 , income tax on the sale of Wiring’s Mexican businesses of $1,621 and transaction costs of $1,384 . The Company also entered into short-term transition services agreements with Motherson substantially all of which concluded 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 $26,952 and $12,230 for the years ended December 31, 2015 and 2014, respectively. The Company had post-disposition purchases from the Wiring business acquired by Motherson of $689 and $269 for the years ended December 31, 2015 and 2014, respectively. The amounts related to 2014 cover the period from August through December 2014 as the sale of the Wiring business occurred on August 1 , 2014. The following tables display summarized activity in our consolidated statements of operations for discontinued operations during the years ended December 31, 2015, 2014 and 2013, related to the Wiring business. Years ended December 31 2015 2014 (A) 2013 Net sales $ - $ 167,434 $ 288,344 Cost of goods sold (C) - 154,787 268,278 Selling, general and administrative (C) - 12,697 22,765 Interest expense, net - 69 250 Other expense, net - (58) (357) Loss from operations of discontinued operations before income taxes (C) (D) - (61) (2,592) Income tax expense on discontinued operations - (750) (1,429) Loss from discontinued operations, net of tax - (811) (4,021) Loss on disposal (B) (241) (6,955) - Income tax expense on gain (loss) on disposal (E) 31 (1,621) - Loss on disposal, net of tax (210) (8,576) - Loss from discontinued operations $ (210) $ (9,387) $ (4,021) (A) The operations of the Wiring business were presented only for the seven months ended July 31, 2014 as the sale was completed on August 1, 2014. (B) Included in loss on disposal for the years ended December 31, 2015 and 2014 were transaction costs of $223 and $1,384 , respectively. The loss on disposal also includes a working capital and other adjustments of $18 for the year ended December 31, 2015. In addition, the loss on disposal included $2,734 in previously deferred foreign currency translation for the year ended December 31, 2014. (C) The assets and liabilities of the Wiring business were reclassified as held for sale effective May 26, 2014. Accordingly, depreciation and amortization for the related Wiring assets were not recorded after that date. (D) Management fees, which had been reported in the Wiring business in prior periods, of $7,482 for the year ended December 31, 2013 have been excluded as they were not directly attributable to the business. (E) Gains and losses from foreign currency remeasurement related to income taxes were included as a component of income tax (expense) benefit. Years ended December 31 2014 2013 Depreciation and amortization $ 2,111 $ 4,978 Capital expenditures 1,238 3,768 Predisposition intercompany sales to the Wiring business were $17,448 and $25,353 for the periods ended July 31, 2014 and December 31, 2013, respectively. Predisposition intercompany purchases from the Wiring business were $4,025 and $7,593 for the periods ended July 31, 2014 and December 31, 2013, respectively. P roperty, Plant and Equipment Property, plant and equipment are recorded at cost and consist of the following: As of December 31 2015 2014 Land and land improvements $ 3,538 $ 4,036 Buildings and improvements 32,904 34,517 Machinery and equipment 160,721 154,204 Office furniture and fixtures 6,541 6,247 Tooling 68,101 67,135 Information technology 24,035 22,132 Vehicles 422 65 Leasehold improvements 2,581 2,207 Construction in progress 23,914 16,933 Total property, plant, and equipment 322,757 307,476 Less: accumulated depreciation (237,493) (222,165) Property, plant and equipment, net $ 85,264 $ 85,311 Depreciation is provided using the straight-line method over the estimated useful lives of the assets. Depreciation expense for the years ended December 31, 2015, 2014 and 2013 was $18,829 , $22,299 and $24,099 , respectively. Depreciable lives within each property classification are as follows: Buildings and improvements 10 -40 years Machinery and equipment 3 -10 years Office furniture and fixtures 3 -10 years Tooling 2 -5 years Information technology 3 -5 years Vehicles 3 -5 years Leasehold improvements shorter of lease term or 3-10 years Maintenance and repair expenditures that are not considered improvements and do not extend the useful life of the property, plant and equipment are charged to expense as incurred. Expenditures for improvements and major renewals are capitalized. When assets are retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the accounts, and any gain or loss on the disposition is recorded in the consolidated statements of operations as a component of selling, general and administrative expenses. Impairment of Long-Lived or Finite-Lived Assets The Company reviews the carrying value of its long-lived assets and finite-lived intangible assets for impairment when events or circumstances indicate that their carrying value may not be recoverable. Factors the Company considers important that could trigger testing of the related asset groups for an impairment include current period operating or cash flow losses combined with a history of operating or cash flow losses, a projection or forecast that demonstrates continuing losses, significant adverse changes in the business climate within a particular business or current expectations that a long-lived asset will be sold or otherwise disposed of significantly before the end of its estimated useful life. To test for impairment, the estimated undiscounted cash flows expected to be generated from the use and disposal of the asset or asset group is compared to its carrying value. An asset group is established by identifying the lowest level of cash flows generated by the group of assets that are largely independent of cash flows of other assets. If cash flows cannot be separately and independently identified for a single asset, we will determine whether an impairment has occurred for the group of assets for which we can identify projected cash flows. If these undiscounted cash flows are less than their respective carrying values, an impairment charge would be recognized to the extent that the carrying values exceed estimated fair values. The estimation of undiscounted cash flows and fair value requires us to make assumptions regarding future operating results over the life of the asset or the life of the primary asset in the asset group . The results of the impairment testing are dependent on these estimates which require judgment. The occurrence of certain events, including changes in economic and competitive conditions, could impact cash flows eventually realized and management’s ability to accurately assess whether an asset is impaired. Due to the lower actual and forecasted financial results from weakness in the Brazilian economy and automotive market, the Company performed an evaluation of PST’s long-lived assets in 2015 and 2014, and concluded that the carrying amount of the asset group was recoverable as the undiscounted cash flows of the asset group exceeded its carrying amount . There we no material impairment charges recorded for long-lived or finite-lived intangible assets in 2015, 2014 or 2013. Goodwill and Other Intangible Assets Goodwill The total purchase price associated with acquisitions is allocated to the acquisition date fair values of identifiable assets acquired and liabilities assumed with the excess purchase price assigned to goodwill. Goodwill is subject to an annual assessment for impairment (or more frequently if impairment indicators arise) by applying a fair value-based test. The Company recorded goodwill related to the acquisition of controlling interest in PST in 2011, all of which was deemed to be impaired in 2014. The remaining goodwill balance at December 31, 2015 and 2014 relates to the acquisition of two European aftermarket distributors, which is included within the Electronics segment. The carrying amount of goodwill related to our Electronics segment decreased by $97 for the year ended December 31, 2015 to $981 due to foreign currency translation. Goodwill and changes in the carrying amount of goodwill by segment for the year then ended December 31, 2014 was as follows: Control Electronics Devices PST Total Balance at January 1, 2014 $ 604 $ - $ 53,744 $ 54,348 Acquisition of aftermarket business 664 - - 664 Goodwill impairment - (51,458) (51,458) Currency translation (190) - (2,286) (2,476) Balance at December 31, 2014 $ 1,078 - $ - $ 1,078 The Company’s cumulative goodwill impairment loss since inception was $300,083 at December 31, 2015 and 2014, respectively. In addition to PST’s 2014 goodwill impairment, the cumulative goodwill impairment loss includes the goodwill impairment recorded by the Company’s Control Devices segment in 2008 and 2004. PST Goodwill Impairment Assessments The Company conducted its annual goodwill impairment test for its majority owned subsidiary, PST Eletrônica Ltda. (“PST”) on October 1, 2013 without a need to expand the impairment test to “step two” of ASC 350 as PST’s calculated fair value exceeded its carrying value by approximately 10% and no indicators of impairment were identified as disclosed in the Company’s 2013 Form 10-K. During the second quarter of 2014, however, indicators of potential impairment required the Company to conduct an interim impairment test. Those indicators included a decline in recent operating results and lower growth expectations primarily due to the weakening of the Brazilian economy and automotive market. In accordance with ASC 350, the Company completed “step one” of the impairment analysis and concluded that, as of June 30, 2014, the fair value of the PST reportable segment was below its carrying value, including goodwill. As a result, “step two” of the impairment test was initiated in accordance with ASC 350. The Company recorded its best estimate of $29,300 as a non-cash goodwill impairment charge (of which $6,436 was attributable to noncontrolling interest) as of June 30, 2014. Based on the Company’s completed “step two” analysis in the third quarter of 2014, the final goodwill impairment as of June 30, 2014 was $23,498 (of which $5,162 was attributable to noncontrolling interest). As such, the Company recorded an adjustment to reduce the goodwill impairment by $5,802 (of which $1,274 was attributable to noncontrolling interest) as of September 30, 2014. In the fourth quarter of 2014, the Company conducted its annual goodwill impairment test for PST and completed “step one” of the impairment test concluding that as of October 1, 2014 the fair value of the PST reportable segment was less than its carrying value, including goodwill. PST’s fair value decreased further due to significantly lower sales and earnings growth expectations which were a result of lower forecasted growth in the Brazilian economy and automotive market and a forecasted decline in currency exchange rates thereby increasing PST’s material costs. Based on the completed “step two” analysis, a goodwill impairment charge of $27,960 (of which $6,142 was attributable to noncontrolling interest) was recorded in the fourth quarter of 2014 which represented all of the remaining PST goodwill. The aggregate goodwill impairment for the year ended December 31, 2014 was $51,458 (of which $11,304 was attributable to noncontrolling interest). The fair value measurement of the reporting unit under the “step one” analysis and the “step two” analysis (a non-recurring fair value measure) in their entirety are classified as Level 3 inputs. The estimates and assumptions underlying the fair value calculations used in the Company's impairment test are uncertain by their nature and can vary significantly from actual results. Factors that management must estimate include, but are not limited to, industry and market conditions, sales volume and pricing, raw material costs, capital expenditures, working capital changes, cost of capital, debt-equity mix and tax rates. The estimates and assumptions that most significantly affect the fair value calculation are sales volume and the associated cash flow assumptions, market growth and weighted average cost of capital. The estimates and assumptions used in the estimate of fair value are consistent with those the Company uses in its internal planning. The “step two” of the PST goodwill impairment test utilized the following methodologies in determining fair value. Buildings and machinery were valued at an estimated replacement cost for an asset of comparable age and condition. PST finite lived identified intangible assets are customer relationships, tradenames and technology. Customer relationships were valued using an excess earnings method, using various inputs such as the estimated customer attrition rate, future earnings forecast, the amount of contributory asset charges, and a discount rate. Tradenames and technology intangibles are valued using a relief from royalty method, which is based upon comparable market royalty rates for tradenames of similar value. Other working capital items are generally recorded at carrying value, unless there were known conditions that would impact the ultimate settlement amount of a particular item. Other Intangible Assets Other intangible assets, net at December 31, 2015 and 2014 consisted of the following: Acquisition Accumulated As of December 31, 2015 cost amortization Net Customer lists $ 23,003 $ (6,101) $ 16,902 Tradenames 15,129 (3,043) 12,086 Technology 9,066 (2,336) 6,730 Other 34 (34) - Total $ 47,232 $ (11,514) $ 35,718 Acquisition Accumulated As of December 31, 2014 cost amortization Net Customer lists $ 33,686 $ (6,687) $ 26,999 Tradenames 22,224 (3,338) 18,886 Technology 13,327 (2,575) 10,752 Other 50 (50) - Total $ 69,287 $ (12,650) $ 56,637 Other intangible assets, net at December 31, 2015 include customer lists, tradenames and technology of $16,602 , $12,067 and $6,730 , respectively, related to the PST segment with the remaining amounts related to the Electronics segment. The Company recognized $3,445 , $4,784 and $5,187 of amortization expense in 2015, 2014 and 2013, respectively. Amortization expense is included as a component of selling, general and administrative on the consolidated statements of operations. Annual a mortization expense for intangible assets is estimated to be approximately $3,000 for the years 2016 through 2021 . The weighted-average remaining amortization period is approximately 13 years. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following: As of December 31 2015 2014 Compensation related liabilities $ 17,878 $ 17,431 Product warranty and recall obligations 4,446 6,397 Other (A) 16,596 18,238 Total accrued expenses and other current liabilities $ 38,920 $ 42,066 (A) “Other” is comprised of miscellaneous accruals, none of which individually contributed a significant portion of the total. Income Taxes The Company accounts for income taxes using the liability method. Deferred income taxes reflect the tax consequences on future years of differences between the tax basis of assets and liabilities and their financial reporting amounts. Future tax benefits are recognized to the extent that realization of such benefits is more likely than not to occur. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the period that includes the enactment date. Deferred tax assets are recognized to the extent th at these assets are more-likely-than- not to be realized (See Note 5). In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies, and results of recent operation s. Reversal of some or all of a valuation allowance would result in the recognition of certain deferred tax assets and a decrease to income tax expense for the period the reversal is recorded. The Company's policy is to provide for uncertain tax positions and the related interest and penalties based upon management's assessment of whether a tax benefit is more - likely - than - not to be sustained upon examination by tax authorities. At December 31, 2015, the Company believes it has appropriately accounted for any unrecognized tax benefits (see Note 5). To the extent the Company prevails in matters for which a liability for an unrecognized tax benefit is established or is required to pay amounts in excess of the liability, the Company's effective tax rate in a given financial statement period may be affected. Currency Translation The financial statements of foreign subsidiaries, where the local currency is the functional currency, are translated into U.S. dollars using exchange rates in effect at the period end for assets and liabilities and average exchange rates during each reporting period for the results of operations. Adjustments resulting from translation of financial statements are reflected as a component of accumulated other comprehensive loss in the Company’s consolidated balance sheets. Foreign currency transactions are remeasured into the functional currency using translation rates in effect at the time of the transaction with the resulting adjustments included on the consolidated statements of operations within other expense, net. These foreign currency transaction losses, including the impact of hedging activities, were $1,693 , $1,212 and $2,109 for the years ended December 31, 2015, 2014 and 2013, respectively. Revenue Recognition and Sales Commitments The Company recognizes revenues from the sale of products, net of actual and estimated returns, at the point of passage of title, which is either at the time of shipment or upon customer receipt based upon the terms of the sale. The Company recognizes monitoring service revenues as the services are provided to customers. The Company collects certain taxes and fees on behalf of government agencies and remits such collections on a periodic basis. The taxes are collected from customers but are not included in net sales. Estimated returns are based on historical authorized returns. The Company often enters into agreements with its customers at the beginning of a given vehicle’s expected production life. Once such agreements are entered into, it is the Company’s obligation to fulfill the customers’ purchasing requirements for the entire production life of the vehicle. These agreements are subject to potential renegotiation from time to time, which may affect product pricing. Shipping and Handling Costs Shipping and handling costs are included in cost of goods sold on the consolidated statements of operations. Product Warranty and Recall Reserves Amounts accrued for product warranty and recall claims are established based on the Company's best estimate of the amounts necessary to settle existing and future 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 including insurance coverage. The Company can provide no assurances that it will not experience material claims 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 the product warranty and recall reserve is included as a component of accrued expenses and other current liabilities on the consolidated balance sheets. Product warranty and recall includes $1,973 and $1,204 of a long-term liability at December 31, 2015 and 2014, respectively, which is included as a component of other long-term liabilities on the consolidated balance sheets. The following provides a reconciliation of changes in the product warranty and recall reserve: Years ended December 31 2015 2014 Product warranty and recall at beginning of period $ 7,601 $ 6,414 Accruals for products shipped during period 4,609 4,484 Aggregate changes in pre-existing liabilities due to claim developments (156) 692 Settlements made during the period (5,635) (3,989) Product warranty and recall at end of period $ 6,419 $ 7,601 Design and Development Costs Expenses associated with the development of new products, and changes to existing products are charged to expense as incurred, and are included in the Company’s consolidated statements of operations as a separate component of costs and expenses. These product development costs amounted to $38,792 , $41,609 and $40,372 for the years ended December 31, 2015, 2014 and 2013, respectively, or 6.0% , 6.3% and 6.1% of net sales for these respective periods. Research and Development Activities The Company’s Electronics segment enters into research and development contracts with certain customers, which generally provide for reimbursement of costs. The Company incurred and was reimbursed for contracted research and development costs of $9,659 , $12,319 and $16,982 for the years ended December 31, 2015, 2014 and 2013, respectively. Share-Based Compensation At December 31, 2015, the Company had two types of share-based compensation plans: (1) Long-Term Incentive Plan, as amended, for employees and (2) the Amended Directors’ Restricted Shares Plan, for non-employee directors. The Long-Term Incentive Plan is made up of the Long-Term Incentive Plan that was approved by the Company's shareholders on September 30, 1997, which expired on June 30, 2007, and the Amended and Restated Long-Term Incentive Plan, as amended, that was approved by shareholders on May 17, 2010, and expires on April 24, 2016. Total compensation expense recognized as a component of selling, general and administrative expense on the consolidated statements of operations for share-based compensation arrangements was $7,224 , including $2,225 from the accelerated vesting in connection with the retirement of the Company’s former President and Chief Executive Officer, $5,406 and $4,974 for the years ended December 31, 2015, 2014 and 2013, respectively. Of these amounts, $828 , $243 and $155 for the years ended December 31, 2015, 2014 and 2013, respectively, were related to the Long-Term Cash Incentive Plan “Phantom Shares” discussed in Note 8. There was no share-based compensation expense capitalized in inventory during 2015, 2014 or 2013. Financial Instruments and Derivative Financial Instruments Financial instruments, including derivative financial instruments, held by the Company include cash and cash equivalents, accounts receivable, accounts payable, long-term debt, an interest rate swap, fixed price commodity contracts and foreign currency forward contracts. The carrying value of cash and cash equivalents, accounts receivable and accounts payable is considered to be representative of fair value because of the short maturity of these instruments. See Note 9 for fair value disclosures of the Company’s financial instruments. Common Shares Held in Treasury The Company accounts for Common Shares held in treasury under the cost method (applied on a FIFO basis) and includes such shares as a reduction of total shareholders’ equity. Earnings (Loss) Per Share Basic earnings (loss) per share was computed by dividing net income 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) attributable to Stoneridge, Inc. by the weighted-average of all potentially dilutive Common Shares that were outstanding during the periods presented. However, for all periods in which the Company recognized a net loss from continuing operations, the Company did not recognize the effect of the p |
Investments
Investments | 12 Months Ended |
Dec. 31, 2015 | |
Investments [Abstract] | |
Investments | 3. Investments Minda Stoneridge Instruments Ltd. The Company has a 49% interest in Minda, a company based in India that manufactures electronics, instrumentation equipment and sensors for the motorcycle and commercial vehicle markets. 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 consolidated balance sheets, was $6,929 and $6,653 as of December 31, 201 5 and 201 4 , respectively. Equity in earnings of Minda included in the consolidated statements of operations was $608 , $815 and $476 for the years ended December 31, 201 5 , 201 4 and 201 3 , respectively. PST Eletrônica Ltda. The Company has a 74% controlling interest in PST for the years ended December 31, 201 5 , 201 4 and 201 3 . Noncontrolling interest in PST decreased by $9,240 to $13,310 at December 31, 201 5 due to a proportionate share of its net loss of $2,207 for the year ended December 31, 201 5 and an unfavorable change in foreign currency translation of $7,033 . Noncontrolling interest in PST decreased by $16,990 to $22,550 at December 31, 201 4 due to a proportionate share of its net loss of $13,483 including goodwill impairment for the year ended December 31, 2014 and an unfavorable change in foreign currency translation of $3,507 . Noncontrolling interest in PST decreased by $4,541 for the year ended December 31, 2013 due to an unfavorable change in foreign currency translation of $5,706 and a dividend of $212 partially offset by a proportionate share of its net income of $1,377 . Comprehensive loss related to PST noncontrolling interest was $9,240 , $16,990 and $4,329 for the year s ended December 31, 201 5, 2014 and 201 3 , respectively. PST has dividends payable declared in previous years to noncontrolling interest of $10,842 Brazilian real ( $2,777 ) and $10,842 Brazilian real ( $4,082 ) at December 31, 201 5 and 201 4 , respectively. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt [Abstract] | |
Debt | 4. Debt Interest rates at December 31, December 31, December 31, 2015 2014 2015 Maturity Revolving Credit Facility Credit facility $ 100,000 $ 100,000 1.86% September 2019 Debt PST short-term obligations 11,556 11,249 5.5% - 19.31% 2016 PST long-term notes 6,428 16,770 6.17% - 8.0% 2016 - 2021 Suzhou note - 1,450 N/A April 2015 Other 379 837 Total debt 18,363 30,306 Less: current portion (13,905) (19,655) Total long-term debt, net $ 4,458 $ 10,651 Revolving Credit Facility On November 2, 2007, the Company entered into an asset-based credit facility which permitted 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” or “Credit Facility”) . The Amended Agreement provides for a $300,000 revolving credit facility, which replace d 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 Agreement 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 extend ed the termination date to September 12, 2019 from December 1, 2016. In 2014, the Company capitalized $1,666 of deferred financing costs and recognized a $100 loss on extinguishment of previously recorded deferred financing costs associated with the Amended Agreement. On March 26, 2015, the Company entered into Amendment No. 1 (the “Amendment”) to the Amended Agreement which amended 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 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. On February 23, 2016, the Company entered into Amendment No. 2 to the Amended Agreement which amended and waived any default or potential defaults with respect to the pledging as collateral additional shares issued by a wholly owned subsidiary and newly issued shares associated with the formation of a new subsidiary. Borrowings under the Amended Agreement 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. Borrowings outstanding on the Cred it Facility at both December 31, 2015 and 201 4 were $100,000 . The Company was in compliance with all Credit Facility covenants at December 31, 201 5 and 201 4 . Debt On October 4, 2010, the Company issued $175,000 of senior notes which b ore interest at an annual rate of 9.5% and had a maturity of October 15, 2017 . On September 2, 2014, the Company redeemed $17,500 or 10.0% , of its senior notes at a price of 103.0% of the principal amount. As a result of the redemption, the Company recognized a loss on extinguishment of debt of $820 in the third quarter of 2014, which include d a premium of $525 and the acceleration of both the associated deferred financing costs and original issue discount totaling $295 . On October 15, 2014, the Company redeemed the remaining $157,500 of its senior 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 $9,687 in the fourth quarter of 2014, which include d a premium of $7,481 and the acceleration of the remaining deferred financing costs of $535 , original issue discount of $2,019 and de-designation date unrecognized gain on the interest rate swap of $348 . The senior notes were redeemed using funds from borrowing $100,000 under the Credit Facility , proceeds from the sale of the Wiring business and existing cash . PST maintains several short-term obligations and long-term notes used for working capital purposes which have fixed interest rates. The weighted-average interest rates of short-term and long-term debt of PST at December 31, 201 5 were 16.1% and 7.3% , respectively. Depending on the specific note, interest is payable either monthly or annually. Principal payments on PST debt at December 31, 201 5 are as follows : $13,526 in 2016, $1,873 in 2017, $986 in 2018, $965 in 2019, $331 in 2020 and $303 in 202 1. On February 25, 2014, the Company's wholly-owned subsidiary located in Suzhou, China entered into a term loan for 9,000 Chinese yuan 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 mature d in April 2015. The U.S. dollar equivalent outstanding loan balance was $1,450 at December 31, 2014 which was included on the consolidated balance sheet as a component of current portion of long-term debt. Interest wa s payable quarterly at 120.0% of the one-year lending rate published by The People's Bank of China. The Company's wholly-owned subsidiary located in Stockholm, Sweden, has an overdraft credit line which allows overdrafts on the subsidiary's bank account up to a maximum level of 20,000 Swedish krona, or $2,369 and $2,562 , at December 31, 201 5 and 201 4 , respectively. At December 31, 201 5 and 201 4 , there was no balance outstanding on this bank account. The Company was in compliance with all debt covenants at December 31, 2015 and 2014. At December 31, 2015, the future maturities of debt were as follows: Year ended December 31 2016 $ 13,905 2017 1,873 2018 986 2019 100,965 2020 331 Thereafter 303 Total $ 118,363 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | 5. Income Taxes The income tax expense (benefit) included in the accompanying consolidated statement of operations represents federal, state and foreign income taxes. The components of income (loss) before income taxes and the expense (benefit) for income taxes consist of the following: Years ended December 31 2015 2014 2013 Income (loss) before income taxes: Domestic $ 22,959 $ 1,635 $ 5,7 7 1 Foreign (2,729) (54,695) 17,555 Total income (loss) before income taxes $ 20,230 $ (53,060) $ 23,326 Provision for income taxes: Current: Federal $ 386 $ - $ - State and foreign 1,232 1,382 5,878 Total current expense 1,618 1,382 5,878 Deferred: Federal - - - State and foreign (2,165) (3,238) (3,081) Total deferred benefit (2,165) (3,238) (3,081) Total income tax expense (benefit) $ (547) $ (1,856) $ 2,797 A reconciliation of the Company’s effective income tax rate to the statutory federal tax rate is as follows: Years ended December 31 2015 2014 2013 Statutory U.S. federal income tax rate 35.0 % (35.0) % 35.0 % State income taxes, net of federal tax benefit 0.2 - 2.4 Tax credits (2.8) (1.3) (3.5) Foreign tax rate differential (3.3) 0.2 (9.5) Reduction (increase) of income tax accruals (0.5) 0.2 (1.1) Tax on foreign dividends, net of foreign tax credits - (0.1) (8.1) Reduction of deferred taxes 5.5 - 0.6 Valuation allowances (36.0) (2.1) (6.2) Loss of domestic flow-through entity not attributable to Stoneridge, Inc. - 33.9 - Non-deductible compensation (1.5) 1.0 3.0 Other 0.7 (0.3) (0.6) Effective income tax rate (2.7) % (3.5) % 12.0 % The Company recognized income tax expense (benefit) of $(547) or (2.7)% , $(1,856) or (3.5)% and $2,797 or 12.0% of income (loss) before income taxes for federal, state and foreign income taxes for the years ended December 31, 201 5 , 201 4 and 201 3 , respectively. The decrease in tax benefit for the year ended December 31, 2015 compared to the same period for 2014 was predominantly due to the impact of recording a valuation allowance against the PST deferred tax assets. The increase in the effective tax rate to (2.7)% in 2015 from (3.5)% in 2014 was primarily due to providing a valuation allowance in 2015 with respect to the deferred tax assets of PST. The impact on the effective tax rate due to the PST valuation allowance was offset by the impact of the improvement in the performance of the U.S. operations, which do not attract tax due to the full valuation allowance, and the prior year impact of the nondeductible goodwill impairment in 2014 that did not impact the effective tax rate for 2015. The Company has not recorded deferred income taxes on the undistributed earnings of its foreign subsidiaries because of management’s intent and ability to indefinitely reinvest such earnings. At December 31, 201 5 the aggregate undistributed earnings of our f oreign subsidiaries amounted to $37,648 . The Company may be subject to U.S. income taxes and foreign withholding taxes if these earnings were distributed. It is not practicable to estimate the amount of taxes, if any, that may be payable on these earnings as that estimate depends upon circumstances that would exist at the time a remittance occurs. Significant components of the Company’s deferred tax assets and liabilities were as follows: As of December 31 2015 2014 Deferred tax assets: Inventories $ 2,108 $ 2,009 Employee compensation and benefits 3,902 3,675 Insurance 281 387 Depreciation and amortization 1,297 1,013 Net operating loss carryforwards 39,846 48,166 General business credit carryforwards 12,990 12,697 Other reserves 5,643 7,493 Gross deferred tax assets 66,067 75,440 Less: Valuation allowance (59,391) (67,907) Deferred tax assets less valuation allowance 6,676 7,533 Deferred tax liabilities: Depreciation and amortization (13,282) (20,910) Basis difference - equity investee (31,016) (31,016) Other (1,074) (976) Gross deferred tax liabilities (45,372) (52,902) Net deferred tax liability $ (38,696) $ (45,369) Based on a review of objective positive and negative evidence at December 31, 2015 and 2014, the Company continued to conclude that it is more-likely-than-not that the U.S. federal, and certain state and foreign, deferred tax assets will not be realized before they expire, and as such, a valuation allowance continued to be recorded. During the fourth quarter of 2015, the Company concluded that it was more-likely-than-not that the deferred tax assets of PST will not be realized. As a result the Company provided a full valuation allowance, net of certain future reversing taxable temporary differences, with respect to PST’s deferred tax assets. The total valuation allowance represents the amount of tax benefit related to U.S. federal, state and foreign net operating losses, credits and other deferred tax assets that are not recognized at December 31, 2015 and 2014. The Company has net operating loss carry forwards of $89,800 , $28,031 and $29,721 for U.S. federal, state and foreign tax jurisdictions, respectively. The U.S. federal net operating losses, if unused, begin to expire in 2026 , the state net operating losses expire at various times and the foreign net operating losses expire at various times or have indefinite expiration dates. The Company has general business and foreign tax credit carry forwards o f $14,003 , $1,602 an d $1,404 for U.S. federal, state and foreign jurisdictions respectively. The U.S. federal general business credits, if unused, begin to expire in 2021 , and the state and foreign tax credits expire at various times. The Company is required to provide a deferred tax liability corresponding to the difference between the financial reporting basis (which was remeasured to fair value upon the acquisition of an additional 24% of PST in 2011) and the tax basis in the previously held 50% ownership interest in PST (the “outside” basis difference). This outside basis difference will generally remain fixed until (1) dividends from the subsidiary exceed the parent’s share of earnings subsequent to the date it became a subsidiary or (2) there is a transaction that affects the Company’s ownership of PST. The following is a reconciliation of the Company’s total gross unrecognized tax benefits: 2015 2014 2013 Balance as of January 1 $ 3,888 $ 3,624 $ 3,416 Tax positions related to the current year: Additions 201 217 217 Tax positions related to the prior years: Additions 523 168 216 Reductions - - (71) Expirations of statutes of limitation (308) (121) (154) Balance as of December 31 $ 4,304 $ 3,888 $ 3,624 At December 31, 201 5 the Company has classified $290 as a noncurrent liability and $3,993 as a reduction to non-current deferred income tax assets. The amount of unrecognized tax benefits is not expected to change significantly during the next 12 months. Management is currently unaware of issues under review that could result in a significant change or a material deviation in this estimate. If the Company’s tax positions are sustained by the taxing authorities in favor of the Company, the amount that would affect the Company’s effective tax rate is approximately $4,280 and $3,851 at December 31, 201 5 and 201 4 , respectively. T he Company has elected to classify interest expense and, if applicable, penalties which could be assessed related to unrecognized tax benefits as a component of income tax expense (benefit) . For the years ended December 31, 201 5 , 201 4 and 201 3 , the Company recognized approximately $ (90) , $(411) and $(82) of gross interest and penalties, respectively , within income tax expense (benefit) . The Company has accrued approximately $ 123 and $213 for the payment of interest and penalties at December 31, 201 5 and 201 4 , respectively. The Company conducts business globally and, as a result, files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. In the normal course of business the Company is subject to examination by taxing authorities throughout the world. The following table summarizes the open tax years for each important jurisdiction: Jurisdiction Open Tax Years U.S. Federal 2012 -2015 Brazil 2010 -2015 China 2012 -2015 France 2011 -2015 Mexico 2011 -2015 Spain 2011 -2015 Sweden 2010 -2015 United Kingdom 2011 -2015 |
Operating Lease Commitments
Operating Lease Commitments | 12 Months Ended |
Dec. 31, 2015 | |
Operating Lease Commitments [Abstract] | |
Operating Lease Commitments | 6. Operating Lease Commitments The Company leases equipment, vehicles and buildings from third parties under operating lease agreements. For the years ended December 31, 201 5 , 201 4 and 201 3 , lease expense totaled $5,532 , $5,836 and $5,842 , respectively. Future minimum operating lease commitments as of December 31, 201 5 were as follows: Year ended December 31 2016 $ 4,436 2017 3,834 2018 3,178 2019 2,725 2020 2,097 Thereafter 4,881 Total $ 21,151 |
Share-Based Compensation Plans
Share-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2015 | |
Share-Based Compensation Plans [Abstract] | |
Share-Based Compensation Plans | 7. Share-Based Compensation Plans In April 2006, the Company’s shareholders approved the Amended and Restated Long-Term Incentive Plan (the "2006 Plan") and reserved 1,500,000 Common Sh ares of which the maximum number of Common Shares which may be issued subject to incentive stock options is 500,000 . In May 2010, shareholders approved an amendment to the 2006 Plan to increase the number of shares by 1,500,000 to 3,000,000, and in May 2013, shareholders approved an amendment to this plan to increase the number of shares by 1,500,000 to 4,500,000 . Under the 2006 Plan, as of December 31, 201 5 , the Company has granted 4,567,995 restricted Common Shares and right to receive Common Shares, of which 2,683,860 were time-based with cliff vesting using the straight-line method and 1,884,135 were performance-based. Based on forfeitures of restricted Common Shares and right to receive Common Shares of 1,299,440 , which return to the pool of shares available for grant, there are 1,231,445 shares available to be granted at December 31, 2015. Restricted Common Shares awarded under the Incentive Plan entitle the shareholder to all the rights of Common Share ownership except that the shares may not be sold, transferred, pledged, exchanged, or otherwise disposed of during the vesting period. In 2010 and 2013, pursuant to the 2006 Plan, the Company granted time-based restricted Common Share and market-based restricted Common Share awards. The time-based restricted Common Share awards cliff vest three years after the date of grant. The performance-based restricted Common Share awards vest and are no longer subject to forfeiture upon the recipient remaining an employee of the Company for three years from the date of grant and upon the Company attaining certain targets of performance measured against a peer group’s performance in terms of total return to shareholders. In 2011 and 2012, pursuant to the 2006 Plan, the Company granted time-based, market-based and performance-based restricted Common Share awards. The time-based restricted Common Share awards cliff vest three years after the date of grant. The performance-based restricted Common Share awards vest and are no longer subject to forfeiture upon the recipient remaining an employee of the Company for three years from the date of grant and, for one half of the annual awards, upon the Company attaining certain targets of performance measured against a peer group’s performance in terms of total shareholder return and, for the remaining half of the annual awards, upon achieving certain annual net income per share targets established by the Company during the performance period of the award. In 2014, pursuant to the 2006 Plan, the Company granted time-based share units and performance shares. The time-based share units cliff vest three years after the date of grant. The performance shares vest and are no longer subject to forfeiture upon the recipient remaining an employee of the Company for three years from the date of grant and, for 20.0% of the annual awards, upon the Company attaining certain targets of performance measured against a peer group’s performance in terms of total shareholder return and, for the remaining 80.0% of the annual awards, upon achieving certain annual net income per share targets established by the Company during the performance period of the award. In 2015, pursuant to the 2006 Plan, the Company granted time-based share units and performance shares. The time-based share units cliff vest three years after the date of grant. The performance shares vest and are no longer subject to forfeiture upon the recipient remaining an employee of the Company for three years from the date of grant and, for 36.0% of the annual awards, upon the Company attaining certain targets of performance measured against a peer group’s performance in terms of total shareholder return and, for the remaining 64.0% of the annual awards, upon achieving certain annual net income per share targets established by the Company during the performance period of the award. In April 2005, the Company adopted the Directors’ Restricted Shares Plan ( the “Director Share Plan”) and reserved 500,000 Common Shares for issuance under the Director Share Plan. In May 2013, shareholders approved an amendment to the Director Share Plan to increase the number of shares for issuance by 200,000 to 700,000 . Under the Director Share Plan, the Company has cumulatively issued 530,195 restricted Common Shares. As such, there are 169,805 restricted Common Shares available to be issued at December 31, 2015. Shares issued annually under the Director Share Plan vest one year after the date of grant. Options There were no options granted during the years ended December 31, 201 5 , 201 4 and 201 3 . There were no options outstanding at December 31, 2015 or 2014 while options to purchase 20,000 Common Shares at a price of $15.73 were outstanding at December 31, 2013 which expired in 2014. There were no options exercised during the years ended December 31, 201 5 , 201 4 and 201 3 . Restricted Shares The fair value of the non-vested time-based restricted Common Share awards was calculated using the market value of the Common Shares on the date of issuance. The weighted-average grant-date fair value of time-based restricted Common Shares granted during the years ended December 31, 201 5 , 201 4 and 201 3 was $11.41 , $11.54 and $6.13 , respectively. The fair value of the non-vested performance-based restricted Common Share awards with a performance condition requiring the Company to obtain certain earnings per share targets was estimated using the market value of the shares on the date of grant. The fair value of non-vested performance-based restricted Common Share awards with a market condition requiring the Company to obtain a total shareholder return target relative to a group of peer companies was estimated using a Monte Carlo valuation model taking into consideration the probability of achievement using multiple simulations. The awards that use earnings per share as the performance target are expensed beginning when it is probable that the Company will meet the underlying performance condition. A summary of the status of the Company’s non-vested restricted Common Shares and right to receive Common Shares as of December 31, 2015 and the changes during the year then ended, are presented below: Time-based awards Performance-based awards Weighted- Weighted- Common average grant- Common average grant- Shares date fair value Shares date fair value Non-vested as of December 31, 2014 1,087,020 $ 8.69 841,050 $ 10.33 Granted 278,451 $ 11.41 335,835 $ 11.21 Vested (615,322) $ 8.96 (126,642) $ 10.74 Forfeited (18,908) $ 10.78 (337,758) $ 10.26 Non-vested as of December 31, 2015 731,241 $ 9.45 712,485 $ 10.70 As of December 31, 201 5 , total unrecognized compensation cost related to non-vested time-based restricted Common Share and right to receive Common Share awards granted was $2,557 . That cost is expected to be recognized over a weighted-average period of 1.16 years. For the years ended December 31, 201 5 , 201 4 and 201 3 , the total fair value of restricted Common Share and right to receive Common Share awards vested was $9,101 , $3,509 and $2,177 , respectively. As of December 31, 201 5 , total unrecognized compensation cost related to non-vested performance-based restricted Common Share and right to receive Common Share awards granted was $2,018 for shares probable to vest. That cost is expected to be recognized over a weighted-average period of 1.50 years dependent upon the achievement of performance conditions. As noted above, the Company has issued and outstanding performance-based restricted Common Share awards that use different performance targets (total shareholder return and earnings per share) . There was no actual tax benefit realized for the tax deductions from the vesting of restricted Common Shares and option exercises of the share-based payment arrangements for the years ended December 31, 201 5 , 201 4 and 201 3 . |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | 8. Employee Benefit Plans The Company has certain defined contribution profit sharing and 401(k) plans covering substantially all of its employees in the United States and United Kingdom. The Company provides matching contributions to the Company’s 401(k) plan. Company contributions are generally discretionary. For the years ended December 31, 201 5 , 201 4 and 201 3 , expenses related to these plans amounted to $1,487 , $1,280 and $1,173 , respectively. Long-Term Cash Incentive Plan In March 2009, the Company adopted the Stoneridge, Inc. Long-Term Cash Incentive Plan ( the “LTCIP”) and granted awards to certain officers and key employees. Awards under the LTCIP provided recipients with the right to receive cash three years from the date of grant depending on the Company’s actual earnings per share performance for the defined performance period. If the participant voluntarily terminated employment or was discharged for cause, as defined in the LTCIP, the award would be forfeited. In May 2009, the LTCIP was approved by the Company’s shareholders. The Company granted Phantom Share awards in 2013 that vest in February 2016 depending on the Company’s actual earnings per share performance for each fiscal year of 2013, 2014 and 2015 within the performance period. As of December 31, 201 5 , the Company has recorded a liability of $808 for the awards granted under the LTCIP which was included on the consolidated balance sheet as a component of accrued expenses and other current liabilities. As of December 31, 2014, the Company recorded a liability of $245 for the awards granted under the LTCIP which was included on the consolidated balance sheet as a component of other long-term liabilities. There were no awards granted under the LTCIP during the year s ended December 31, 2015 or 2014. |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Financial Instruments and Fair Value Measurements [Abstract] | |
Financial Instruments and Fair Value Measurements | 9. 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 December 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 201 5, 201 4 and 2013 include the euro and Mexican peso. In addition, the Company hedged the U.S. dollar against the Swedish krona and euro on behalf of its European subsidiaries in 2015 and 2014. 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 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 currency . 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 consolidated statements of operations as a component of other expense, net. The Company’s foreign currency forward contracts are designed to offset some of the gains and losses realized on the underlying foreign currency denominated transactions as follows: Euro-denominated Foreign Currency Forward Contracts At December 31, 201 5 and 201 4 , the Company held a foreign currency forward contract with an underlying notional amount of $1,647 and $3,523 , respectively, to reduce the exposure related to the Company’s euro-denominated intercompany loans. This contract expires in March 2016. The euro-denominated foreign currency forward contract was not designated as a hedging instrument. For the year ended December 31, 2015, the Company recognized a gain of $336 in the consolidated statements of operations as a component of other expense, net related to the euro-denominated contract. The Company recognized a gain of $1,205 and a loss of $638 related to foreign currency forwa rd contracts for the years ended December 31, 2014 and 2013, respectively . 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 Swedish krona, U.S. dollar-denominated currency contracts with a notional amount at December 31, 201 5 of $10,007 which expire ratably on a monthly basis from J anuary 2016 through December 2016 , compared to $11,718 at December 31, 201 4 . 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 December 31, 201 5 of $2,421 which expire ratably on a monthly basis from January 2016 through December 2016, compared to $4,266 at December 31, 201 4 . The Company evaluated the effectiveness of the U.S. dollar-denominated foreign currency forward contracts held as of December 31, 2015 and 2014 and concluded that the hedges were effective. Mexican peso-denominated Foreign Currency Forward Contracts – Cash Flow Hedge The Company holds Mexican peso-denominated foreign currency contracts with notional amounts at December 31, 201 5 of $9,780 which expire ratably on a monthly basis from January 201 6 through December 2016 , compared to $10,282 at December 31, 201 4 . The Company evaluated the effectiveness of the Mexican peso-denominated foreign currency forward contracts held as of June 30, 2014. As a result of the sale of the Wiring business, the Company forecasted that it would purchase Mexican pesos to fulfill only two of the five hedge contracts for the period October 2014 through December 2014. As the purchase of Mexican pesos related to three of the five hedge contracts was not probable, these three contracts attributed to the Wiring business were de-designated as of June 30, 2014 , and the associated unrecognized $320 gain at that date was reclassified from accumulated other comprehensive loss and recorded in discontinued operations in the Company’s consolidated statements of operations in the quarter and year of de-designation. On August 4, 2014, the three de-designated hedges were terminated and settled resulting in a nominal gain. The Company evaluated the effectiveness of the Mexican peso-denominated foreign currency forward contracts held as of December 31, 2015 and 2014 and concluded that the hedges were effective. 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. C opper is a raw material used in a number of the Company’s products. The Company did not have any fixed price commodity contracts at December 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 consolidated balance sheets as a component of accumulated other comprehensive loss while the ineffective portion, if any, wa s reported in the consolidated statements of operations. The effectiveness of the transactions is measured on an ongoing basis using regression analysis and forecasted future copper purchases. The Company evaluated the effectiveness of the copper fixed price commodity contracts as of June 30, 2014. As a result of the sale of the Wiring business, the Company forecasted that it would not purchase the quantities of copper to fulfill the two contracts for the period August 2014 through March 2015. As the purchase of copper quantities related to these contracts was not probable, the contracts primarily associated with the Wiring segment not expected to be fulfilled were de-designated at June 30, 2014 , and the associated unrecognized $77 gain at that date was reclassified from accumulated other comprehensive loss and recorded in discontinued operations in the Company’s consolidated statements of operations in the quarter and year of de-designation. 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 . The critical terms of the Swap were aligned with the terms of the senior notes, including maturity of October 15, 2017, resulting in no hedge ineffectiveness. The unrealized gain or loss for the effective portion of the hedge was deferred and reported in the Company’s consolidated balance sheets as an asset or liability, as applicable, with the offset to the carrying value of the senior notes. 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 Swap required semi-annual settlements on April 15 and October 15. The difference between amounts received and paid under the Swap was recognized as a comp onent of interest expense, net i n the 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 resulting in a gain of $371 recorded in other expense, net i n the consolidated statement of operations in the fourth quarter of 2014. The Swap reduced interest expense by $641 and $810 for th e years ended December 31, 2014 and 2013 , respectively. The notional amounts and fair values of derivative instruments in the 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 December 31, December 31, December 31, 2015 2014 2015 2014 2015 2014 Derivatives designated as hedging instruments Cash Flow Hedges: Forward currency contracts $22,208 $26,266 $474 $479 $84 $478 Derivatives not designated as hedging instruments Forward currency contracts $1,647 $3,523 $ - $ - $9 $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 loss in shareholders’ equity and in net income (loss) for the years ended December 31 were as follows: Gain (loss) reclassified from Gain (loss) recorded in other other comprehensive loss comprehensive loss into net income (loss) 2015 2014 2013 2015 2014 2013 Derivatives designated as cash flow hedges: Forward currency contracts $ (671) $ (46) $ 683 $ (1,060) $ (310) $ 2,746 Fixed price commodity contracts - (408) (1,008) - (256) (820) Total derivatives designated as cash flow hedges $ (671) $ (454) $ (325) $ (1,060) $ (566) $ 1,926 Gains and losses reclassified from comprehensive loss into net income (loss) were recognized in cost of goods sold in the Company’s consolidated statements of operations. The net deferred gain of $ 390 on the cash flow hedge derivatives will be reclass ified from other comprehensive loss to the consolidated statements of operations in 201 6 . The Company has measured the ineffectiveness of the forward currency and commodity contracts and any amounts recognized in the consolidated financial statements were immaterial for t he years ended December 31, 2015 , 201 4 and 201 3 . 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 fair value hierarchy. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. December 31, December 31, 2015 2014 Fair value estimated using Fair value Level 1 inputs (A) Level 2 inputs (B) Level 3 inputs (C) Fair value Financial assets carried at fair value: Forward currency contracts $ 474 $ - $ 474 $ - $ 479 Total financial assets carried at fair value $ 474 $ - $ 474 $ - $ 479 Financial liabilities carried at fair value: Forward currency contracts $ - $ - $ - $ - $ 491 Fixed price commodity contracts 93 - 93 - 69 Total financial liabilities carried at fair value $ 93 $ - $ 93 $ - $ 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 fair value estimates using Level 1 inputs at December 31, 2015 or 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 contracts, 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 December 31, 2015 or 2014. The Company recorded a non-recurring fair value adjustment of $51,458 related to the PST goodwill during the year ended December 31, 2014. The Company utilized Level 3 inputs to estimate the fair value adjustment for nonfinancial assets. For additional information, see the discussion of Goodwill and Other Intangible Assets in Note 2. No non-recurring fair value adjustments were required for nonfinancial assets for th e year ended December 31, 201 5 . |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 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, product liability, tax audits, patent infringement, employment-related matters and environmental matters. The Company establishes accruals for matters which it believes that losses are probable and can be reasonably estimable. 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 g roundwater contamination at this 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. A s the remedial action plan has been approved by the Florida Department of Environmental Protection , ground water remediation began in the fourth quarter of 2015 . During the years ended December 31, 201 5 , 201 4 and 201 3 , environmental remediation costs incurred were immaterial. At December 31, 2015 and 2014, the Company had accrued an undiscounted liability of $532 and $876 , respectively, related to future remediation . At December 31, 201 5 and 201 4 , $469 and $813 , respectively, were recorded as a component of accrued expenses and other current liabilities on the consolidated balance sheets while the remaining amounts were recorded as a component of other long-term liabilities. A majority of the costs associated with the recorded liability are being incurred during the groundwater remediation, with the balance relating to monitoring costs to be incurred over multiple years. The recorded liability is based on assumptions in the remedial action plan. Although the Company sold the Sarasota facility 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. The Company has a legal proceeding, Verde v. Stoneridge, Inc. et al ., currently pending in the United States District Court for the Eastern District of Texas, Cause No. 6:14-cv-00225- KNM. The plaintiff filed this putative class action against the Company and others on March 26, 2014. Plaintiff alleges that the Company was involved in the vertical chain of manufacture, distribution, and sale of a control device (“CD”) that was incorporated into a Dodge Ram truck purchased by Plaintiff in 2006. Plaintiff alleges that the Company breached express warranties and indemnification provisions by supplying a defective CD that was not capable of performing its intended function. The putative class consists of all Texas residents who own manual transmission Chrysler vehicles model years 1994–2007 equipped with the subject CD. Plaintiff seeks recovery of economic loss damages incurred by him and the putative class members associated with inspecting and replacing the allegedly defective CD, as well as attorneys’ fees and costs. Plaintiff filed his motion for class certification seeking to certify a class of Texas residents who own or lease certain automobiles sold by Chrysler from 1998–2007. Plaintiff alleges this putative class would include approximately 120,000 people. In the motion for class certification, the Plaintiff states that damages are no more than $1 per person. A hearing on Plaintiff’s motion for class certification was held on November 16, 2015, and the United States District Court has not yet ruled on class certification at December 31, 2015. Similarly, Royal v. Stoneridge, Inc. et al. is another legal proceeding currently pending in the United States District Court for the Western District of Oklahoma, Cause No. 5:14-cv-01410-F. Plaintiffs filed this putative class action against the Company, Stoneridge Control Devices, Inc., and others on December 19, 2014. Plaintiff alleges that the Company was involved in the vertical chain of manufacture, distribution, and sale of a CD that was incorporated into Dodge Ram trucks purchased by Plaintiff between 1999 and 2006. Plaintiffs allege that the Company and Stoneridge Control Devices, Inc. breached various express and implied warranties, including the implied warranty of merchantability. Plaintiffs also seek indemnity from the Company and Stoneridge Control Devices, Inc. The putative class consists of all owners of vehicles equipped with the subject CD, which includes various Dodge Ram trucks and other manual transmission vehicles manufactured from 1997–2007, which Plaintiffs allege is more than one million vehicles. Plaintiffs seeks recovery of economic loss damages associated with inspecting and replacing the allegedly defective CD, diminished value of the subject CDs and the trucks in which they were installed, and attorneys’ fees and costs. The amount of compensatory or other damages sought by Plaintiffs and the putative class members is unknown. The Company is vigorously defending itself against these allegations, and has and will continue to challenge the claims as well as class action certification. The Company believes the likelihood of loss is not probable or reasonably estimable, and therefore no liability has been recorded for these claims at December 31, 2015. In September 2013, two legal proceedings were 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 has been €7,000 ( $7,600 ) for each claim for injunctive relief and monetary damages resulting from such alleged infringement. The Company believes that its products did not infringe on any of the patents claimed by Actia, and the claims are without merit. The Company is vigorously defending itself against these allegations, and it has challenged certain Actia patents in the European Patent Office. There have been no significant changes to the facts and circumstances related to this claim during the year ended December 31, 201 5 except that in September 2015, the French court ruled in favor of the Company on one claim, which is subject to appeal by Actia . The Company believes the likelihood of loss is not probable between its defenses and challenges to Actia’s patents. As such, no liab ility has been recorded for these claim s . On May 24, 2013, the State Revenue Services of São Paulo issued a tax deficiency notice against PST claiming that the vehicle tracking and monitoring services it provides should be classified as communication services, and therefore subject to the State Value Added Tax – ICMS. The State Revenue Services assessment imposed the 25.0% ICMS tax on all revenues of PST related to the vehicle tracking and monitoring services during the period from January 2009 through December 2010. The Brazilian real (“R$”) and U.S. dollar equivalent (“$”) of the aggregate tax assessment is approximately R$92,500 ($23,700) which is comprised of Value Added Tax – ICMS of R$13,200 ($3,400) , interest of R$11,400 ($2,900) and penalties of R$67,900 ($17,400) . The Company believes that the vehicle tracking and monitoring services are non-communication services, as defined under Brazilian tax law, subject to the municipal ISS tax, not communication services subject to state ICMS tax as claimed by the State Revenue Services of São Paulo. PST has, and will continue to collect the municipal ISS tax on the vehicle tracking and monitoring services in compliance with Brazilian tax law and will defend its tax position. PST has received a legal opinion that the merits of the case are favorable to PST, determining among other things that the imposition on the subsidiary of the State ICMS by the State Revenue Services of São Paulo is not in accordance with the Brazilian tax code. Management believes, based on the legal opinion of the Company’s Brazilian legal counsel and the results of the Brazil Administrative Court's ruling in favor of another vehicle tracking and monitoring company related to the tax deficiency notice it received, the likelihood of loss is not probable although it may take years to resolve. As a result of the above, as of December 31, 201 5 and 201 4 , no accrual has been recorded with respect to this 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. There have been no significant changes to the facts and circumstances related to this notice for the year ended December 31, 201 5 . 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 amount ed to R$25,400 ( $6,500 ) and R$37,200 ( $14,000 ) at December, 201 5 and 201 4 , respectively. An unfavorable outcome on these contingencies could result in significant cost to PST and adversely affect its results of operations. |
Restructuring
Restructuring | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring [Abstract] | |
Restructuring | 11. Restructuring and Business Realignment On October 29, 2007, the Company announced a restructuring initiative to improve manufacturing efficiency and cost position by ceasing manufacturing operations at its Mitcheldean, United Kingdom (Electronics reportable segment) location. In 2010 , the Company continued restructuring initiatives within the Electronics reportable segment and recorded amounts related to its terminated property lease in Mitcheldean, United Kingdom. During the third quarter of 2012, the Company finalized a settlement agreement to modify the terms of and the obligation associated with the property consistent with previous estimates. In connection with the Electronics segment restructuring initiative, the Company recorded lease related restructuring charges during the years ended December 31, 201 5 , 201 4 and 201 3 of $183 , $494 and $469 , respectively, as part of selling, general and administrative expense. At December 31, 201 5 and 201 4 , the only remaining restructuring related accrual relates to the terminated property lease in Mitcheldean, United Kingdom, for which the Company has accrued $458 and $733 , respectively, on the consolidated balance sheets of which $313 and $402 , respectively, is a component of other long-term liabilities. The expenses for the restructuring activities that relate to the Electronics reportable segment include the following: 2015 2014 2013 Accrued balance at January 1 $ 733 $ 780 $ 765 Charge to expense 183 494 469 Foreign currency translation 3 (45) 24 Cash payments (461) (496) (478) Accrued balance at December 31 $ 458 $ 733 $ 780 The Company regularly evaluates the performance of its businesses and cost structures, including personnel, and makes necessary changes thereto in order to optimize its results. The Company also evaluates the required skill sets of its personnel and periodically makes strategic changes. As a consequence of these actions, the Company incurs severance related costs which are referred to as business realignment charges. The Electronics segment incurred business realignment charges of $317 for the year ended December 31, 2015, of which $215 was recorded in design and development (“D&D”) costs and $102 in selling, general and administrative (“SG&A”) expenses. The unallocated corporate segment incurred business realignment charges of $309 for the year ended December 31, 2015, all of which was recorded in SG&A expenses. There were no business realignment charges related to the Electronics or unallocated corporate segments during the years ended December 31, 2014 or 2013. In response to a change in customer demand, the PST segment incurred and paid business realignment charges of $403 for the year s ended December 31, 201 5 , of which $172 was recorded in cost of goods sold, $117 in SG&A expenses and $114 in D&D costs. Business realignment charges were $1,578 for the year ended December 31, 201 4 , of which $847 was recorded in cost of goods sold, $559 in SG&A expenses and $172 in D&D costs. There were no business realignment charges related to the PST segment during the year ended December 31, 2013. There were no significant restructuring or business realignment expenses related to the Control Devices reportable segment during the years ended December 31, 201 5 , 201 4 or 201 3 . |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 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 consolidated financial statements and therefore excluded it from the segment disclosures herein. See Note 2 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. The accounting policies of the Company’s reportable segments are the same as those described in Note 2. 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: Years ended December 31 2015 2014 2013 Net Sales: Control Devices $ 333,010 $ 306,658 $ 291,145 Inter-segment sales 2,055 3,080 2,875 Control Devices net sales 335,065 309,738 294,020 Electronics 216,544 214,141 189,809 Inter-segment sales 22,904 35,163 41,137 Electronics net sales 239,448 249,304 230,946 PST 95,258 139,780 178,532 Inter-segment sales - - - PST net sales 95,258 139,780 178,532 Eliminations (24,959) (38,243) (44,012) Total net sales $ 644,812 $ 660,579 $ 659,486 Operating Income (Loss): Control Devices $ 44,690 $ 35,387 $ 32,331 Electronics 13,784 17,444 20,732 PST (A) (7,542) (59,587) 7,211 Unallocated Corporate (B) (23,117) (19,067) (17,871) Total operating income (loss) $ 27,815 $ (25,823) $ 42,403 Depreciation and Amortization: Control Devices $ 9,125 $ 9,545 $ 9,877 Electronics 3,666 4,432 4,800 PST 9,272 12,998 14,426 Corporate 211 130 183 Total depreciation and amortization (C) $ 22,274 $ 27,105 $ 29,286 Interest Expense, net: Control Devices $ 326 $ 303 $ 182 Electronics 161 695 760 PST 2,957 2,764 1,174 Corporate 2,921 13,118 15,980 Total interest expense, net $ 6,365 $ 16,880 $ 18,096 Capital Expenditures: Control Devices $ 15,094 $ 13,658 $ 9,906 Electronics 6,538 3,541 4,667 PST 5,889 6,161 6,663 Corporate 1,214 156 340 Total capital expenditures $ 28,735 $ 23,516 $ 21,576 December 31, December 31, 2015 2014 Total Assets: Control Devices $ 127,649 $ 115,703 Electronics 97,443 95,140 PST 100,143 159,980 Corporate (D) 288,806 279,013 Eliminations (249,789) (251,085) Total assets $ 364,252 $ 398,751 (A) The PST operating loss for the year ended December 31, 2014 includes a goodwill impairment charge of $51,458 . (B) Unallocated Corporate expenses include, among other items, accounting, finance, legal, information technology costs as well as share-based compensation. (C) These amounts represent depreciation and amortization on property, plant and equipment and certain intangible assets. (D) Corporate a ssets consist primarily of cash, intercompany loan receivables, equity investments and investments in subsidiaries. The following table presents net sales and long-term assets for the geographic areas in which the Company operates: Years ended December 31 2015 2014 2013 Net Sales: North America $ 369,032 $ 330,516 $ 301,592 South America 95,258 139,780 178,532 Europe and Other 180,522 190,283 179,362 Total net sales $ 644,812 $ 660,579 $ 659,486 As of December 31 2015 2014 Long-term Assets: North America $ 60,099 $ 53,406 South America 56,943 85,433 Europe and Other 15,301 14,401 Total long-term assets $ 132,343 $ 153,240 |
Unaudited Quarterly Financial D
Unaudited Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2015 | |
Unaudited Quarterly Financial Data [Abstract] | |
Unaudited Quarterly Financial Data | 13. Unaudited Quarterly Financial Data The following is a summary of quarterly results of operations: Quarter ended 2015 December 31 September 30 June 30 March 31 Net sales $ 154,641 $ 162,057 $ 165,289 $ 162,825 Gross profit 42,239 45,145 45,946 43,648 Operating income 8,327 8,947 7,415 3,126 Income tax expense (benefit) from continuing operations (345) 32 (381) 147 Income from continuing operations 4,935 7,411 6,328 2,103 Income (loss) from discontinued operations (D) 16 (113) 55 (168) Net income 4,951 7,298 6,383 1,935 Net loss attributable to noncontrolling interests (1,133) (69) (596) (409) Net income attributable to Stoneridge, Inc. $ 6,084 $ 7,367 $ 6,979 $ 2,344 Earnings per share from continuing operations attributable to Stoneridge, Inc.: Basic (A) $ 0.22 $ 0.27 $ 0.26 $ 0.10 Diluted (A) $ 0.22 $ 0.27 $ 0.25 $ 0.09 Earnings (loss) per share attributable to discontinued operations: Basic (A) $ 0.00 $ (0.01) $ 0.00 $ (0.01) Diluted (A) $ 0.00 $ (0.01) $ 0.00 $ (0.01) Earnings per share attributable to Stoneridge, Inc.: Basic (A) $ 0.22 $ 0.26 $ 0.26 $ 0.09 Diluted (A) $ 0.22 $ 0.26 $ 0.25 $ 0.08 Quarter ended 2014 December 31 September 30 June 30 March 31 Net sales $ 166,811 $ 170,338 $ 162,099 $ 161,331 Gross profit 44,901 49,550 48,285 48,138 Operating income (loss) (B) (22,795) 13,759 (23,221) 6,434 Income tax expense (benefit) from continuing operations (1,066) (1,174) 90 294 Income (loss) from continuing operations (C) (31,306) 9,138 (28,569) (467) Income (loss) from discontinued operations (D) (1,692) (8,108) (544) 957 Net income (loss) (B) (C) (32,998) 1,030 (29,113) 490 Net income (loss) attributable to noncontrolling interests (B) (6,444) 1,160 (7,221) (978) Net income (loss) attributable to Stoneridge, Inc. (B) (C) $ (26,554) $ (130) $ (21,892) $ 1,468 Earnings (loss) per share from continuing operations attributable to Stoneridge, Inc.: Basic (A) $ (0.92) $ 0.30 $ (0.79) $ 0.02 Diluted (A) $ (0.92) $ 0.29 $ (0.79) $ 0.02 Earnings (loss) per share attributable to discontinued operations: Basic (A) $ (0.07) $ (0.30) $ (0.02) $ 0.03 Diluted (A) $ (0.07) $ (0.29) $ (0.02) $ 0.03 Earnings (loss) per share attributable to Stoneridge, Inc.: Basic (A) $ (0.99) $ 0.00 $ (0.81) $ 0.05 Diluted (A) $ (0.99) $ 0.00 $ (0.81) $ 0.05 (A) Earnings per share for the year may not equal the sum of the four historical quarters earnings per share due to changes in weighted-average basic and diluted shares outstanding. (B) Goodwill impairment charge (benefit) of $29,300 , $(5,802) , and $27,960 related to the PST segment was recorded for the quarters ended June 30, 2014, September 30, 2014 and December 31, 2014, respectively, of which $6,436 , $(1,274) and $6,142, respectively, was attributable to noncontrolling interest. (C) In addition to the PST goodwill impairment amounts in item (B) herein, a loss on early extinguishment of debt of $920 and $9,687 was recorded for the quarters ended September 30, 2014 and December 31, 2014, respectively. (D) A gain (loss) on disposal of the Wiring business was recorded for $(168) , $55 , $(113) and $16 for the quarters ended March 31, 2015, June 30, 2015, September 30, 2015 and December 31, 2015, respectively. In addition, a loss on disposal of the Wiring business was recorded for $1,138 , $6,548 and $890 for the quarters ended June 30, 2014, September 30, 2014 and December 31, 2014, respectively. |
SCHEDULE II - VALUATION AND QUA
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (in thousands) The following schedules provide the activity for accounts receivable reserves and valuation allowance for deferred tax assets from continuing operations for the years ended December 31, 2015, 2014 and 2013: Balance at Charged to beginning of costs and Balance at period expenses Write-offs end of period Accounts receivable reserves: Year ended December 31, 2013 $ 2,176 $ 1,655 $ (1,206) $ 2,625 Year ended December 31, 2014 2,625 619 (1,227) 2,017 Year ended December 31, 2015 2,017 395 (1,346) 1,066 Exchange Net additions rate Balance at charged to fluctuations beginning of income and other Balance at period (expense) items end of period Valuation allowance for deferred tax assets: Year ended December 31, 2013 $ 71,790 $ 453 $ (416) $ 71,827 Year ended December 31, 2014 71,827 (2,786) (1,134) 67,907 Year ended December 31, 2015 67,907 (7,957) (559) 59,391 |
Summary of Significant Accoun22
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements include the accounts of Stoneridge, Inc. and its wholly-owned and majority-owned subsidiaries (collectively, the “Company”). Intercompany transactions and balances have been eliminated in consolidation. The Company analyzes its ownership interests in accordance with Accounting Standards Codification (“ASC”) Topic 810 (Consolidations) to determine whether they are VIE’s and, if so, whether the Company is the primary beneficiary. The Company’s investment in Minda Stoneridge Instruments Ltd. (“Minda”) for the years ended December 31, 2015, 2014 and 2013 was determined to be an unconsolidated entity , and therefore was accounted for under the equity method of accounting based on our 49% ownership . The Company had a 74% controlling interest in PST Eletrônica Ltda. (“ PST”) for the years ended December 31, 2015, 2014 and 2013 which was accounted for a consolidated subsidiary . The Company sold substantially all of the assets and liabilities of its Wiring business on August 1, 2014. As a result, the Wiring business has been classified as discontinued operations for all periods presented in the Company’s financial statements herein, and therefore has been excluded from both continuing operations and segment results for all periods presented. 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. |
Accounting Estimates | Accounting Estimates The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, including certain self-insured risks and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Because actual results could differ from those estimates, the Company revises its estimates and assumptions as new information becomes available. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company’s cash and cash equivalents are actively traded money market funds with short-term investments in marketable securities, primarily U.S. government securities. Cash and cash equivalents are stated at cost, which approximates fair value, due to the highly liquid nature and short-term duration of the underlying securities. |
Accounts Receivable and Concentration Of Credit Risk | Accounts Receivable and Concentration of Credit Risk Revenues are principally generated from the automotive, commercial, motorcycle, off-highway and agricultural vehicle markets. The Company’s largest customers were Ford Motor Company and Scania Group, primarily related to the Control Devices and Electronics reportable segments, respectively, and accounted for the following percentages of consolidated net sales for the years ended December 31, 2015, 2014 and 2013: 2015 2014 2013 Ford Motor Company 14 % 11 % 10 % Scania Group 7 % 8 % 8 % Accounts receivable are recorded at the invoice price, net of an estimate of allowance for doubtful accounts and other reserves. |
Allowance for Doubtful Accounts | Al lowance for Doubtful Accounts The Company evaluates the collectability of accounts receivable based on a combination of factors. In circumstances where the Company is aware of a specific customer’s inability to meet its financial obligations, a specific allowance for doubtful accounts is recorded against amounts due to reduce the net recognized receivable to the amount the Company reasonably believes will be collected. Additionally, the Company reviews historical trends for collectability in determining an estimate for its allowance for doubtful accounts. If economic circumstances change substantially, estimates of the recoverability of amounts due to the Company could be reduced by a material amount. The Company does not have collateral requirements with its customers. |
Sales of Accounts Receivable | Sales of Accounts Receivable The Company’s PST segment sells selected accounts receivable on a full recourse basis to an unrelated financial institution in Brazil. PST accounts for these transactions as sales of accounts receivable. As such, in accordance with ASC 860, “Transfers and Servicing”, the sales of accounts receivable are reflected as a reduction of accounts receivable in the consolidated balance sheets and the loss on sale is recorded within i nterest expense, net in the consolidated statement s of operations while the proceeds received from the sale are included in the cash flows from operat ing activities in the consolidated statements of cash flows. During 2015 PST sold $6,401 ( 24,994 Brazilian real) of accounts receivable at a loss of $156 ( 540 Brazilian real) , which represents the implicit interest on the transaction, and received proceeds of $6,245 ( 24,454 Brazilian real) . PST has a remaining credit exposure of $2,657 ( 10,376 Brazilian real) at December 31, 2015 related to the receivables sold for which payment from the customer was not yet due . |
Inventories | 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 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 consist of the following: As of December 31 2015 2014 Raw materials $ 36,021 $ 41,767 Work-in-progress 7,162 8,779 Finished goods 17,826 20,707 Total inventories, net $ 61,009 $ 71,253 Inventory valued using the FIFO method was $35,378 and $34,636 at December 31, 2015 and 2014, respectively. Inventory valued using the average cost method was $25,631 and $36,617 at December 31, 2015 and 2014, respectively. |
Pre-Production Costs Related to Long-Term Supply Arrangements | Pre-production Costs Related to Long-term Supply Arrangements Engineering, research and development and other design and development costs for products sold on long-term supply arrangements are expensed as incurred unless the Company has a contractual guarantee for reimbursement from the customer. Costs for molds, dies and other tools used to make products sold on long-term supply arrangements for which the Company either has title to the assets or has the noncancelable right to use the assets during the term of the supply arrangement are capitalized in property, plant and equipment and amortized to cost of sales over the shorter of the term of the arrangement or over the estimated useful lives of the assets, typically three to five years. Costs for molds, dies and other tools used to make products sold on long-term supply arrangements for which the Company has a contractual guarantee to a lump sum reimbursement from the customer are capitalized as a component of prepaid expenses and other current assets within the consolidated balance sheets. Capitalized pre-production costs were $9,405 and $10,067 at December 31, 2015 and 2014, respectively. |
Discontinued Operations | 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 was subject to post-closing working capital and other adjustments. Upon the final resolution of the working capital and other adjustments in the second quarter of 2015, the Company returned $1,230 in cash to Motherson. The Company recorded a loss on disposal, net of tax of $8,576 for the year ended December 31, 2014 which included the recognition of previously deferred foreign currency translation of $2,734 , income tax on the sale of Wiring’s Mexican businesses of $1,621 and transaction costs of $1,384 . The Company also entered into short-term transition services agreements with Motherson substantially all of which concluded 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 $26,952 and $12,230 for the years ended December 31, 2015 and 2014, respectively. The Company had post-disposition purchases from the Wiring business acquired by Motherson of $689 and $269 for the years ended December 31, 2015 and 2014, respectively. The amounts related to 2014 cover the period from August through December 2014 as the sale of the Wiring business occurred on August 1 , 2014. The following tables display summarized activity in our consolidated statements of operations for discontinued operations during the years ended December 31, 2015, 2014 and 2013, related to the Wiring business. Years ended December 31 2015 2014 (A) 2013 Net sales $ - $ 167,434 $ 288,344 Cost of goods sold (C) - 154,787 268,278 Selling, general and administrative (C) - 12,697 22,765 Interest expense, net - 69 250 Other expense, net - (58) (357) Loss from operations of discontinued operations before income taxes (C) (D) - (61) (2,592) Income tax expense on discontinued operations - (750) (1,429) Loss from discontinued operations, net of tax - (811) (4,021) Loss on disposal (B) (241) (6,955) - Income tax expense on gain (loss) on disposal (E) 31 (1,621) - Loss on disposal, net of tax (210) (8,576) - Loss from discontinued operations $ (210) $ (9,387) $ (4,021) (A) The operations of the Wiring business were presented only for the seven months ended July 31, 2014 as the sale was completed on August 1, 2014. (B) Included in loss on disposal for the years ended December 31, 2015 and 2014 were transaction costs of $223 and $1,384 , respectively. The loss on disposal also includes a working capital and other adjustments of $18 for the year ended December 31, 2015. In addition, the loss on disposal included $2,734 in previously deferred foreign currency translation for the year ended December 31, 2014. (C) The assets and liabilities of the Wiring business were reclassified as held for sale effective May 26, 2014. Accordingly, depreciation and amortization for the related Wiring assets were not recorded after that date. (D) Management fees, which had been reported in the Wiring business in prior periods, of $7,482 for the year ended December 31, 2013 have been excluded as they were not directly attributable to the business. (E) Gains and losses from foreign currency remeasurement related to income taxes were included as a component of income tax (expense) benefit. Years ended December 31 2014 2013 Depreciation and amortization $ 2,111 $ 4,978 Capital expenditures 1,238 3,768 Predisposition intercompany sales to the Wiring business were $17,448 and $25,353 for the periods ended July 31, 2014 and December 31, 2013, respectively. Predisposition intercompany purchases from the Wiring business were $4,025 and $7,593 for the periods ended July 31, 2014 and December 31, 2013, respectively. |
Property, Plant and Equipment | P roperty, Plant and Equipment Property, plant and equipment are recorded at cost and consist of the following: As of December 31 2015 2014 Land and land improvements $ 3,538 $ 4,036 Buildings and improvements 32,904 34,517 Machinery and equipment 160,721 154,204 Office furniture and fixtures 6,541 6,247 Tooling 68,101 67,135 Information technology 24,035 22,132 Vehicles 422 65 Leasehold improvements 2,581 2,207 Construction in progress 23,914 16,933 Total property, plant, and equipment 322,757 307,476 Less: accumulated depreciation (237,493) (222,165) Property, plant and equipment, net $ 85,264 $ 85,311 Depreciation is provided using the straight-line method over the estimated useful lives of the assets. Depreciation expense for the years ended December 31, 2015, 2014 and 2013 was $18,829 , $22,299 and $24,099 , respectively. Depreciable lives within each property classification are as follows: Buildings and improvements 10 -40 years Machinery and equipment 3 -10 years Office furniture and fixtures 3 -10 years Tooling 2 -5 years Information technology 3 -5 years Vehicles 3 -5 years Leasehold improvements shorter of lease term or 3-10 years Maintenance and repair expenditures that are not considered improvements and do not extend the useful life of the property, plant and equipment are charged to expense as incurred. Expenditures for improvements and major renewals are capitalized. When assets are retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the accounts, and any gain or loss on the disposition is recorded in the consolidated statements of operations as a component of selling, general and administrative expenses. |
Impairment of Long-Lived or Finite-Lived Assets | Impairment of Long-Lived or Finite-Lived Assets The Company reviews the carrying value of its long-lived assets and finite-lived intangible assets for impairment when events or circumstances indicate that their carrying value may not be recoverable. Factors the Company considers important that could trigger testing of the related asset groups for an impairment include current period operating or cash flow losses combined with a history of operating or cash flow losses, a projection or forecast that demonstrates continuing losses, significant adverse changes in the business climate within a particular business or current expectations that a long-lived asset will be sold or otherwise disposed of significantly before the end of its estimated useful life. To test for impairment, the estimated undiscounted cash flows expected to be generated from the use and disposal of the asset or asset group is compared to its carrying value. An asset group is established by identifying the lowest level of cash flows generated by the group of assets that are largely independent of cash flows of other assets. If cash flows cannot be separately and independently identified for a single asset, we will determine whether an impairment has occurred for the group of assets for which we can identify projected cash flows. If these undiscounted cash flows are less than their respective carrying values, an impairment charge would be recognized to the extent that the carrying values exceed estimated fair values. The estimation of undiscounted cash flows and fair value requires us to make assumptions regarding future operating results over the life of the asset or the life of the primary asset in the asset group . The results of the impairment testing are dependent on these estimates which require judgment. The occurrence of certain events, including changes in economic and competitive conditions, could impact cash flows eventually realized and management’s ability to accurately assess whether an asset is impaired. Due to the lower actual and forecasted financial results from weakness in the Brazilian economy and automotive market, the Company performed an evaluation of PST’s long-lived assets in 2015 and 2014, and concluded that the carrying amount of the asset group was recoverable as the undiscounted cash flows of the asset group exceeded its carrying amount . There we no material impairment charges recorded for long-lived or finite-lived intangible assets in 2015, 2014 or 2013. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill The total purchase price associated with acquisitions is allocated to the acquisition date fair values of identifiable assets acquired and liabilities assumed with the excess purchase price assigned to goodwill. Goodwill is subject to an annual assessment for impairment (or more frequently if impairment indicators arise) by applying a fair value-based test. The Company recorded goodwill related to the acquisition of controlling interest in PST in 2011, all of which was deemed to be impaired in 2014. The remaining goodwill balance at December 31, 2015 and 2014 relates to the acquisition of two European aftermarket distributors, which is included within the Electronics segment. The carrying amount of goodwill related to our Electronics segment decreased by $97 for the year ended December 31, 2015 to $981 due to foreign currency translation. Goodwill and changes in the carrying amount of goodwill by segment for the year then ended December 31, 2014 was as follows: Control Electronics Devices PST Total Balance at January 1, 2014 $ 604 $ - $ 53,744 $ 54,348 Acquisition of aftermarket business 664 - - 664 Goodwill impairment - (51,458) (51,458) Currency translation (190) - (2,286) (2,476) Balance at December 31, 2014 $ 1,078 - $ - $ 1,078 The Company’s cumulative goodwill impairment loss since inception was $300,083 at December 31, 2015 and 2014, respectively. In addition to PST’s 2014 goodwill impairment, the cumulative goodwill impairment loss includes the goodwill impairment recorded by the Company’s Control Devices segment in 2008 and 2004. PST Goodwill Impairment Assessments The Company conducted its annual goodwill impairment test for its majority owned subsidiary, PST Eletrônica Ltda. (“PST”) on October 1, 2013 without a need to expand the impairment test to “step two” of ASC 350 as PST’s calculated fair value exceeded its carrying value by approximately 10% and no indicators of impairment were identified as disclosed in the Company’s 2013 Form 10-K. During the second quarter of 2014, however, indicators of potential impairment required the Company to conduct an interim impairment test. Those indicators included a decline in recent operating results and lower growth expectations primarily due to the weakening of the Brazilian economy and automotive market. In accordance with ASC 350, the Company completed “step one” of the impairment analysis and concluded that, as of June 30, 2014, the fair value of the PST reportable segment was below its carrying value, including goodwill. As a result, “step two” of the impairment test was initiated in accordance with ASC 350. The Company recorded its best estimate of $29,300 as a non-cash goodwill impairment charge (of which $6,436 was attributable to noncontrolling interest) as of June 30, 2014. Based on the Company’s completed “step two” analysis in the third quarter of 2014, the final goodwill impairment as of June 30, 2014 was $23,498 (of which $5,162 was attributable to noncontrolling interest). As such, the Company recorded an adjustment to reduce the goodwill impairment by $5,802 (of which $1,274 was attributable to noncontrolling interest) as of September 30, 2014. In the fourth quarter of 2014, the Company conducted its annual goodwill impairment test for PST and completed “step one” of the impairment test concluding that as of October 1, 2014 the fair value of the PST reportable segment was less than its carrying value, including goodwill. PST’s fair value decreased further due to significantly lower sales and earnings growth expectations which were a result of lower forecasted growth in the Brazilian economy and automotive market and a forecasted decline in currency exchange rates thereby increasing PST’s material costs. Based on the completed “step two” analysis, a goodwill impairment charge of $27,960 (of which $6,142 was attributable to noncontrolling interest) was recorded in the fourth quarter of 2014 which represented all of the remaining PST goodwill. The aggregate goodwill impairment for the year ended December 31, 2014 was $51,458 (of which $11,304 was attributable to noncontrolling interest). The fair value measurement of the reporting unit under the “step one” analysis and the “step two” analysis (a non-recurring fair value measure) in their entirety are classified as Level 3 inputs. The estimates and assumptions underlying the fair value calculations used in the Company's impairment test are uncertain by their nature and can vary significantly from actual results. Factors that management must estimate include, but are not limited to, industry and market conditions, sales volume and pricing, raw material costs, capital expenditures, working capital changes, cost of capital, debt-equity mix and tax rates. The estimates and assumptions that most significantly affect the fair value calculation are sales volume and the associated cash flow assumptions, market growth and weighted average cost of capital. The estimates and assumptions used in the estimate of fair value are consistent with those the Company uses in its internal planning. The “step two” of the PST goodwill impairment test utilized the following methodologies in determining fair value. Buildings and machinery were valued at an estimated replacement cost for an asset of comparable age and condition. PST finite lived identified intangible assets are customer relationships, tradenames and technology. Customer relationships were valued using an excess earnings method, using various inputs such as the estimated customer attrition rate, future earnings forecast, the amount of contributory asset charges, and a discount rate. Tradenames and technology intangibles are valued using a relief from royalty method, which is based upon comparable market royalty rates for tradenames of similar value. Other working capital items are generally recorded at carrying value, unless there were known conditions that would impact the ultimate settlement amount of a particular item. Other Intangible Assets Other intangible assets, net at December 31, 2015 and 2014 consisted of the following: Acquisition Accumulated As of December 31, 2015 cost amortization Net Customer lists $ 23,003 $ (6,101) $ 16,902 Tradenames 15,129 (3,043) 12,086 Technology 9,066 (2,336) 6,730 Other 34 (34) - Total $ 47,232 $ (11,514) $ 35,718 Acquisition Accumulated As of December 31, 2014 cost amortization Net Customer lists $ 33,686 $ (6,687) $ 26,999 Tradenames 22,224 (3,338) 18,886 Technology 13,327 (2,575) 10,752 Other 50 (50) - Total $ 69,287 $ (12,650) $ 56,637 Other intangible assets, net at December 31, 2015 include customer lists, tradenames and technology of $16,602 , $12,067 and $6,730 , respectively, related to the PST segment with the remaining amounts related to the Electronics segment. The Company recognized $3,445 , $4,784 and $5,187 of amortization expense in 2015, 2014 and 2013, respectively. Amortization expense is included as a component of selling, general and administrative on the consolidated statements of operations. Annual a mortization expense for intangible assets is estimated to be approximately $3,000 for the years 2016 through 2021 . The weighted-average remaining amortization period is approximately 13 years. |
Accrued Expenses and Other Current Liabilities | Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following: As of December 31 2015 2014 Compensation related liabilities $ 17,878 $ 17,431 Product warranty and recall obligations 4,446 6,397 Other (A) 16,596 18,238 Total accrued expenses and other current liabilities $ 38,920 $ 42,066 (A) “Other” is comprised of miscellaneous accruals, none of which individually contributed a significant portion of the total. |
Income Taxes | Income Taxes The Company accounts for income taxes using the liability method. Deferred income taxes reflect the tax consequences on future years of differences between the tax basis of assets and liabilities and their financial reporting amounts. Future tax benefits are recognized to the extent that realization of such benefits is more likely than not to occur. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the period that includes the enactment date. Deferred tax assets are recognized to the extent th at these assets are more-likely-than- not to be realized (See Note 5). In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies, and results of recent operation s. Reversal of some or all of a valuation allowance would result in the recognition of certain deferred tax assets and a decrease to income tax expense for the period the reversal is recorded. The Company's policy is to provide for uncertain tax positions and the related interest and penalties based upon management's assessment of whether a tax benefit is more - likely - than - not to be sustained upon examination by tax authorities. At December 31, 2015, the Company believes it has appropriately accounted for any unrecognized tax benefits (see Note 5). To the extent the Company prevails in matters for which a liability for an unrecognized tax benefit is established or is required to pay amounts in excess of the liability, the Company's effective tax rate in a given financial statement period may be affected. |
Currency Translation | Currency Translation The financial statements of foreign subsidiaries, where the local currency is the functional currency, are translated into U.S. dollars using exchange rates in effect at the period end for assets and liabilities and average exchange rates during each reporting period for the results of operations. Adjustments resulting from translation of financial statements are reflected as a component of accumulated other comprehensive loss in the Company’s consolidated balance sheets. Foreign currency transactions are remeasured into the functional currency using translation rates in effect at the time of the transaction with the resulting adjustments included on the consolidated statements of operations within other expense, net. These foreign currency transaction losses, including the impact of hedging activities, were $1,693 , $1,212 and $2,109 for the years ended December 31, 2015, 2014 and 2013, respectively. |
Revenue Recognition and Sales Commitments | Revenue Recognition and Sales Commitments The Company recognizes revenues from the sale of products, net of actual and estimated returns, at the point of passage of title, which is either at the time of shipment or upon customer receipt based upon the terms of the sale. The Company recognizes monitoring service revenues as the services are provided to customers. The Company collects certain taxes and fees on behalf of government agencies and remits such collections on a periodic basis. The taxes are collected from customers but are not included in net sales. Estimated returns are based on historical authorized returns. The Company often enters into agreements with its customers at the beginning of a given vehicle’s expected production life. Once such agreements are entered into, it is the Company’s obligation to fulfill the customers’ purchasing requirements for the entire production life of the vehicle. These agreements are subject to potential renegotiation from time to time, which may affect product pricing. |
Shipping and Handling Costs | Shipping and Handling Costs Shipping and handling costs are included in cost of goods sold on the consolidated statements of operations. |
Product Warranty and Recall Reserves | Product Warranty and Recall Reserves Amounts accrued for product warranty and recall claims are established based on the Company's best estimate of the amounts necessary to settle existing and future 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 including insurance coverage. The Company can provide no assurances that it will not experience material claims 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 the product warranty and recall reserve is included as a component of accrued expenses and other current liabilities on the consolidated balance sheets. Product warranty and recall includes $1,973 and $1,204 of a long-term liability at December 31, 2015 and 2014, respectively, which is included as a component of other long-term liabilities on the consolidated balance sheets. The following provides a reconciliation of changes in the product warranty and recall reserve: Years ended December 31 2015 2014 Product warranty and recall at beginning of period $ 7,601 $ 6,414 Accruals for products shipped during period 4,609 4,484 Aggregate changes in pre-existing liabilities due to claim developments (156) 692 Settlements made during the period (5,635) (3,989) Product warranty and recall at end of period $ 6,419 $ 7,601 |
Design and Development Costs | Design and Development Costs Expenses associated with the development of new products, and changes to existing products are charged to expense as incurred, and are included in the Company’s consolidated statements of operations as a separate component of costs and expenses. These product development costs amounted to $38,792 , $41,609 and $40,372 for the years ended December 31, 2015, 2014 and 2013, respectively, or 6.0% , 6.3% and 6.1% of net sales for these respective periods. |
Research and Development Activities | Research and Development Activities The Company’s Electronics segment enters into research and development contracts with certain customers, which generally provide for reimbursement of costs. The Company incurred and was reimbursed for contracted research and development costs of $9,659 , $12,319 and $16,982 for the years ended December 31, 2015, 2014 and 2013, respectively. |
Share-Based Compensation | Share-Based Compensation At December 31, 2015, the Company had two types of share-based compensation plans: (1) Long-Term Incentive Plan, as amended, for employees and (2) the Amended Directors’ Restricted Shares Plan, for non-employee directors. The Long-Term Incentive Plan is made up of the Long-Term Incentive Plan that was approved by the Company's shareholders on September 30, 1997, which expired on June 30, 2007, and the Amended and Restated Long-Term Incentive Plan, as amended, that was approved by shareholders on May 17, 2010, and expires on April 24, 2016. Total compensation expense recognized as a component of selling, general and administrative expense on the consolidated statements of operations for share-based compensation arrangements was $7,224 , including $2,225 from the accelerated vesting in connection with the retirement of the Company’s former President and Chief Executive Officer, $5,406 and $4,974 for the years ended December 31, 2015, 2014 and 2013, respectively. Of these amounts, $828 , $243 and $155 for the years ended December 31, 2015, 2014 and 2013, respectively, were related to the Long-Term Cash Incentive Plan “Phantom Shares” discussed in Note 8. There was no share-based compensation expense capitalized in inventory during 2015, 2014 or 2013. |
Financial Instruments and Derivative Financial Instruments | Financial Instruments and Derivative Financial Instruments Financial instruments, including derivative financial instruments, held by the Company include cash and cash equivalents, accounts receivable, accounts payable, long-term debt, an interest rate swap, fixed price commodity contracts and foreign currency forward contracts. The carrying value of cash and cash equivalents, accounts receivable and accounts payable is considered to be representative of fair value because of the short maturity of these instruments. See Note 9 for fair value disclosures of the Company’s financial instruments. |
Common Shares Held in Treasury | Common Shares Held in Treasury The Company accounts for Common Shares held in treasury under the cost method (applied on a FIFO basis) and includes such shares as a reduction of total shareholders’ equity. |
Earnings (Loss) Per Share | Earnings (Loss) Per Share Basic earnings (loss) per share was computed by dividing net income 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) attributable to Stoneridge, Inc. by the weighted-average of all potentially dilutive Common Shares that were outstanding during the periods presented. However, for all periods in which the Company recognized a net loss from continuing operations, the Company did not recognize the effect of the potential dilutive securities as their inclusion would have been anti-dilutive. Actual weighted-average Common Shares outstanding used in calculating basic and diluted net income (loss) per share were as follows: Years ended December 31 2015 2014 2013 Basic weighted-average shares outstanding 27,337,954 26,923,809 26,670,501 Effect of dilutive securities 621,208 - 522,984 Diluted weighted-average shares outstanding 27,959,162 26,923,809 27,193,485 There were no outstanding options at December 31, 2015 and 2014. Options to purchase 20,000 Common Shares at a price of $15.73 per share were outstanding at December 31, 2013 but were not included in the computation of diluted earnings per share because their respective exercise prices were greater than the average closing market price of Company Common Shares and the effect would be anti-dilutive. There were 134,250 , 466,650 and 663,750 performance-based restricted Common Shares outstanding at December 31, 2015, 2014 and 2013, respectively. There were also 573,885 and 374,400 performance-based right to receive Common Shares outstanding at December 31, 2015 and 2014. 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 year were the end of the contingency period. Restricted and right to receive Common Shares were not included in the computation of diluted earnings per share for the year ended December 31, 2014 as the Company had a net loss from continuing operations that year, and as such they would be anti-dilutive. |
Deferred Finance Costs | Deferred Finance Costs Deferred finance costs are amortized over the life of the related financial instrument using the straight-line method, which approximates the effective interest method. The 2.5% discount to the initial purchasers of the Company’s senior notes was accreted using the effective interest rate of 10.0% through October 18, 2014, the date the senior notes were redeemed. During 2014, the Company redeemed the senior notes resulting in the acceleration of the remaining deferred financing costs of $597 which were included in loss on early extinguishment of debt in the statement of operations in 2014. Deferred finance cost amortization and debt discount accretion for the years ended December 31, 2015, 2014 and 2013 was $388 , $850 and $908 , respectively, and is included as a component of interest ex pense, net i n the consolidated statements of operations. As of December 31, 2015 and 2014, deferred financing costs, net, all of which are associated with the revolving credit facility, were $1,428 and $1,767 , respectively , and were included i n the consolidated balance sheets as a component of investments and other long-term assets, net. |
Changes in Accumulated Other Comprehensive Loss by Component | Changes in Accumulated Other Comprehensive Loss by Component Changes in accumulated other comprehensive loss for the years ended December 31, 2015 and 2014 were as follows: 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 loss before reclassifications (24,693) (671) (45) (25,409) Amounts reclassified from accumulated other comprehensive loss - 1,060 - 1,060 Net other comprehensive income (loss), net of tax (24,693) 389 (45) (24,349) Balance at December 31, 2015 $ (70,296) $ 390 $ 84 $ (69,822) Balance at January 1, 2014 $ (30,335) $ (111) $ (12) $ (30,458) Other comprehensive loss before reclassifications (18,002) (454) - (18,456) Amounts reclassified from accumulated other comprehensive loss 2,734 566 141 3,441 Net other comprehensive income (loss), net of tax (15,268) 112 141 (15,015) Balance at December 31, 2014 $ (45,603) $ 1 $ 129 $ (45,473) |
Recently Issued Accounting Standards | Recently Issued Accounting Standards Not Yet Adopted as of December 31, 2015 In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016 – 02, “Leases (Topic 842)”, which will require that a lessee recognize assets and liabilities on the balance sheet for all leases with a lease term of more than twelve months, with the result being the recognition of a right of use asset and a lease liability. The amendment is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company expects to adopt this standard as of January 1, 2019. The Company is currently evaluating the impact of adopting this standard on its consolidated financial statements, which will require right of use assets and lease liabilities be recorded in the consolidated balance sheet for operating leases. In November 2015, the FASB issued ASU 2015 – 17, “Income Taxes (Topic 740),” which simplifies the presentation of deferred income taxes. Currently entities are required to separate deferred income tax liabilities and assets into current and noncurrent amounts in the balance sheet. ASU 2015-17 requires that all deferred income taxes be classified as noncurrent in the balance sheet. The amendment is effective for fiscal years beginning after December 15, 2016 including interim periods within those fiscal years and may be applied either prospectively or retrospectively with early adoption permitted . The Company is currently evaluating the impact of adopting this standard on its consolidated financial statements. In September 2015, the FASB issued ASU 2015 – 16, “Business Combinations,” which simplifies the accounting for measurement-period adjustments related to business combinations. ASU 2015-16 requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments in the ASU require that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The amendment is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years and is to be applied prospectively to adjustments to provisional amounts that occur after the effective date of this ASU with earlier application permitted for financial statements that have not been issued. The Company will adopt this standard as of January 1, 2016, which is not expected to have a material impact on the Company’s consolidated financial statements or disclosures. In July 2015, the FASB issued ASU 2015-11 “Simplifying the Measurement of Inventory” which requires that inventory be measured at the lower of cost or net realizable value. Prior to the issuance of the new guidance, inventory was measured at the lower of cost or market. Replacing the concept of market with the single measurement of net realizable value is intended to reduce cost and complexity. The new accounting standard is effective for fiscal years beginning after December 15, 2016. The Company expects to adopt this standard as of January 1, 201 7 , which is not expected to have a material impact on the Company’s consolidated financial statements or 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. In July 2015, the FASB approved a one-year deferral of the effective date of the standard. As such, 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 consolidated financial statements. Recently Adopted Accounting Standards In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs,” which amends the current presentation of certain debt issuance costs in the balance sheet. 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 recognition and measurement of debt issuance costs are not affected by the amendments in this ASU. The guidance in ASU 2015-03 did not address the presentation or subsequent measurement of debt issuance costs related to line of credit arrangements. Given the absence of authoritative guidance, in June 2015 the FASB issued ASU 2015-15, “Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements,” which states that the SEC will not object to an entity deferring and presenting debt issuance costs related to revolving credit arrangements as an asset and subsequently amortizing them. These amendments are to be applied retrospectively and are 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 permitted by the ASU, the Company adopted these standards in the third quarter of 2015, which had no impact on the Company’s consolidated financial statements. The Company has elected to continue to present deferred financing costs related to its revolving credit facility, which had balances of $1,428 and $1,767 at December 31, 2015 and 2014, respectively, within long-term assets in the Company’s consolidated balance sheets |
Summary of Significant Accoun23
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Schedule of Accounts Receivable and Concentration of Credit Risk | The Company’s largest customers were Ford Motor Company and Scania Group, primarily related to the Control Devices and Electronics reportable segments, respectively, and accounted for the following percentages of consolidated net sales for the years ended December 31, 2015, 2014 and 2013: 2015 2014 2013 Ford Motor Company 14 % 11 % 10 % Scania Group 7 % 8 % 8 % |
Schedule of Inventory, Current | Inventories consist of the following: As of December 31 2015 2014 Raw materials $ 36,021 $ 41,767 Work-in-progress 7,162 8,779 Finished goods 17,826 20,707 Total inventories, net $ 61,009 $ 71,253 |
Statements of Operations for Discontinued Operations | The following tables display summarized activity in our consolidated statements of operations for discontinued operations during the years ended December 31, 2015, 2014 and 2013, related to the Wiring business. Years ended December 31 2015 2014 (A) 2013 Net sales $ - $ 167,434 $ 288,344 Cost of goods sold (C) - 154,787 268,278 Selling, general and administrative (C) - 12,697 22,765 Interest expense, net - 69 250 Other expense, net - (58) (357) Loss from operations of discontinued operations before income taxes (C) (D) - (61) (2,592) Income tax expense on discontinued operations - (750) (1,429) Loss from discontinued operations, net of tax - (811) (4,021) Loss on disposal (B) (241) (6,955) - Income tax expense on gain (loss) on disposal (E) 31 (1,621) - Loss on disposal, net of tax (210) (8,576) - Loss from discontinued operations $ (210) $ (9,387) $ (4,021) (A) The operations of the Wiring business were presented only for the seven months ended July 31, 2014 as the sale was completed on August 1, 2014. (B) Included in loss on disposal for the years ended December 31, 2015 and 2014 were transaction costs of $223 and $1,384 , respectively. The loss on disposal also includes a working capital and other adjustments of $18 for the year ended December 31, 2015. In addition, the loss on disposal included $2,734 in previously deferred foreign currency translation for the year ended December 31, 2014. (C) The assets and liabilities of the Wiring business were reclassified as held for sale effective May 26, 2014. Accordingly, depreciation and amortization for the related Wiring assets were not recorded after that date. (D) Management fees, which had been reported in the Wiring business in prior periods, of $7,482 for the year ended December 31, 2013 have been excluded as they were not directly attributable to the business. (E) Gains and losses from foreign currency remeasurement related to income taxes were included as a component of income tax (expense) benefit. Years ended December 31 2014 2013 Depreciation and amortization $ 2,111 $ 4,978 Capital expenditures 1,238 3,768 |
Property, Plant and Equipment | Property, plant and equipment are recorded at cost and consist of the following: As of December 31 2015 2014 Land and land improvements $ 3,538 $ 4,036 Buildings and improvements 32,904 34,517 Machinery and equipment 160,721 154,204 Office furniture and fixtures 6,541 6,247 Tooling 68,101 67,135 Information technology 24,035 22,132 Vehicles 422 65 Leasehold improvements 2,581 2,207 Construction in progress 23,914 16,933 Total property, plant, and equipment 322,757 307,476 Less: accumulated depreciation (237,493) (222,165) Property, plant and equipment, net $ 85,264 $ 85,311 |
Schedule of Property, Plant and Equipment Estimated Useful Lives | Depreciable lives within each property classification are as follows: Buildings and improvements 10 -40 years Machinery and equipment 3 -10 years Office furniture and fixtures 3 -10 years Tooling 2 -5 years Information technology 3 -5 years Vehicles 3 -5 years Leasehold improvements shorter of lease term or 3-10 years |
Schedule of Goodwill | Goodwill and changes in the carrying amount of goodwill by segment for the year then ended December 31, 2014 was as follows: Control Electronics Devices PST Total Balance at January 1, 2014 $ 604 $ - $ 53,744 $ 54,348 Acquisition of aftermarket business 664 - - 664 Goodwill impairment - (51,458) (51,458) Currency translation (190) - (2,286) (2,476) Balance at December 31, 2014 $ 1,078 - $ - $ 1,078 |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class | Other Intangible Assets Other intangible assets, net at December 31, 2015 and 2014 consisted of the following: Acquisition Accumulated As of December 31, 2015 cost amortization Net Customer lists $ 23,003 $ (6,101) $ 16,902 Tradenames 15,129 (3,043) 12,086 Technology 9,066 (2,336) 6,730 Other 34 (34) - Total $ 47,232 $ (11,514) $ 35,718 Acquisition Accumulated As of December 31, 2014 cost amortization Net Customer lists $ 33,686 $ (6,687) $ 26,999 Tradenames 22,224 (3,338) 18,886 Technology 13,327 (2,575) 10,752 Other 50 (50) - Total $ 69,287 $ (12,650) $ 56,637 |
Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consist of the following: As of December 31 2015 2014 Compensation related liabilities $ 17,878 $ 17,431 Product warranty and recall obligations 4,446 6,397 Other (A) 16,596 18,238 Total accrued expenses and other current liabilities $ 38,920 $ 42,066 (A) “Other” is comprised of miscellaneous accruals, none of which individually contributed a significant portion of the total. |
Schedule of Product Warranty Liability | The following provides a reconciliation of changes in the product warranty and recall reserve: Years ended December 31 2015 2014 Product warranty and recall at beginning of period $ 7,601 $ 6,414 Accruals for products shipped during period 4,609 4,484 Aggregate changes in pre-existing liabilities due to claim developments (156) 692 Settlements made during the period (5,635) (3,989) Product warranty and recall at end of period $ 6,419 $ 7,601 |
Schedule of Weighted-Average Number of Shares | Actual weighted-average Common Shares outstanding used in calculating basic and diluted net income (loss) per share were as follows: Years ended December 31 2015 2014 2013 Basic weighted-average shares outstanding 27,337,954 26,923,809 26,670,501 Effect of dilutive securities 621,208 - 522,984 Diluted weighted-average shares outstanding 27,959,162 26,923,809 27,193,485 |
Changes in Accumulated Other Comprehensive Loss by Component | Changes in accumulated other comprehensive loss for the years ended December 31, 2015 and 2014 were as follows: 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 loss before reclassifications (24,693) (671) (45) (25,409) Amounts reclassified from accumulated other comprehensive loss - 1,060 - 1,060 Net other comprehensive income (loss), net of tax (24,693) 389 (45) (24,349) Balance at December 31, 2015 $ (70,296) $ 390 $ 84 $ (69,822) Balance at January 1, 2014 $ (30,335) $ (111) $ (12) $ (30,458) Other comprehensive loss before reclassifications (18,002) (454) - (18,456) Amounts reclassified from accumulated other comprehensive loss 2,734 566 141 3,441 Net other comprehensive income (loss), net of tax (15,268) 112 141 (15,015) Balance at December 31, 2014 $ (45,603) $ 1 $ 129 $ (45,473) |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt [Abstract] | |
Schedule of Debt | Interest rates at December 31, December 31, December 31, 2015 2014 2015 Maturity Revolving Credit Facility Credit facility $ 100,000 $ 100,000 1.86% September 2019 Debt PST short-term obligations 11,556 11,249 5.5% - 19.31% 2016 PST long-term notes 6,428 16,770 6.17% - 8.0% 2016 - 2021 Suzhou note - 1,450 N/A April 2015 Other 379 837 Total debt 18,363 30,306 Less: current portion (13,905) (19,655) Total long-term debt, net $ 4,458 $ 10,651 |
Future Maturities of Long-Term Debt | At December 31, 2015, the future maturities of debt were as follows: Year ended December 31 2016 $ 13,905 2017 1,873 2018 986 2019 100,965 2020 331 Thereafter 303 Total $ 118,363 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The income tax expense (benefit) included in the accompanying consolidated statement of operations represents federal, state and foreign income taxes. The components of income (loss) before income taxes and the expense (benefit) for income taxes consist of the following: Years ended December 31 2015 2014 2013 Income (loss) before income taxes: Domestic $ 22,959 $ 1,635 $ 5,7 7 1 Foreign (2,729) (54,695) 17,555 Total income (loss) before income taxes $ 20,230 $ (53,060) $ 23,326 Provision for income taxes: Current: Federal $ 386 $ - $ - State and foreign 1,232 1,382 5,878 Total current expense 1,618 1,382 5,878 Deferred: Federal - - - State and foreign (2,165) (3,238) (3,081) Total deferred benefit (2,165) (3,238) (3,081) Total income tax expense (benefit) $ (547) $ (1,856) $ 2,797 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the Company’s effective income tax rate to the statutory federal tax rate is as follows: Years ended December 31 2015 2014 2013 Statutory U.S. federal income tax rate 35.0 % (35.0) % 35.0 % State income taxes, net of federal tax benefit 0.2 - 2.4 Tax credits (2.8) (1.3) (3.5) Foreign tax rate differential (3.3) 0.2 (9.5) Reduction (increase) of income tax accruals (0.5) 0.2 (1.1) Tax on foreign dividends, net of foreign tax credits - (0.1) (8.1) Reduction of deferred taxes 5.5 - 0.6 Valuation allowances (36.0) (2.1) (6.2) Loss of domestic flow-through entity not attributable to Stoneridge, Inc. - 33.9 - Non-deductible compensation (1.5) 1.0 3.0 Other 0.7 (0.3) (0.6) Effective income tax rate (2.7) % (3.5) % 12.0 % |
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities were as follows: As of December 31 2015 2014 Deferred tax assets: Inventories $ 2,108 $ 2,009 Employee compensation and benefits 3,902 3,675 Insurance 281 387 Depreciation and amortization 1,297 1,013 Net operating loss carryforwards 39,846 48,166 General business credit carryforwards 12,990 12,697 Other reserves 5,643 7,493 Gross deferred tax assets 66,067 75,440 Less: Valuation allowance (59,391) (67,907) Deferred tax assets less valuation allowance 6,676 7,533 Deferred tax liabilities: Depreciation and amortization (13,282) (20,910) Basis difference - equity investee (31,016) (31,016) Other (1,074) (976) Gross deferred tax liabilities (45,372) (52,902) Net deferred tax liability $ (38,696) $ (45,369) |
Summary of Income Tax Contingencies | The following is a reconciliation of the Company’s total gross unrecognized tax benefits: 2015 2014 2013 Balance as of January 1 $ 3,888 $ 3,624 $ 3,416 Tax positions related to the current year: Additions 201 217 217 Tax positions related to the prior years: Additions 523 168 216 Reductions - - (71) Expirations of statutes of limitation (308) (121) (154) Balance as of December 31 $ 4,304 $ 3,888 $ 3,624 |
Schedule of Tax Years Open for Examination | The following table summarizes the open tax years for each important jurisdiction: Jurisdiction Open Tax Years U.S. Federal 2012 -2015 Brazil 2010 -2015 China 2012 -2015 France 2011 -2015 Mexico 2011 -2015 Spain 2011 -2015 Sweden 2010 -2015 United Kingdom 2011 -2015 |
Operating Lease Commitments (Ta
Operating Lease Commitments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Operating Lease Commitments [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | Year ended December 31 2016 $ 4,436 2017 3,834 2018 3,178 2019 2,725 2020 2,097 Thereafter 4,881 Total $ 21,151 |
Share-Based Compensation Plans
Share-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Share-Based Compensation Plans [Abstract] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | A summary of the status of the Company’s non-vested restricted Common Shares and right to receive Common Shares as of December 31, 2015 and the changes during the year then ended, are presented below: Time-based awards Performance-based awards Weighted- Weighted- Common average grant- Common average grant- Shares date fair value Shares date fair value Non-vested as of December 31, 2014 1,087,020 $ 8.69 841,050 $ 10.33 Granted 278,451 $ 11.41 335,835 $ 11.21 Vested (615,322) $ 8.96 (126,642) $ 10.74 Forfeited (18,908) $ 10.78 (337,758) $ 10.26 Non-vested as of December 31, 2015 731,241 $ 9.45 712,485 $ 10.70 |
Financial Instruments and Fai28
Financial Instruments and Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 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 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 December 31, December 31, December 31, 2015 2014 2015 2014 2015 2014 Derivatives designated as hedging instruments Cash Flow Hedges: Forward currency contracts $22,208 $26,266 $474 $479 $84 $478 Derivatives not designated as hedging instruments Forward currency contracts $1,647 $3,523 $ - $ - $9 $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 loss in shareholders’ equity and in net income (loss) for the years ended December 31 were as follows: Gain (loss) reclassified from Gain (loss) recorded in other other comprehensive loss comprehensive loss into net income (loss) 2015 2014 2013 2015 2014 2013 Derivatives designated as cash flow hedges: Forward currency contracts $ (671) $ (46) $ 683 $ (1,060) $ (310) $ 2,746 Fixed price commodity contracts - (408) (1,008) - (256) (820) Total derivatives designated as cash flow hedges $ (671) $ (454) $ (325) $ (1,060) $ (566) $ 1,926 |
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 fair value hierarchy. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. December 31, December 31, 2015 2014 Fair value estimated using Fair value Level 1 inputs (A) Level 2 inputs (B) Level 3 inputs (C) Fair value Financial assets carried at fair value: Forward currency contracts $ 474 $ - $ 474 $ - $ 479 Total financial assets carried at fair value $ 474 $ - $ 474 $ - $ 479 Financial liabilities carried at fair value: Forward currency contracts $ - $ - $ - $ - $ 491 Fixed price commodity contracts 93 - 93 - 69 Total financial liabilities carried at fair value $ 93 $ - $ 93 $ - $ 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 fair value estimates using Level 1 inputs at December 31, 2015 or 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 contracts, 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 December 31, 2015 or 2014. |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring [Abstract] | |
Schedule of Restructuring and Related Costs | The expenses for the restructuring activities that relate to the Electronics reportable segment include the following: 2015 2014 2013 Accrued balance at January 1 $ 733 $ 780 $ 765 Charge to expense 183 494 469 Foreign currency translation 3 (45) 24 Cash payments (461) (496) (478) Accrued balance at December 31 $ 458 $ 733 $ 780 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | A summary of financial information by reportable segment is as follows: Years ended December 31 2015 2014 2013 Net Sales: Control Devices $ 333,010 $ 306,658 $ 291,145 Inter-segment sales 2,055 3,080 2,875 Control Devices net sales 335,065 309,738 294,020 Electronics 216,544 214,141 189,809 Inter-segment sales 22,904 35,163 41,137 Electronics net sales 239,448 249,304 230,946 PST 95,258 139,780 178,532 Inter-segment sales - - - PST net sales 95,258 139,780 178,532 Eliminations (24,959) (38,243) (44,012) Total net sales $ 644,812 $ 660,579 $ 659,486 Operating Income (Loss): Control Devices $ 44,690 $ 35,387 $ 32,331 Electronics 13,784 17,444 20,732 PST (A) (7,542) (59,587) 7,211 Unallocated Corporate (B) (23,117) (19,067) (17,871) Total operating income (loss) $ 27,815 $ (25,823) $ 42,403 Depreciation and Amortization: Control Devices $ 9,125 $ 9,545 $ 9,877 Electronics 3,666 4,432 4,800 PST 9,272 12,998 14,426 Corporate 211 130 183 Total depreciation and amortization (C) $ 22,274 $ 27,105 $ 29,286 Interest Expense, net: Control Devices $ 326 $ 303 $ 182 Electronics 161 695 760 PST 2,957 2,764 1,174 Corporate 2,921 13,118 15,980 Total interest expense, net $ 6,365 $ 16,880 $ 18,096 Capital Expenditures: Control Devices $ 15,094 $ 13,658 $ 9,906 Electronics 6,538 3,541 4,667 PST 5,889 6,161 6,663 Corporate 1,214 156 340 Total capital expenditures $ 28,735 $ 23,516 $ 21,576 December 31, December 31, 2015 2014 Total Assets: Control Devices $ 127,649 $ 115,703 Electronics 97,443 95,140 PST 100,143 159,980 Corporate (D) 288,806 279,013 Eliminations (249,789) (251,085) Total assets $ 364,252 $ 398,751 (A) The PST operating loss for the year ended December 31, 2014 includes a goodwill impairment charge of $51,458 . (B) Unallocated Corporate expenses include, among other items, accounting, finance, legal, information technology costs as well as share-based compensation. (C) These amounts represent depreciation and amortization on property, plant and equipment and certain intangible assets. (D) Corporate a ssets 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 the geographic areas in which the Company operates: Years ended December 31 2015 2014 2013 Net Sales: North America $ 369,032 $ 330,516 $ 301,592 South America 95,258 139,780 178,532 Europe and Other 180,522 190,283 179,362 Total net sales $ 644,812 $ 660,579 $ 659,486 As of December 31 2015 2014 Long-term Assets: North America $ 60,099 $ 53,406 South America 56,943 85,433 Europe and Other 15,301 14,401 Total long-term assets $ 132,343 $ 153,240 |
Unaudited Quarterly Financial31
Unaudited Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Unaudited Quarterly Financial Data [Abstract] | |
Schedule of Quarterly Financial Information | The following is a summary of quarterly results of operations: Quarter ended 2015 December 31 September 30 June 30 March 31 Net sales $ 154,641 $ 162,057 $ 165,289 $ 162,825 Gross profit 42,239 45,145 45,946 43,648 Operating income 8,327 8,947 7,415 3,126 Income tax expense (benefit) from continuing operations (345) 32 (381) 147 Income from continuing operations 4,935 7,411 6,328 2,103 Income (loss) from discontinued operations (D) 16 (113) 55 (168) Net income 4,951 7,298 6,383 1,935 Net loss attributable to noncontrolling interests (1,133) (69) (596) (409) Net income attributable to Stoneridge, Inc. $ 6,084 $ 7,367 $ 6,979 $ 2,344 Earnings per share from continuing operations attributable to Stoneridge, Inc.: Basic (A) $ 0.22 $ 0.27 $ 0.26 $ 0.10 Diluted (A) $ 0.22 $ 0.27 $ 0.25 $ 0.09 Earnings (loss) per share attributable to discontinued operations: Basic (A) $ 0.00 $ (0.01) $ 0.00 $ (0.01) Diluted (A) $ 0.00 $ (0.01) $ 0.00 $ (0.01) Earnings per share attributable to Stoneridge, Inc.: Basic (A) $ 0.22 $ 0.26 $ 0.26 $ 0.09 Diluted (A) $ 0.22 $ 0.26 $ 0.25 $ 0.08 Quarter ended 2014 December 31 September 30 June 30 March 31 Net sales $ 166,811 $ 170,338 $ 162,099 $ 161,331 Gross profit 44,901 49,550 48,285 48,138 Operating income (loss) (B) (22,795) 13,759 (23,221) 6,434 Income tax expense (benefit) from continuing operations (1,066) (1,174) 90 294 Income (loss) from continuing operations (C) (31,306) 9,138 (28,569) (467) Income (loss) from discontinued operations (D) (1,692) (8,108) (544) 957 Net income (loss) (B) (C) (32,998) 1,030 (29,113) 490 Net income (loss) attributable to noncontrolling interests (B) (6,444) 1,160 (7,221) (978) Net income (loss) attributable to Stoneridge, Inc. (B) (C) $ (26,554) $ (130) $ (21,892) $ 1,468 Earnings (loss) per share from continuing operations attributable to Stoneridge, Inc.: Basic (A) $ (0.92) $ 0.30 $ (0.79) $ 0.02 Diluted (A) $ (0.92) $ 0.29 $ (0.79) $ 0.02 Earnings (loss) per share attributable to discontinued operations: Basic (A) $ (0.07) $ (0.30) $ (0.02) $ 0.03 Diluted (A) $ (0.07) $ (0.29) $ (0.02) $ 0.03 Earnings (loss) per share attributable to Stoneridge, Inc.: Basic (A) $ (0.99) $ 0.00 $ (0.81) $ 0.05 Diluted (A) $ (0.99) $ 0.00 $ (0.81) $ 0.05 (A) Earnings per share for the year may not equal the sum of the four historical quarters earnings per share due to changes in weighted-average basic and diluted shares outstanding. (B) Goodwill impairment charge (benefit) of $29,300 , $(5,802) , and $27,960 related to the PST segment was recorded for the quarters ended June 30, 2014, September 30, 2014 and December 31, 2014, respectively, of which $6,436 , $(1,274) and $6,142, respectively, was attributable to noncontrolling interest. (C) In addition to the PST goodwill impairment amounts in item (B) herein, a loss on early extinguishment of debt of $920 and $9,687 was recorded for the quarters ended September 30, 2014 and December 31, 2014, respectively. (D) A gain (loss) on disposal of the Wiring business was recorded for $(168) , $55 , $(113) and $16 for the quarters ended March 31, 2015, June 30, 2015, September 30, 2015 and December 31, 2015, respectively. In addition, a loss on disposal of the Wiring business was recorded for $1,138 , $6,548 and $890 for the quarters ended June 30, 2014, September 30, 2014 and December 31, 2014, respectively. |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Narrative) (Details) $ / shares in Units, BRL in Thousands, $ in Thousands | Aug. 01, 2014USD ($) | May. 26, 2014USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2014USD ($) | Jul. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2015BRLshares | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($)$ / sharesshares | Dec. 31, 2011 | Dec. 31, 2015USD ($) | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | Oct. 18, 2014USD ($) | Dec. 31, 2013USD ($)$ / sharesshares | Dec. 31, 2010 | ||||||
Accounting Policy [Line Items] | ||||||||||||||||||||||||||||||
Depreciation expense | $ 18,829 | $ 22,299 | $ 24,099 | |||||||||||||||||||||||||||
Impairment of intangible assets | 0 | 0 | 0 | |||||||||||||||||||||||||||
Loss on disposal, net of tax | $ 16 | $ (113) | $ 55 | $ (168) | $ (890) | $ (6,548) | $ (1,138) | (210) | (8,576) | |||||||||||||||||||||
Dividend from noncontrolling interest | 212 | |||||||||||||||||||||||||||||
Less: income (loss) attributable to noncontrolling interest | (1,133) | (69) | (596) | (409) | (6,444) | [1] | 1,160 | [1] | (7,221) | [1] | $ (978) | [1] | (2,207) | (13,483) | 1,377 | |||||||||||||||
Preproduction costs related to long-term supply arrangements, costs capitalized | $ 9,405 | $ 10,067 | ||||||||||||||||||||||||||||
Proceeds from (payments related to) sale of Wiring business | (1,230) | 71,386 | ||||||||||||||||||||||||||||
Goodwill impairment charge (benefit) | 51,458 | |||||||||||||||||||||||||||||
Acquisition of business | 664 | |||||||||||||||||||||||||||||
Goodwill | 1,078 | $ 1,078 | 1,078 | 54,348 | 1,078 | $ 54,348 | ||||||||||||||||||||||||
Currency translation | (2,476) | |||||||||||||||||||||||||||||
Goodwill, ending balance | 1,078 | 1,078 | 1,078 | 54,348 | ||||||||||||||||||||||||||
Intangible assets, net | 35,718 | 56,637 | ||||||||||||||||||||||||||||
Amortization | $ 3,445 | 4,784 | 5,187 | |||||||||||||||||||||||||||
Amortization expense next year | 3,000 | |||||||||||||||||||||||||||||
Amortization expense year two | 3,000 | |||||||||||||||||||||||||||||
Amortization expense year three | 3,000 | |||||||||||||||||||||||||||||
Amortization expense year four | 3,000 | |||||||||||||||||||||||||||||
Amortization expense year five | 3,000 | |||||||||||||||||||||||||||||
Amortization expense year six | 3,000 | |||||||||||||||||||||||||||||
Intangible assets, weighted-average remaining amortization period, years | 13 years | 13 years | ||||||||||||||||||||||||||||
Valuation allowance | 59,391 | 67,907 | ||||||||||||||||||||||||||||
Research and development expense | $ 38,792 | $ 41,609 | $ 40,372 | |||||||||||||||||||||||||||
Research and development expense percentage | 6.00% | 6.00% | 6.30% | 6.10% | ||||||||||||||||||||||||||
Research and development expense reimbursed | $ 9,659 | $ 12,319 | $ 16,982 | |||||||||||||||||||||||||||
Share-based compensation expense | 7,224 | 5,406 | 4,974 | |||||||||||||||||||||||||||
Share-based compensation expense capitalized as inventory | 0 | 0 | 0 | |||||||||||||||||||||||||||
Share-based compensation vested in period, fair value | 9,101 | 3,509 | 2,177 | |||||||||||||||||||||||||||
Antidilutive securities excluded from computation of earnings per share, average price per share | $ / shares | $ 15.73 | |||||||||||||||||||||||||||||
Amortization of financing costs | 388 | 850 | 908 | |||||||||||||||||||||||||||
Deferred financing costs, net | 1,428 | 1,767 | $ 597 | |||||||||||||||||||||||||||
Accumulated goodwill | 300,083 | 300,083 | ||||||||||||||||||||||||||||
Goodwill impairment loss (gain) attributable to noncontrolling interest | 6,142 | |||||||||||||||||||||||||||||
Product warranty and recall accrual | 1,973 | 1,204 | ||||||||||||||||||||||||||||
Inventory amount, FIFO | 35,378 | 34,636 | ||||||||||||||||||||||||||||
Inventory amount, weighted average cost | 25,631 | 36,617 | ||||||||||||||||||||||||||||
Foreign currency transaction gain (loss) | (1,693) | (1,212) | (2,109) | |||||||||||||||||||||||||||
Sales | 154,641 | $ 162,057 | $ 165,289 | $ 162,825 | 166,811 | 170,338 | 162,099 | $ 161,331 | 644,812 | 660,579 | 659,486 | |||||||||||||||||||
Cost of sales | 467,834 | 469,705 | 453,531 | |||||||||||||||||||||||||||
Selling, General and Administrative Expenses [Member] | ||||||||||||||||||||||||||||||
Accounting Policy [Line Items] | ||||||||||||||||||||||||||||||
Share-based compensation expense | 7,224 | 5,406 | 4,974 | |||||||||||||||||||||||||||
CEO Retirement Additional Expense [Member] | Selling, General and Administrative Expenses [Member] | ||||||||||||||||||||||||||||||
Accounting Policy [Line Items] | ||||||||||||||||||||||||||||||
Additional stock compensation expense in connection with retirement of former President and CEO | 2,225 | |||||||||||||||||||||||||||||
Noncontrolling Interest [Member] | ||||||||||||||||||||||||||||||
Accounting Policy [Line Items] | ||||||||||||||||||||||||||||||
Dividend from noncontrolling interest | 212 | |||||||||||||||||||||||||||||
Less: income (loss) attributable to noncontrolling interest | (2,207) | (13,483) | 1,377 | |||||||||||||||||||||||||||
Electronics [Member] | ||||||||||||||||||||||||||||||
Accounting Policy [Line Items] | ||||||||||||||||||||||||||||||
Acquisition of business | 664 | |||||||||||||||||||||||||||||
Goodwill | 981 | 1,078 | 1,078 | 981 | 1,078 | 604 | $ 981 | 981 | $ 1,078 | $ 604 | ||||||||||||||||||||
Currency translation | (97) | (190) | ||||||||||||||||||||||||||||
Goodwill, ending balance | $ 981 | 1,078 | $ 1,078 | 981 | 1,078 | 604 | $ 981 | |||||||||||||||||||||||
Wiring [Member] | ||||||||||||||||||||||||||||||
Accounting Policy [Line Items] | ||||||||||||||||||||||||||||||
Predisposition intercompany sales | $ 17,448 | |||||||||||||||||||||||||||||
Predisposition intercompany purchases | $ 4,025 | |||||||||||||||||||||||||||||
PST [Member] | ||||||||||||||||||||||||||||||
Accounting Policy [Line Items] | ||||||||||||||||||||||||||||||
Accounts receivable sold | BRL 24,994 | 6,401 | ||||||||||||||||||||||||||||
Gain (loss) on sale of accounts receivable | (540) | (156) | ||||||||||||||||||||||||||||
Proceeds from sale of accounts receivable | 24,454 | 6,245 | ||||||||||||||||||||||||||||
Remaining credit exposure | BRL 10,376 | $ 2,657 | ||||||||||||||||||||||||||||
Goodwill impairment charge (benefit) | $ 27,960 | (5,802) | 29,300 | $ 23,498 | $ 51,458 | |||||||||||||||||||||||||
Goodwill | 53,744 | $ 53,744 | ||||||||||||||||||||||||||||
Currency translation | $ (2,286) | |||||||||||||||||||||||||||||
Goodwill, ending balance | $ 53,744 | |||||||||||||||||||||||||||||
Goodwill impairment loss (gain) attributable to noncontrolling interest | $ 6,142 | $ (1,274) | $ 6,436 | $ 5,162 | $ 11,304 | |||||||||||||||||||||||||
Senior Notes [Member] | ||||||||||||||||||||||||||||||
Accounting Policy [Line Items] | ||||||||||||||||||||||||||||||
Debt instrument, unamortized discount, percentage | 2.50% | |||||||||||||||||||||||||||||
Debt instrument, interest rate, effective percentage | 10.00% | |||||||||||||||||||||||||||||
Equity Option [Member] | ||||||||||||||||||||||||||||||
Accounting Policy [Line Items] | ||||||||||||||||||||||||||||||
Antidilutive shares outstanding weighted average exercise price | $ / shares | $ 15.73 | |||||||||||||||||||||||||||||
Antidilutive securities excluded from computation of earnings per share | shares | 20,000 | |||||||||||||||||||||||||||||
Long Term Cash Incentive Plan [Member] | ||||||||||||||||||||||||||||||
Accounting Policy [Line Items] | ||||||||||||||||||||||||||||||
Share-based compensation expense | 828 | 243 | $ 155 | |||||||||||||||||||||||||||
Performance Based Restricted Common Shares [Member] | ||||||||||||||||||||||||||||||
Accounting Policy [Line Items] | ||||||||||||||||||||||||||||||
Common shares, non-vested | shares | 134,250 | 134,250 | 466,650 | 663,750 | ||||||||||||||||||||||||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, number | shares | 134,250 | 134,250 | 466,650 | 663,750 | ||||||||||||||||||||||||||
Performance Based Right to Received Common Shares [Member] | ||||||||||||||||||||||||||||||
Accounting Policy [Line Items] | ||||||||||||||||||||||||||||||
Common shares, non-vested | shares | 573,885 | 573,885 | 374,400 | |||||||||||||||||||||||||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, number | shares | 573,885 | 573,885 | 374,400 | |||||||||||||||||||||||||||
Customer Lists [Member] | ||||||||||||||||||||||||||||||
Accounting Policy [Line Items] | ||||||||||||||||||||||||||||||
Intangible assets, net | $ 16,902 | $ 26,999 | ||||||||||||||||||||||||||||
Customer Lists [Member] | PST [Member] | ||||||||||||||||||||||||||||||
Accounting Policy [Line Items] | ||||||||||||||||||||||||||||||
Intangible assets, net | 16,602 | |||||||||||||||||||||||||||||
Trademarks [Member] | ||||||||||||||||||||||||||||||
Accounting Policy [Line Items] | ||||||||||||||||||||||||||||||
Intangible assets, net | 12,086 | $ 18,886 | ||||||||||||||||||||||||||||
Trademarks [Member] | PST [Member] | ||||||||||||||||||||||||||||||
Accounting Policy [Line Items] | ||||||||||||||||||||||||||||||
Intangible assets, net | 12,067 | |||||||||||||||||||||||||||||
Developed Technology Rights [Member] | PST [Member] | ||||||||||||||||||||||||||||||
Accounting Policy [Line Items] | ||||||||||||||||||||||||||||||
Intangible assets, net | $ 6,730 | |||||||||||||||||||||||||||||
PST Eletronicaltda [Member] | ||||||||||||||||||||||||||||||
Accounting Policy [Line Items] | ||||||||||||||||||||||||||||||
Equity method investment, ownership percentage | 50.00% | |||||||||||||||||||||||||||||
Percentage ownership in consolidated subsidiary | 74.00% | |||||||||||||||||||||||||||||
Increase in equity method investment, ownership percentage | 24.00% | |||||||||||||||||||||||||||||
Noncontroling interest increase (decrease) | (9,240) | (16,990) | (4,541) | |||||||||||||||||||||||||||
Unfavorable change in foreign currency translation | 7,033 | 3,507 | 5,706 | |||||||||||||||||||||||||||
Dividend from noncontrolling interest | (212) | |||||||||||||||||||||||||||||
Less: income (loss) attributable to noncontrolling interest | $ (2,207) | (13,483) | 1,377 | |||||||||||||||||||||||||||
Minda Stoneridge Instruments Ltd [Member] | ||||||||||||||||||||||||||||||
Accounting Policy [Line Items] | ||||||||||||||||||||||||||||||
Equity method investment, ownership percentage | 49.00% | 49.00% | 49.00% | 49.00% | ||||||||||||||||||||||||||
Equity method investments | $ 6,929 | $ 6,653 | ||||||||||||||||||||||||||||
Maximum [Member] | ||||||||||||||||||||||||||||||
Accounting Policy [Line Items] | ||||||||||||||||||||||||||||||
Property, plant and equipment, useful life | 5 years | 5 years | ||||||||||||||||||||||||||||
Minimum [Member] | ||||||||||||||||||||||||||||||
Accounting Policy [Line Items] | ||||||||||||||||||||||||||||||
Property, plant and equipment, useful life | 3 years | 3 years | ||||||||||||||||||||||||||||
Wiring [Member] | ||||||||||||||||||||||||||||||
Accounting Policy [Line Items] | ||||||||||||||||||||||||||||||
Loss on disposal, net of tax | $ (210) | (8,576) | [2] | |||||||||||||||||||||||||||
Deferred foreign currency translation on disposal | 2,734 | |||||||||||||||||||||||||||||
Income tax provision on loss on disposal | [3] | (31) | 1,621 | [2] | ||||||||||||||||||||||||||
Transaction costs related to Wiring sale | 223 | 1,384 | ||||||||||||||||||||||||||||
Post-disposition purchases from Wiring | $ 269 | 689 | ||||||||||||||||||||||||||||
Post-disposition sales to Wiring | 12,230 | 26,952 | ||||||||||||||||||||||||||||
Proceeds from (payments related to) sale of Wiring business | $ 71,386 | |||||||||||||||||||||||||||||
Preliminary sales price | $ 65,700 | |||||||||||||||||||||||||||||
Post-disposition sales to Wiring | 12,230 | 26,952 | ||||||||||||||||||||||||||||
Post-disposition purchases from Wiring | $ 269 | $ 689 | ||||||||||||||||||||||||||||
Predisposition intercompany sales | 25,353 | |||||||||||||||||||||||||||||
Predisposition intercompany purchases | 7,593 | |||||||||||||||||||||||||||||
Sales | 167,434 | [2] | 288,344 | |||||||||||||||||||||||||||
Cost of sales | [4] | $ 154,787 | [2] | $ 268,278 | ||||||||||||||||||||||||||
[1] | Goodwill impairment charge (benefit) of $29,300, $(5,802), and $27,960 related to the PST segment was recorded for the quarters ended June 30, 2014, September 30, 2014 and December 31, 2014, respectively, of which $6,436, $(1,274) and $6,142, respectively, was attributable to noncontrolling interest. | |||||||||||||||||||||||||||||
[2] | The operations of the Wiring business were presented only for the seven months ended July 31, 2014 as the sale was completed on August 1, 2014. | |||||||||||||||||||||||||||||
[3] | Gains and losses from foreign currency remeasurement related to income taxes were included as a component of income tax (expense) benefit. | |||||||||||||||||||||||||||||
[4] | The assets and liabilities of the Wiring business were reclassified as held for sale effective May 26, 2014. Accordingly, depreciation and amortization for the related Wiring assets were not recorded after that date. |
Summary of Significant Accoun33
Summary of Significant Accounting Policies (Schedule of Accounts Receivable and Concentration of Credit Risk) (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Ford Motor Company [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Sales Revenue, Goods, Net, Percentage | 14.00% | 11.00% | 10.00% |
Scania Group [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Sales Revenue, Goods, Net, Percentage | 7.00% | 8.00% | 8.00% |
Summary of Significant Accoun34
Summary of Significant Accounting Policies (Schedule of Inventory, Current) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Summary of Significant Accounting Policies [Abstract] | ||
Raw materials | $ 36,021 | $ 41,767 |
Work-in-progress | 7,162 | 8,779 |
Finished goods | 17,826 | 20,707 |
Total inventories, net | $ 61,009 | $ 71,253 |
Summary of Significant Accoun35
Summary of Significant Accounting Policies (Statements of Operations for Discontinued Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 5 Months Ended | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||
Net sales | $ 154,641 | $ 162,057 | $ 165,289 | $ 162,825 | $ 166,811 | $ 170,338 | $ 162,099 | $ 161,331 | $ 644,812 | $ 660,579 | $ 659,486 | |||||||||||
Cost of goods sold | 467,834 | 469,705 | 453,531 | |||||||||||||||||||
Selling, general and administrative | 110,371 | 123,630 | 123,180 | |||||||||||||||||||
Interest expense, net | 6,365 | 16,880 | 18,096 | |||||||||||||||||||
Other expense (income), net | 1,828 | 565 | 1,457 | |||||||||||||||||||
Income (loss) from discontinued operations, net of tax | (811) | (4,021) | ||||||||||||||||||||
Loss on disposal, net of tax | 16 | (113) | 55 | (168) | (890) | (6,548) | (1,138) | (210) | (8,576) | |||||||||||||
Income (loss) from discontinued operations | 16 | [1] | $ (113) | [1] | $ 55 | [1] | $ (168) | [1] | $ (1,692) | [1] | $ (8,108) | [1] | $ (544) | [1] | $ 957 | [1] | (210) | (9,387) | (4,021) | |||
Wiring [Member] | ||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||
Post-disposition purchases from Wiring | $ 269 | 689 | ||||||||||||||||||||
Post-disposition sales to Wiring | $ 12,230 | 26,952 | ||||||||||||||||||||
Return of Wiring business cash | 1,230 | 1,230 | ||||||||||||||||||||
Net sales | 167,434 | [2] | 288,344 | |||||||||||||||||||
Cost of goods sold | [3] | 154,787 | [2] | 268,278 | ||||||||||||||||||
Selling, general and administrative | [3] | 12,697 | [2] | 22,765 | ||||||||||||||||||
Interest expense, net | 69 | [2] | 250 | |||||||||||||||||||
Other expense (income), net | (58) | [2] | (357) | |||||||||||||||||||
Income (loss) from operations of discontinued operations before income taxes | [3],[4] | (61) | [2] | (2,592) | ||||||||||||||||||
Income tax provision on discontinued operations | (750) | [2] | (1,429) | |||||||||||||||||||
Income (loss) from discontinued operations, net of tax | (811) | [2] | (4,021) | |||||||||||||||||||
Loss on disposal | [5] | (241) | (6,955) | [2] | ||||||||||||||||||
Income tax provision on loss on disposal | [6] | 31 | (1,621) | [2] | ||||||||||||||||||
Loss on disposal, net of tax | (210) | (8,576) | [2] | |||||||||||||||||||
Income (loss) from discontinued operations | (210) | (9,387) | [2] | (4,021) | ||||||||||||||||||
Transaction costs related to Wiring sale | 223 | 1,384 | ||||||||||||||||||||
Working capital adjustment | $ 18 | $ 18 | ||||||||||||||||||||
Management fees | $ 7,482 | |||||||||||||||||||||
Deferred foreign currency translation on disposal | $ 2,734 | |||||||||||||||||||||
[1] | A gain (loss) on disposal of the Wiring business was recorded for $(168), $55, $(113) and $16 for the quarters ended March 31, 2015, June 30, 2015, September 30, 2015 and December 31, 2015, respectively. In addition, a loss on disposal of the Wiring business was recorded for $1,138, $6,548 and $890 for the quarters ended June 30, 2014, September 30, 2014 and December 31, 2014, respectively. | |||||||||||||||||||||
[2] | The operations of the Wiring business were presented only for the seven months ended July 31, 2014 as the sale was completed on August 1, 2014. | |||||||||||||||||||||
[3] | The assets and liabilities of the Wiring business were reclassified as held for sale effective May 26, 2014. Accordingly, depreciation and amortization for the related Wiring assets were not recorded after that date. | |||||||||||||||||||||
[4] | Management fees, which had been reported in the Wiring business in prior periods, of $7,482 for the year ended December 31, 2013 have been excluded as they were not directly attributable to the business. | |||||||||||||||||||||
[5] | Included in loss on disposal for the years ended December 31, 2015 and 2014 were transaction costs of $223 and $1,384, respectively. The loss on disposal also includes a working capital and other adjustments of $18 for the year ended December 31, 2015. In addition, the loss on disposal included $2,734 in previously deferred foreign currency translation for the year ended December 31, 2014. | |||||||||||||||||||||
[6] | Gains and losses from foreign currency remeasurement related to income taxes were included as a component of income tax (expense) benefit. |
Summary of Significant Accoun36
Summary of Significant Accounting Policies (Depreciation, Amortization, and Capital Expenditures of Discontinued Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Capital expenditures | $ 28,735 | $ 24,754 | $ 25,344 |
Wiring [Member] | |||
Depreciation and amortization | 2,111 | 4,978 | |
Capital expenditures | $ 1,238 | $ 3,768 |
Summary of Significant Accoun37
Summary of Significant Accounting Policies (Property Plant and Equipment Net) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Total property, plant, and equipment | $ 322,757 | $ 307,476 |
Less: accumulated depreciation | (237,493) | (222,165) |
Property, Plant and Equipment, Net, Total | 85,264 | 85,311 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant, and equipment | 3,538 | 4,036 |
Building and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant, and equipment | 32,904 | 34,517 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant, and equipment | 160,721 | 154,204 |
Office Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant, and equipment | 6,541 | 6,247 |
Tooling [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant, and equipment | 68,101 | 67,135 |
Information Technology [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant, and equipment | 24,035 | 22,132 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant, and equipment | 422 | 65 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant, and equipment | 2,581 | 2,207 |
Construction In Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant, and equipment | $ 23,914 | $ 16,933 |
Summary of Significant Accoun38
Summary of Significant Accounting Policies (Property, Plant and Equipment) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Building and Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Building and Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 40 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Office Furniture and Fixtures [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Office Furniture and Fixtures [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Tooling [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 2 years |
Tooling [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Information Technology [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Information Technology [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Vehicles [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Vehicles [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | shorter of lease term or 3-10 years |
Summary of Significant Accoun39
Summary of Significant Accounting Policies (Schedule of Goodwill) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | ||||||
Goodwill, beginning balance | $ 54,348 | $ 1,078 | $ 54,348 | |||
Acquisition of business | 664 | |||||
Goodwill impairment charge (benefit) | (51,458) | |||||
Currency translation | (2,476) | |||||
Goodwill, ending balance | $ 1,078 | 1,078 | ||||
Electronics [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Goodwill, beginning balance | $ 604 | 1,078 | 604 | |||
Acquisition of business | 664 | |||||
Currency translation | (97) | (190) | ||||
Goodwill, ending balance | $ 1,078 | $ 981 | $ 1,078 | |||
Control Devices [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Goodwill, beginning balance | ||||||
Currency translation | ||||||
Goodwill, ending balance | ||||||
PST [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Goodwill, beginning balance | $ 53,744 | $ 53,744 | ||||
Goodwill impairment charge (benefit) | $ (27,960) | $ 5,802 | $ (29,300) | $ (23,498) | (51,458) | |
Currency translation | $ (2,286) | |||||
Goodwill, ending balance |
Summary of Significant Accoun40
Summary of Significant Accounting Policies (Schedule of Acquired Finite-Lived Intangible Assets by Major Class) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquisition cost | $ 47,232 | $ 69,287 |
Accumulated amortization | (11,514) | (12,650) |
Intangible Assets, Net (Excluding Goodwill), Total | 35,718 | 56,637 |
Customer Lists [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquisition cost | 23,003 | 33,686 |
Accumulated amortization | (6,101) | (6,687) |
Intangible Assets, Net (Excluding Goodwill), Total | 16,902 | 26,999 |
Trademarks [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquisition cost | 15,129 | 22,224 |
Accumulated amortization | (3,043) | (3,338) |
Intangible Assets, Net (Excluding Goodwill), Total | 12,086 | 18,886 |
Technology [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquisition cost | 9,066 | 13,327 |
Accumulated amortization | (2,336) | (2,575) |
Intangible Assets, Net (Excluding Goodwill), Total | 6,730 | 10,752 |
Other Intangible Assets [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquisition cost | 34 | 50 |
Accumulated amortization | $ (34) | $ (50) |
Intangible Assets, Net (Excluding Goodwill), Total |
Summary of Significant Accoun41
Summary of Significant Accounting Policies (Accrued Expenses and Other Current Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Summary of Significant Accounting Policies [Abstract] | |||
Compensation related reserves | $ 17,878 | $ 17,431 | |
Product warranty and recall obligations | 4,446 | 6,397 | |
Other | [1] | 16,596 | 18,238 |
Total accrued expenses and other current liabilities | $ 38,920 | $ 42,066 | |
[1] | "Other" is comprised of miscellaneous accruals, none of which individually contributed a significant portion of the total. |
Summary of Significant Accoun42
Summary of Significant Accounting Policies (Schedule of Product Warranty Liability) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Summary of Significant Accounting Policies [Abstract] | ||
Product warranty and recall at beginning of period | $ 7,601 | $ 6,414 |
Accruals for products shipped during period | 4,609 | 4,484 |
Aggregate changes in pre-existing liabilities due to claim developments | (156) | 692 |
Settlements made during the period | (5,635) | (3,989) |
Product warranty and recall at end of period | $ 6,419 | $ 7,601 |
Summary of Significant Accoun43
Summary of Significant Accounting Policies (Schedule of Weighted Average Number of Shares) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Summary of Significant Accounting Policies [Abstract] | |||
Basic weighted-average common shares outstanding | 27,337,954 | 26,923,809 | 26,670,501 |
Effect of dilutive shares | 621,208 | 522,984 | |
Diluted weighted-average common shares outstanding | 27,959,162 | 26,923,809 | 27,193,485 |
Summary of Significant Accoun44
Summary of Significant Accounting Policies (Changes in Accumulated Other Comprehensive Loss by Component) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Summary of Significant Accounting Policies [Abstract] | |||
Foreign currency translation, Beginning balance | $ (45,603) | $ (30,335) | |
Foreign currency translation, Other comprehensive income (loss) before reclassifications | (24,693) | (18,002) | |
Foreign currency translation, Amounts reclassified from accumulated other comprehensive loss | (2,734) | ||
Other comprehensive income (loss), Foreign currency transaction and translation adjustment, net of tax | (24,693) | (15,268) | |
Foreign currency translation, Ending balance | (70,296) | (45,603) | $ (30,335) |
Unrealized gain (loss) on hedging activities, Beginning balance | 1 | (111) | |
Unrealized gain (loss) on derivatives, Other comprehensive income (loss) before reclassifications | (671) | (454) | |
Unrealized gain (loss) on derivatives, Amounts reclassified from accumulated other comprehensive loss | (1,060) | (566) | |
Unrealized gain (loss) on derivatives, Net other comprehensive loss, net of tax | 389 | 112 | (2,251) |
Unrealized gain (loss) on hedging activities, Ending balance | 390 | 1 | (111) |
Benefit plan liability, Beginning balance | 129 | (12) | |
Benefit plan liability, Other comprehensive loss before reclassifications | (45) | ||
Benefit plan liability, Amounts reclassified from accumulated other comprehensive loss | 141 | ||
Benefit plan liability, Other comprehensive income (loss) | (45) | 141 | |
Benefit plan liability, Ending balance | 84 | 129 | (12) |
Accumulated other comprehensive income (loss), Beginning balance | (45,473) | (30,458) | |
Total, Other comprehensive loss before reclassifications | (25,409) | (18,456) | |
Total, Amounts reclassified from accumulated other comprehensive loss | 1,060 | 3,441 | |
Total, Net other comprehensive loss, net of tax | (24,349) | (15,015) | |
Accumulated other comprehensive income (loss), Ending balance | $ (69,822) | $ (45,473) | $ (30,458) |
Investments (Narrative) (Detail
Investments (Narrative) (Details) BRL in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | 36 Months Ended | |||||||||||||||||
Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | [1] | Sep. 30, 2014USD ($) | [1] | Jun. 30, 2014USD ($) | [1] | Mar. 31, 2014USD ($) | [1] | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2015BRL | Dec. 31, 2015USD ($) | Dec. 31, 2014BRL | Dec. 31, 2014USD ($) | Dec. 31, 2010 | |
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Income (loss) from equity method investments | $ 608 | $ 815 | $ 476 | |||||||||||||||||
Noncontrolling interest | $ 13,310 | $ 22,550 | ||||||||||||||||||
Noncontrolling interest, (decrease) from distributions to noncontrolling interest holders | (212) | |||||||||||||||||||
Less: income (loss) attributable to noncontrolling interest | $ (1,133) | $ (69) | $ (596) | $ (409) | $ (6,444) | $ 1,160 | $ (7,221) | $ (978) | (2,207) | (13,483) | 1,377 | |||||||||
PST Eletronicaltda [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Equity method investment, ownership percentage | 50.00% | |||||||||||||||||||
Percentage ownership in consolidated subsidiary | 74.00% | |||||||||||||||||||
Noncontrolling interest | 13,310 | 22,550 | ||||||||||||||||||
Noncontroling interest increase (decrease) | (9,240) | (16,990) | (4,541) | |||||||||||||||||
Foreign currency translation adjustments | (7,033) | (3,507) | (5,706) | |||||||||||||||||
Noncontrolling interest, (decrease) from distributions to noncontrolling interest holders | 212 | |||||||||||||||||||
Less: income (loss) attributable to noncontrolling interest | (2,207) | (13,483) | 1,377 | |||||||||||||||||
Comprehensive income (loss) related to noncontrolling interest | (9,240) | (16,990) | $ (4,329) | |||||||||||||||||
Dividends payable to noncontrolling interest | BRL 10,842 | $ 2,777 | BRL 10,842 | $ 4,082 | ||||||||||||||||
Minda Stoneridge Instruments Ltd [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Equity method investment, ownership percentage | 49.00% | 49.00% | 49.00% | 49.00% | 49.00% | |||||||||||||||
Equity method investments | $ 6,929 | $ 6,653 | ||||||||||||||||||
Income (loss) from equity method investments | $ 608 | $ 815 | $ 476 | |||||||||||||||||
[1] | Goodwill impairment charge (benefit) of $29,300, $(5,802), and $27,960 related to the PST segment was recorded for the quarters ended June 30, 2014, September 30, 2014 and December 31, 2014, respectively, of which $6,436, $(1,274) and $6,142, respectively, was attributable to noncontrolling interest. |
Debt (Narrative) (Details)
Debt (Narrative) (Details) SEK in Thousands | Oct. 15, 2014USD ($) | Sep. 02, 2014USD ($) | Oct. 04, 2010USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2015SEK | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2015USD ($) | Oct. 18, 2014 | Oct. 17, 2014CNY (¥) | Sep. 12, 2014USD ($) | Feb. 25, 2014CNY (¥) | Nov. 02, 2007USD ($) |
Debt Instrument [Line Items] | |||||||||||||||
Borrowings outstanding | $ 100,000,000 | $ 100,000,000 | $ 100,000,000 | $ 100,000,000 | $ 100,000,000 | ||||||||||
Total long-term debt, net | 10,651,000 | 10,651,000 | 10,651,000 | 4,458,000 | |||||||||||
Less: current portion | 19,655,000 | 19,655,000 | 19,655,000 | 13,905,000 | |||||||||||
Loss on early extinguishment of debt | (9,687,000) | $ (920,000) | (10,607,000) | ||||||||||||
2,016 | 13,905,000 | ||||||||||||||
2,017 | 1,873,000 | ||||||||||||||
2,018 | 986,000 | ||||||||||||||
2,019 | 100,965,000 | ||||||||||||||
2,020 | 331,000 | ||||||||||||||
Thereafter | $ 303,000 | ||||||||||||||
Senior Notes [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Write off of deferred financing costs | 535,000 | 295,000 | |||||||||||||
Debt interest rate | 9.50% | ||||||||||||||
Debt instrument, maturity date | Oct. 15, 2017 | Oct. 15, 2017 | |||||||||||||
Debt instrument, unamortized discount, percentage | 2.50% | ||||||||||||||
Face value of senior secured notes | $ 175,000,000 | ||||||||||||||
Percentage of outstanding debt redeemed | 10.00% | ||||||||||||||
Debt early redemption percentage | 104.75% | 103.00% | |||||||||||||
Amortization of debt discount (premium) | 2,019,000 | ||||||||||||||
De-designation date unrecognized gain on interest rate swap | 348,000 | ||||||||||||||
Redemption of notes | $ 157,500,000 | $ 17,500,000 | |||||||||||||
Debt, face amount | $ 175,000,000 | ||||||||||||||
Loss on early extinguishment of debt | (9,687,000) | (820,000) | (10,507,000) | ||||||||||||
Premium paid on extinguishment of debt | 7,481,000 | $ 525,000 | |||||||||||||
Revolving Credit Facility [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Write off of deferred financing costs | 100,000 | ||||||||||||||
Capitalized deferred financing costs | 1,666,000 | 1,666,000 | 1,666,000 | ||||||||||||
Debt interest rate | 1.86% | 1.86% | |||||||||||||
Line of credit facility, maximum borrowing capacity | $ 300,000,000 | ||||||||||||||
Increase in maximum borrowing capacity of credit facility | $ 80,000,000 | ||||||||||||||
Credit facility, borrowing capacity | $ 100,000,000 | ||||||||||||||
Borrowings outstanding | 100,000,000 | 100,000,000 | 100,000,000 | $ 100,000,000 | |||||||||||
Maximum leverage ratio | 300.00% | 300.00% | |||||||||||||
Minimum interest coverage ratio | 350.00% | 350.00% | |||||||||||||
Revolving Credit Facility [Member] | Maximum [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Credit facility, commitment fee percentage | 0.35% | ||||||||||||||
Revolving Credit Facility [Member] | Minimum [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Credit facility, commitment fee percentage | 0.20% | ||||||||||||||
Line of Credit [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Line of credit facility, maximum borrowing capacity | 2,562,000 | 2,562,000 | SEK 20,000 | 2,562,000 | $ 2,369,000 | ||||||||||
Term Loan One [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt, face amount | ¥ | ¥ 9,000,000 | ||||||||||||||
Term Loan Two [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt, face amount | ¥ | ¥ 9,000,000 | ||||||||||||||
Debt outstanding | $ 1,450,000 | $ 1,450,000 | $ 1,450,000 | ||||||||||||
Term Loan Two [Member] | People's Bank of China One-Year Lending Rate [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate multiplier | 120.00% | ||||||||||||||
PST Eletronicaltda [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term debt, weighted average interest rate | 7.30% | 7.30% | |||||||||||||
Short-term debt, weighted average interest rate | 16.10% | 16.10% | |||||||||||||
PST Eletronicaltda [Member] | Term Loan [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
2,016 | $ 13,526,000 | ||||||||||||||
2,017 | 1,873,000 | ||||||||||||||
2,018 | 986,000 | ||||||||||||||
2,019 | 965,000 | ||||||||||||||
2,020 | 331,000 | ||||||||||||||
Thereafter | $ 303,000 |
Debt (Schedule of Debt) (Detail
Debt (Schedule of Debt) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Oct. 15, 2014 | Oct. 04, 2010 | |
Debt Instrument [Line Items] | ||||
Credit facility | $ 100,000 | $ 100,000 | $ 100,000 | |
Debt: | ||||
Total debt | 18,363 | 30,306 | ||
Long-term debt | 118,363 | |||
Less: current portion | (13,905) | (19,655) | ||
Total long-term debt, net | 4,458 | 10,651 | ||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility | $ 100,000 | 100,000 | ||
Debt: | ||||
Debt interest rate | 1.86% | |||
Debt, maturity | September 2,019 | |||
Senior Notes [Member] | ||||
Debt: | ||||
Debt interest rate | 9.50% | |||
PST Short-Term Obligations [Member] | ||||
Debt Instrument [Line Items] | ||||
Short-term obligations | $ 11,556 | 11,249 | ||
Debt: | ||||
Debt, maturity | 2,016 | |||
PST Short-Term Obligations [Member] | Maximum [Member] | ||||
Debt: | ||||
Interest rate maximum | 19.31% | |||
PST Short-Term Obligations [Member] | Minimum [Member] | ||||
Debt: | ||||
Interest rate minimum | 5.50% | |||
PST Long-Term Notes [Member] | ||||
Debt: | ||||
Long-term debt | $ 6,428 | 16,770 | ||
Debt maturity period range start | 2,016 | |||
Debt maturity period range end | 2,021 | |||
PST Long-Term Notes [Member] | Maximum [Member] | ||||
Debt: | ||||
Interest rate maximum | 8.00% | |||
PST Long-Term Notes [Member] | Minimum [Member] | ||||
Debt: | ||||
Interest rate minimum | 6.17% | |||
Other [Member] | ||||
Debt: | ||||
Total debt | $ 379 | 837 | ||
Suzhou Note [Member] | ||||
Debt Instrument [Line Items] | ||||
Short-term obligations | $ 1,450 | |||
Debt: | ||||
Debt, maturity | April 2,015 |
Debt (Future Maturities of Long
Debt (Future Maturities of Long-Term Debt) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Debt [Abstract] | |
2,016 | $ 13,905 |
2,017 | 1,873 |
2,018 | 986 |
2,019 | 100,965 |
2,020 | 331 |
Thereafter | 303 |
Total long-term debt | $ 118,363 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2010 | |
Operating Loss Carryforwards [Line Items] | |||||||||||||
Income tax expense (benefit) on operations | $ (345) | $ 32 | $ (381) | $ 147 | $ (1,066) | $ (1,174) | $ 90 | $ 294 | $ (547) | $ (1,856) | $ 2,797 | ||
Effective income tax rate | (2.70%) | (3.50%) | 12.00% | ||||||||||
Unremitted earnings of foreign subsidiaries | 37,648 | $ 37,648 | |||||||||||
Operating loss carry forwards, expiration dates | Dec. 31, 2026 | ||||||||||||
General business and foreign tax credit carry forwards, expiration date | Dec. 31, 2021 | ||||||||||||
Liability for uncertain tax positions reduction to noncurrent asset | 3,993 | $ 3,993 | |||||||||||
Liability for uncertain tax positions, noncurrent | 290 | 290 | |||||||||||
Unrecognized tax benefits that would impact effective tax rate | 4,280 | 3,851 | 4,280 | $ 3,851 | |||||||||
Gross interest and penalties expense (benefit) | (90) | (411) | $ (82) | ||||||||||
Accrued payment of interest and penalties | 123 | $ 213 | 123 | 213 | |||||||||
Goodwill impairment charge (benefit) | $ 51,458 | ||||||||||||
State and Local Jurisdiction [Member] | |||||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||||
Net operating loss carry forwards | 28,031 | 28,031 | |||||||||||
General business and foreign tax credit carry forwards | 1,602 | 1,602 | |||||||||||
Foreign Tax Authority [Member] | |||||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||||
Net operating loss carry forwards | 29,721 | 29,721 | |||||||||||
General business and foreign tax credit carry forwards | 1,404 | 1,404 | |||||||||||
U.S. Federal [Member] | |||||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||||
Net operating loss carry forwards | 89,800 | 89,800 | |||||||||||
General business and foreign tax credit carry forwards | $ 14,003 | $ 14,003 | |||||||||||
PST Eletronicaltda [Member] | |||||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||||
Equity method investment, ownership percentage | 50.00% | ||||||||||||
Increase in equity method investment, ownership percentage | 24.00% |
Income Taxes (Schedule of Compo
Income Taxes (Schedule of Components of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income (loss) before income taxes: | |||||||||||
Domestic | $ 22,959 | $ 1,635 | $ 5,771 | ||||||||
Foreign | (2,729) | (54,695) | 17,555 | ||||||||
Income (loss) before income taxes from continuing operations | 20,230 | $ (53,060) | $ 23,326 | ||||||||
Provision for income taxes: | |||||||||||
Federal | 386 | ||||||||||
State and foreign | 1,232 | $ 1,382 | $ 5,878 | ||||||||
Total current expense (benefit) | $ 1,618 | $ 1,382 | $ 5,878 | ||||||||
Deferred: | |||||||||||
Federal | |||||||||||
State and foreign | $ (2,165) | $ (3,238) | $ (3,081) | ||||||||
Deferred Income Tax Expense (Benefit), Total | (2,165) | (3,238) | (3,081) | ||||||||
Income Tax Expense (Benefit), Total | $ (345) | $ 32 | $ (381) | $ 147 | $ (1,066) | $ (1,174) | $ 90 | $ 294 | $ (547) | $ (1,856) | $ 2,797 |
Income Taxes (Schedule of Effec
Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | |||
Statutory U.S. federal income tax rate | 35.00% | (35.00%) | 35.00% |
State income taxes, net of federal tax benefit | 0.20% | 2.40% | |
Tax credits | (2.80%) | (1.30%) | (3.50%) |
Foreign rate differential | (3.30%) | 0.20% | (9.50%) |
Reduction (increase) of income tax accruals | (0.50%) | 0.20% | (1.10%) |
Tax on foreign dividends, net of foreign tax credits | (0.10%) | (8.10%) | |
Reduction of deferred taxes | 5.50% | 0.60% | |
Valuation allowances | (36.00%) | (2.10%) | (6.20%) |
Loss of domestic flow-through entity not attributable to Stoneridge, Inc. | 33.90% | ||
Non-deductible compensation | (1.50%) | 1.00% | 3.00% |
Other | 0.70% | (0.30%) | (0.60%) |
Effective income tax rate | (2.70%) | (3.50%) | 12.00% |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Inventories | $ 2,108 | $ 2,009 |
Compensation and benefits | 3,902 | 3,675 |
Insurance | 281 | 387 |
Depreciation and amortization | 1,297 | 1,013 |
Net operating loss carryforwards | 39,846 | 48,166 |
General business credit carryforwards | 12,990 | 12,697 |
Other reserves | 5,643 | 7,493 |
Gross deferred tax assets | 66,067 | 75,440 |
Less: Valuation allowance | (59,391) | (67,907) |
Deferred tax assets less valuation allowance | 6,676 | 7,533 |
Deferred tax liabilities: | ||
Depreciation and amortization | (13,282) | (20,910) |
Basis difference - equity investee | (31,016) | (31,016) |
Other | (1,074) | (976) |
Gross deferred tax liabilities | (45,372) | (52,902) |
Net deferred tax liability | $ (38,696) | $ (45,369) |
Income Taxes (Summary of Income
Income Taxes (Summary of Income Tax Contingencies) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | |||
Balance as of January 1 | $ 3,888 | $ 3,624 | $ 3,416 |
Tax positions related to the current year: | |||
Additions | 201 | 217 | 217 |
Tax positions related to prior years: | |||
Additions | 523 | 168 | 216 |
Reductions | (71) | ||
Expiration of statutes of limitation | (308) | (121) | (154) |
Balance as of December 31 | $ 4,304 | $ 3,888 | $ 3,624 |
Income Taxes (Schedule of Tax Y
Income Taxes (Schedule of Tax Years Open for Examination) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Minimum [Member] | U.S. Federal [Member] | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2,012 |
Minimum [Member] | Brazil [Member] | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2,010 |
Minimum [Member] | China [Member] | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2,012 |
Minimum [Member] | France [Member] | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2,011 |
Minimum [Member] | Mexico [Member] | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2,011 |
Minimum [Member] | Spain [Member] | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2,011 |
Minimum [Member] | Sweden [Member] | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2,010 |
Minimum [Member] | United Kingdom [Member] | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2,011 |
Maximum [Member] | U.S. Federal [Member] | |
Income Tax Examination [Line Items] | |
Open Tax Year | (2,015) |
Maximum [Member] | Brazil [Member] | |
Income Tax Examination [Line Items] | |
Open Tax Year | (2,015) |
Maximum [Member] | China [Member] | |
Income Tax Examination [Line Items] | |
Open Tax Year | (2,015) |
Maximum [Member] | France [Member] | |
Income Tax Examination [Line Items] | |
Open Tax Year | (2,015) |
Maximum [Member] | Mexico [Member] | |
Income Tax Examination [Line Items] | |
Open Tax Year | (2,015) |
Maximum [Member] | Spain [Member] | |
Income Tax Examination [Line Items] | |
Open Tax Year | (2,015) |
Maximum [Member] | Sweden [Member] | |
Income Tax Examination [Line Items] | |
Open Tax Year | (2,015) |
Maximum [Member] | United Kingdom [Member] | |
Income Tax Examination [Line Items] | |
Open Tax Year | (2,015) |
Operating Lease Commitments (Na
Operating Lease Commitments (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Commitments and Contingencies [Abstract] | |||
Operating leases, rent expense, net | $ 5,532 | $ 5,836 | $ 5,842 |
Operating Lease Commitments (Sc
Operating Lease Commitments (Schedule of Future Minimum Rental Payments for Operating Leases) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Year ended December 31, | |
2,016 | $ 4,436 |
2,017 | 3,834 |
2,018 | 3,178 |
2,019 | 2,725 |
2,020 | 2,097 |
Thereafter | 4,881 |
Total | $ 21,151 |
Share-Based Compensation Plan57
Share-Based Compensation Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||
May. 31, 2013 | May. 31, 2010 | Apr. 30, 2006 | Apr. 30, 2005 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based compensation award, number of shares available for grant | 0 | 0 | 0 | |||||||
Share options, exercised | 0 | 0 | 0 | |||||||
Share-based compensation vested in period, fair value | $ 9,101 | $ 3,509 | $ 2,177 | |||||||
Options outstanding | 0 | 0 | 20,000 | |||||||
Exercise price of options outstanding | $ 15.73 | |||||||||
Tax benefit realized from stock based compensation | $ 0 | $ 0 | $ 0 | |||||||
Time Based Awards [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Common shares, forfeited | (18,908) | |||||||||
Weighted average grant date fair value, granted | $ 11.41 | $ 11.54 | $ 6.13 | |||||||
Remaining unrecognized share-based compensation expense | $ 2,557 | |||||||||
Employee service share-based compensation, nonvested, period for recognition | 1 year 1 month 28 days | |||||||||
Performance Based Awards [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Common shares, forfeited | (337,758) | |||||||||
Weighted average grant date fair value, granted | $ 11.21 | |||||||||
Remaining unrecognized share-based compensation expense | $ 2,018 | |||||||||
Employee service share-based compensation, nonvested, period for recognition | 1 year 6 months | |||||||||
Plan 2006 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Common shares, forfeited | (1,299,440) | |||||||||
Share-based compensation award reserved for issuance of common shares | 4,500,000 | 3,000,000 | 1,500,000 | |||||||
Share-based compensation, increase in awards reserved for issuance of common shares | 1,500,000 | 1,500,000 | ||||||||
Share-based compensation award, number of shares available for grant | 1,231,445 | |||||||||
Share-based compensation restricted common shares issued | 4,567,995 | |||||||||
Share-based compensation, maximum number of shares issuable | 500,000 | |||||||||
Plan 2006 [Member] | Time Based Awards [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based compensation award vesting period | 3 years | 3 years | 3 years | 3 years | ||||||
Share-based compensation restricted common shares issued | 2,683,860 | |||||||||
Plan 2006 [Member] | Performance Based Awards [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based compensation award vesting period | 3 years | 3 years | 3 years | 3 years | ||||||
Share-based compensation restricted common shares issued | 1,884,135 | |||||||||
Percent of performance shares vested upon Company attaining performance targets against a peer group | 36.00% | 20.00% | ||||||||
Percent of performance shares vested upon achieving annual earnings per share targets | 64.00% | 80.00% | ||||||||
Director Share Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based compensation award reserved for issuance of common shares | 700,000 | 500,000 | ||||||||
Share-based compensation, increase in awards reserved for issuance of common shares | 200,000 | |||||||||
Share-based compensation award vesting period | 1 year | 1 year | 1 year | 1 year | 1 year | 1 year | ||||
Share-based compensation restricted common shares issued | 530,195 | |||||||||
Share-based compensation, maximum number of shares issuable | 169,805 | |||||||||
Equity Option [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Options outstanding | 0 | 0 |
Share-Based Compensation Plan58
Share-Based Compensation Plans (Disclosure of Share-based Compensation Arrangements by Share-based Payment Award) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Time Based Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common shares, non-vested as of December 31, 2014 | 1,087,020 | ||
Common shares, granted | 278,451 | ||
Common shares, vested | (615,322) | ||
Common shares, forfeited | (18,908) | ||
Common shares, non-vested as of December 31, 2015 | 731,241 | 1,087,020 | |
Weighted average grant date fair value, non-vested as of December 31, 2013 | $ 8.69 | ||
Weighted average grant date fair value, granted | 11.41 | $ 11.54 | $ 6.13 |
Weighted average grant date fair value, vested | 8.96 | ||
Weighted average grant date fair value, forfeited | 10.78 | ||
Weighted average grant date fair value, non-vested as of December 31, 2014 | $ 9.45 | $ 8.69 | |
Performance Based Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common shares, non-vested as of December 31, 2014 | 841,050 | ||
Common shares, granted | 335,835 | ||
Common shares, vested | (126,642) | ||
Common shares, forfeited | (337,758) | ||
Common shares, non-vested as of December 31, 2015 | 712,485 | 841,050 | |
Weighted average grant date fair value, non-vested as of December 31, 2013 | $ 10.33 | ||
Weighted average grant date fair value, granted | 11.21 | ||
Weighted average grant date fair value, vested | 10.74 | ||
Weighted average grant date fair value, forfeited | 10.26 | ||
Weighted average grant date fair value, non-vested as of December 31, 2014 | $ 10.70 | $ 10.33 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expenses related to employee benefit plans | $ 1,487 | $ 1,280 | $ 1,173 |
Long Term Cash Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Deferred compensation liability, current | 808 | ||
Deferred compensation liability, noncurrent | 245 | ||
Awards granted under the LTCIP | $ 0 | $ 0 |
Financial Instruments and Fai60
Financial Instruments and Fair Value Measurements (Narrative) (Details) lb in Thousands, $ in Thousands | Oct. 04, 2010 | Dec. 31, 2014USD ($)security | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($)security | Sep. 30, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)securitylb | Dec. 31, 2013USD ($) | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||||||
Fixed interest rate | 9.50% | ||||||||
Fair value adjustments of goodwill | $ 0 | $ 0 | |||||||
Goodwill impairment charge (benefit) | $ 51,458 | ||||||||
Mexican Peso-Denominated Foreign Currency Forward Contracts [Member] | |||||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||||||
Number of hedge contracts | security | 5 | 5 | |||||||
Copper Commodity [Member] | |||||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||||||
Fixed price commodity contracts (in pounds) | lb | 317 | ||||||||
Interest Rate Swap [Member] | |||||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||||||
Gain on termination of Interest Rate Swap | $ 371 | ||||||||
Reduced interest expense as a result of swap | $ 641 | 810 | |||||||
Senior Notes [Member] | |||||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||||||
Face value of senior secured notes | $ 175,000 | ||||||||
Discription of variable rate basis of derivative | 7.20% | ||||||||
Variable interest rate in addition to LIBOR | 7.20% | ||||||||
Fixed interest rate | 9.50% | ||||||||
Debt instrument, maturity date | Oct. 15, 2017 | Oct. 15, 2017 | |||||||
Cash Flow Hedging [Member] | |||||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||||||
Amount from cash flow hedge derivatives to be reclassified in the next year | (390) | ||||||||
Designated as Hedging Instrument [Member] | Mexican Peso-Denominated Foreign Currency Forward Contracts [Member] | |||||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||||||
Number of hedge contracts expected to be fulfilled | security | 2 | 2 | |||||||
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 | [1] | $ 26,266 | 22,208 | $ 26,266 | |||||
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 | 4,266 | 2,421 | 4,266 | ||||||
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 | 11,718 | 10,007 | 11,718 | ||||||
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 | 10,282 | 9,780 | 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] | 3,523 | 1,647 | 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 | 3,523 | 1,647 | 3,523 | ||||||
Gain (loss) on derivative instruments held for trading purposes, net | $ 336 | $ 1,205 | $ (638) | ||||||
Not Designated as Hedging Instrument [Member] | Copper Commodity [Member] | |||||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||||||
Fixed price commodity contracts (in pounds) | lb | [1] | 317 | |||||||
Wiring [Member] | Not Designated as Hedging Instrument [Member] | Mexican Peso-Denominated Foreign Currency Forward Contracts [Member] | |||||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||||||
Number of hedge contracts | security | 3 | ||||||||
Gain recognized on dedesignation of hedge | $ 320 | ||||||||
Wiring [Member] | Not Designated as Hedging Instrument [Member] | Copper Commodity [Member] | |||||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||||||
Gain on derivatives not designated as hedging instruments | 77 | ||||||||
PST [Member] | |||||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||||||
Goodwill impairment charge (benefit) | $ 27,960 | $ (5,802) | $ 29,300 | $ 23,498 | $ 51,458 | ||||
[1] | Notional amounts represent the gross contract / notional amount of the derivatives outstanding. The fixed price commoditycontract notional amounts are in pounds. |
Financial Instruments and Fai61
Financial Instruments and Fair Value Measurements (Schedule of Derivative Instruments in Statement of Financial Position, Fair Value) (Details) lb in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2014USD ($)lb | Dec. 31, 2015USD ($) | Dec. 31, 2013USD ($) | ||
Forward Currency Contracts [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amounts | [1] | $ 3,523 | $ 1,647 | |
Forward Currency Contracts [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amounts | [1] | $ 26,266 | 22,208 | |
Copper Commodity [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fixed price commodity contracts (in pounds) | lb | 317 | |||
Copper Commodity [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fixed price commodity contracts (in pounds) | lb | [1] | 317 | ||
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 | 474 | ||
Other Liabilities [Member] | Forward Currency Contracts [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair value of other derivatives | (13) | (9) | ||
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) | $ (84) | ||
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 commoditycontract notional amounts are in pounds. |
Financial Instruments and Fai62
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 ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivatives designated as cash flow hedges: | |||
Gain (loss) recorded in other comprehensive income (loss) | $ (671) | $ (454) | $ (325) |
Gain (loss) reclassified from other comprehensive income (loss) into net income (loss) | (1,060) | (566) | 1,926 |
Forward Currency Contracts [Member] | |||
Derivatives designated as cash flow hedges: | |||
Gain (loss) recorded in other comprehensive income (loss) | (671) | (46) | 683 |
Gain (loss) reclassified from other comprehensive income (loss) into net income (loss) | $ (1,060) | (310) | 2,746 |
Commodity Contract [Member] | |||
Derivatives designated as cash flow hedges: | |||
Gain (loss) recorded in other comprehensive income (loss) | (408) | (1,008) | |
Gain (loss) reclassified from other comprehensive income (loss) into net income (loss) | $ (256) | $ (820) |
Financial Instruments and Fai63
Financial Instruments and Fair Value Measurements (Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Financial assets carried at fair value: | |||
Forward currency contracts | $ 474 | $ 479 | |
Fixed price commodity contracts | |||
Total financial assets carried at fair value | $ 474 | $ 479 | |
Financial liabilities carried at fair value: | |||
Forward currency contracts | 491 | ||
Fixed price commodity contracts | $ 93 | 69 | |
Total financial liabilities carried at fair value | $ 93 | $ 560 | |
Fair Value, Inputs, Level 1 [Member] | |||
Financial assets carried at fair value: | |||
Forward currency contracts | [1] | ||
Fixed price commodity contracts | [1] | ||
Total financial assets carried at fair value | [1] | ||
Financial liabilities carried at fair value: | |||
Forward currency contracts | [1] | ||
Fixed price commodity contracts | [1] | ||
Total financial liabilities carried at fair value | [1] | ||
Fair Value, Inputs, Level 2 [Member] | |||
Financial assets carried at fair value: | |||
Forward currency contracts | [2] | $ 474 | |
Fixed price commodity contracts | [2] | ||
Total financial assets carried at fair value | [2] | $ 474 | |
Financial liabilities carried at fair value: | |||
Forward currency contracts | [2] | ||
Fixed price commodity contracts | [2] | $ 93 | |
Total financial liabilities carried at fair value | [2] | $ 93 | |
Fair Value, Inputs, Level 3 [Member] | |||
Financial assets carried at fair value: | |||
Forward currency contracts | [3] | ||
Fixed price commodity contracts | [3] | ||
Total financial assets carried at fair value | [3] | ||
Financial liabilities carried at fair value: | |||
Forward currency contracts | [3] | ||
Fixed price commodity contracts | [3] | ||
Total financial liabilities carried at fair value | [3] | ||
[1] | Fair values estimated using Level 1 inputs, which consist of quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. The Company did not have any fair value estimates using Level 1 inputs at December 31, 2015 or 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. For forward currency and fixed price commodity contracts, inputs include foreign currency exchange rates and commodity indexes. | ||
[3] | 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 December 31, 2015 or 2014. |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) € in Thousands, BRL in Thousands, $ in Thousands | 12 Months Ended | 24 Months Ended | 36 Months Ended | |||||
Dec. 31, 2015USD ($)customer | Dec. 31, 2010 | Dec. 31, 2015EUR (€) | Dec. 31, 2015BRL | Dec. 31, 2015USD ($) | Dec. 31, 2014BRL | Dec. 31, 2014USD ($) | Dec. 31, 2013 | |
Short-term Debt [Line Items] | ||||||||
Number of plaintiffs | customer | 120,000 | |||||||
Maximum damages sought per plaintiff | $ 1 | |||||||
Product warranty and recall accrual | $ 1,973 | $ 1,204 | ||||||
Electronics [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Loss contingency, estimate of possible loss | € 14,000 | 15,200 | ||||||
Accounts payable and accrued liabilities | 0 | |||||||
Control Devices [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Environmental remediation accrued undiscounted liability | 532 | 876 | ||||||
Accrued Expenses and Other Current Liabilities [Member] | Control Devices [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Environmental remediation accrued undiscounted liability | 469 | 813 | ||||||
Letter of Credit [Member] | Control Devices [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Line of credit | 2,000 | |||||||
PST Eletronicaltda [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Equity method investment, ownership percentage | 50.00% | |||||||
Loss contingencies aggregate tax assessment not accrued | BRL 92,500 | 23,700 | ||||||
Percentage of state value added tax | 25.00% | |||||||
Percentage ownership in consolidated subsidiary | 74.00% | |||||||
PST Eletronicaltda [Member] | Civil, Labor and Other Tax Contingencies [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Loss contingency, estimate of possible loss | 25,400 | 6,500 | BRL 37,200 | $ 14,000 | ||||
PST Eletronicaltda [Member] | Value Added Tax [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Loss contingencies aggregate tax assessment not accrued | 13,200 | 3,400 | ||||||
PST Eletronicaltda [Member] | Interest On Tax [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Loss contingencies aggregate tax assessment not accrued | 11,400 | 2,900 | ||||||
PST Eletronicaltda [Member] | Penalties On Tax [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Loss contingencies aggregate tax assessment not accrued | BRL 67,900 | $ 17,400 | ||||||
Minda Stoneridge Instruments Ltd [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Equity method investment, ownership percentage | 49.00% | 49.00% | 49.00% | 49.00% | 49.00% | 49.00% |
Restructuring (Narrative) (Deta
Restructuring (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
PST Segment [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Business realignment charges | $ 403 | $ 1,578 | $ 0 | |
Electronics [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring reserve | 458 | 733 | 780 | $ 765 |
Restructuring charges | 183 | 494 | 469 | |
Business realignment charges | 317 | 0 | 0 | |
Control Devices [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Business realignment charges | 0 | 0 | 0 | |
Restructuring expense | 0 | 0 | $ 0 | |
Facility Closing [Member] | Electronics [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring reserve | 458 | 733 | ||
Facility Closing [Member] | Other Noncurrent Liabilities [Member] | Electronics [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring reserve | 313 | 402 | ||
Selling, General and Administrative Expenses [Member] | PST Segment [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Business realignment charges | 117 | 559 | ||
Selling, General and Administrative Expenses [Member] | Electronics [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Business realignment charges | 102 | |||
Selling, General and Administrative Expenses [Member] | Corporate [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Business realignment charges | 309 | |||
Cost of Sales [Member] | PST Segment [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Business realignment charges | 172 | 847 | ||
Research and Development Expense [Member] | PST Segment [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Business realignment charges | 114 | $ 172 | ||
Research and Development Expense [Member] | Electronics [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Business realignment charges | $ 215 |
Restructuring (Schedule of Rest
Restructuring (Schedule of Restructuring and Related Costs) (Details) - Electronics [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve, Beginning Balance | $ 733 | $ 780 | $ 765 |
Charge to expense | 183 | 494 | 469 |
Foreign currency translation effect | 3 | (45) | 24 |
Cash payments | (461) | (496) | (478) |
Restructuring Reserve, Ending Balance | $ 458 | $ 733 | $ 780 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Segment Reporting (Schedule of
Segment Reporting (Schedule of Segment Reporting Information, by Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Net Sales: | |||||||||||||
Total net sales | $ 644,812 | $ 660,579 | $ 659,486 | ||||||||||
Income (Loss) Before Income Taxes: | |||||||||||||
Total operating income (loss) | $ 8,327 | $ 8,947 | $ 7,415 | $ 3,126 | $ (22,795) | $ 13,759 | $ (23,221) | $ 6,434 | 27,815 | (25,823) | 42,403 | ||
Total income before income taxes | 20,230 | (53,060) | 23,326 | ||||||||||
Interest Expense, net: | |||||||||||||
Interest expense, net | 6,365 | 16,880 | 18,096 | ||||||||||
Capital Expenditures: | |||||||||||||
Capital expenditures | 28,735 | 24,754 | 25,344 | ||||||||||
Total Assets: | |||||||||||||
Total assets | 364,252 | 398,751 | 364,252 | 398,751 | |||||||||
Goodwill impairment charge (benefit) | 51,458 | ||||||||||||
Continuing Operations [Member] | |||||||||||||
Net Sales: | |||||||||||||
Total net sales | 644,812 | 660,579 | 659,486 | ||||||||||
Income (Loss) Before Income Taxes: | |||||||||||||
Total income before income taxes | 27,815 | (25,823) | 42,403 | ||||||||||
Depreciation and Amortization: | |||||||||||||
Total depreciation and amortization | [1] | 22,274 | 27,105 | 29,286 | |||||||||
Interest Expense, net: | |||||||||||||
Interest expense, net | 6,365 | 16,880 | 18,096 | ||||||||||
Capital Expenditures: | |||||||||||||
Capital expenditures | 28,735 | 23,516 | 21,576 | ||||||||||
Total Assets: | |||||||||||||
Total assets | 364,252 | 398,751 | 364,252 | 398,751 | |||||||||
Intersegment Eliminations [Member] | Continuing Operations [Member] | |||||||||||||
Net Sales: | |||||||||||||
Total net sales | (24,959) | (38,243) | (44,012) | ||||||||||
Total Assets: | |||||||||||||
Total assets | (249,789) | (251,085) | (249,789) | (251,085) | |||||||||
Electronics [Member] | Continuing Operations [Member] | |||||||||||||
Net Sales: | |||||||||||||
Total net sales | 239,448 | 249,304 | 230,946 | ||||||||||
Income (Loss) Before Income Taxes: | |||||||||||||
Total income before income taxes | 13,784 | 17,444 | 20,732 | ||||||||||
Depreciation and Amortization: | |||||||||||||
Total depreciation and amortization | 3,666 | 4,432 | 4,800 | ||||||||||
Interest Expense, net: | |||||||||||||
Interest expense, net | 161 | 695 | 760 | ||||||||||
Capital Expenditures: | |||||||||||||
Capital expenditures | 6,538 | 3,541 | 4,667 | ||||||||||
Total Assets: | |||||||||||||
Total assets | 97,443 | 95,140 | 97,443 | 95,140 | |||||||||
Electronics [Member] | Operating Segments [Member] | Continuing Operations [Member] | |||||||||||||
Net Sales: | |||||||||||||
Total net sales | 216,544 | 214,141 | 189,809 | ||||||||||
Electronics [Member] | Intersegment Eliminations [Member] | Continuing Operations [Member] | |||||||||||||
Net Sales: | |||||||||||||
Total net sales | 22,904 | 35,163 | 41,137 | ||||||||||
Control Devices [Member] | Continuing Operations [Member] | |||||||||||||
Net Sales: | |||||||||||||
Total net sales | 335,065 | 309,738 | 294,020 | ||||||||||
Income (Loss) Before Income Taxes: | |||||||||||||
Total income before income taxes | 44,690 | 35,387 | 32,331 | ||||||||||
Depreciation and Amortization: | |||||||||||||
Total depreciation and amortization | 9,125 | 9,545 | 9,877 | ||||||||||
Interest Expense, net: | |||||||||||||
Interest expense, net | 326 | 303 | 182 | ||||||||||
Capital Expenditures: | |||||||||||||
Capital expenditures | 15,094 | 13,658 | 9,906 | ||||||||||
Total Assets: | |||||||||||||
Total assets | 127,649 | 115,703 | 127,649 | 115,703 | |||||||||
Control Devices [Member] | Operating Segments [Member] | Continuing Operations [Member] | |||||||||||||
Net Sales: | |||||||||||||
Total net sales | 333,010 | 306,658 | 291,145 | ||||||||||
Control Devices [Member] | Intersegment Eliminations [Member] | Continuing Operations [Member] | |||||||||||||
Net Sales: | |||||||||||||
Total net sales | 2,055 | 3,080 | 2,875 | ||||||||||
Corporate [Member] | Continuing Operations [Member] | |||||||||||||
Income (Loss) Before Income Taxes: | |||||||||||||
Total operating income (loss) | [2] | 23,117 | 19,067 | 17,871 | |||||||||
Depreciation and Amortization: | |||||||||||||
Total depreciation and amortization | 211 | 130 | 183 | ||||||||||
Interest Expense, net: | |||||||||||||
Interest expense, net | 2,921 | 13,118 | 15,980 | ||||||||||
Capital Expenditures: | |||||||||||||
Capital expenditures | 1,214 | 156 | 340 | ||||||||||
Total Assets: | |||||||||||||
Total assets | [3] | 288,806 | 279,013 | 288,806 | 279,013 | ||||||||
PST [Member] | |||||||||||||
Total Assets: | |||||||||||||
Goodwill impairment charge (benefit) | 27,960 | $ (5,802) | $ 29,300 | $ 23,498 | 51,458 | ||||||||
PST [Member] | Continuing Operations [Member] | |||||||||||||
Net Sales: | |||||||||||||
Total net sales | 95,258 | 139,780 | 178,532 | ||||||||||
Income (Loss) Before Income Taxes: | |||||||||||||
Total income before income taxes | [4] | (7,542) | (59,587) | 7,211 | |||||||||
Depreciation and Amortization: | |||||||||||||
Total depreciation and amortization | 9,272 | 12,998 | 14,426 | ||||||||||
Interest Expense, net: | |||||||||||||
Interest expense, net | 2,957 | 2,764 | 1,174 | ||||||||||
Capital Expenditures: | |||||||||||||
Capital expenditures | 5,889 | 6,161 | 6,663 | ||||||||||
Total Assets: | |||||||||||||
Total assets | $ 100,143 | $ 159,980 | 100,143 | 159,980 | |||||||||
PST [Member] | Operating Segments [Member] | Continuing Operations [Member] | |||||||||||||
Net Sales: | |||||||||||||
Total net sales | $ 95,258 | $ 139,780 | $ 178,532 | ||||||||||
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] | Unallocated Corporate expenses include, among other items, accounting, finance, legal, information technology costs as well as share-based compensation. | ||||||||||||
[3] | Corporate assets consist primarily of cash, intercompany loan receivables, equity investments and investments in subsidiaries. | ||||||||||||
[4] | The PST operating loss for the year ended December 31, 2014 includes a goodwill impairment charge of $51,458. |
Segment Reporting (Schedule o69
Segment Reporting (Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net Sales: | |||
Total net sales | $ 644,812 | $ 660,579 | $ 659,486 |
Long-term Assets: | |||
Total long-term assets | 132,343 | 153,240 | |
North America [Member] | |||
Net Sales: | |||
Total net sales | 369,032 | 330,516 | 301,592 |
Long-term Assets: | |||
Total long-term assets | 60,099 | 53,406 | |
South America [Member] | |||
Net Sales: | |||
Total net sales | 95,258 | 139,780 | 178,532 |
Long-term Assets: | |||
Total long-term assets | 56,943 | 85,433 | |
Europe and Other [Member] | |||
Net Sales: | |||
Total net sales | 180,522 | 190,283 | $ 179,362 |
Long-term Assets: | |||
Total long-term assets | $ 15,301 | $ 14,401 |
Unaudited Quarterly Financial70
Unaudited Quarterly Financial Data (Schedule of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||||||
Net sales | $ 154,641 | $ 162,057 | $ 165,289 | $ 162,825 | $ 166,811 | $ 170,338 | $ 162,099 | $ 161,331 | $ 644,812 | $ 660,579 | $ 659,486 | |||||||||
Gross profit | 42,239 | 45,145 | 45,946 | 43,648 | 44,901 | 49,550 | 48,285 | 48,138 | ||||||||||||
Operating income (loss) | 8,327 | 8,947 | 7,415 | 3,126 | (22,795) | 13,759 | (23,221) | 6,434 | 27,815 | (25,823) | 42,403 | |||||||||
Provision (benefit) for income taxes | (345) | 32 | (381) | 147 | (1,066) | (1,174) | 90 | 294 | (547) | (1,856) | 2,797 | |||||||||
Income (loss) from continuing operations | 4,935 | 7,411 | 6,328 | 2,103 | (31,306) | [1] | 9,138 | [1] | (28,569) | [1] | (467) | [1] | 20,777 | (51,204) | 20,529 | |||||
Income (loss) from discontinued operations | 16 | [2] | (113) | [2] | 55 | [2] | (168) | [2] | (1,692) | [2] | (8,108) | [2] | (544) | [2] | 957 | [2] | (210) | (9,387) | (4,021) | |
Net income (loss) | 4,951 | 7,298 | 6,383 | 1,935 | (32,998) | [2],[3] | 1,030 | [2],[3] | (29,113) | [2],[3] | 490 | [2],[3] | 20,567 | (60,591) | 16,508 | |||||
Less: income (loss) attributable to noncontrolling interest | (1,133) | (69) | (596) | (409) | (6,444) | [3] | 1,160 | [3] | (7,221) | [3] | (978) | [3] | (2,207) | (13,483) | 1,377 | |||||
Net income (loss) attributable to Stoneridge, Inc. | $ 6,084 | $ 7,367 | $ 6,979 | $ 2,344 | $ (26,554) | [1],[3] | $ (130) | [1],[3] | $ (21,892) | [1],[3] | $ 1,468 | [1],[3] | $ 22,774 | $ (47,108) | $ 15,131 | |||||
Earnings (loss) per share attributable to continuing operations attributable to Stoneridge, Inc.: | ||||||||||||||||||||
Basic (in dollars per share) | $ 0.22 | [4] | $ 0.27 | [4] | $ 0.26 | [4] | $ 0.10 | [4] | $ (0.92) | [4] | $ 0.30 | [4] | $ (0.79) | [4] | $ 0.02 | [4] | $ 0.84 | $ (1.40) | $ 0.72 | |
Diluted (in dollars per share) | 0.22 | [4] | 0.27 | [4] | 0.25 | [4] | 0.09 | [4] | (0.92) | [4] | 0.29 | [4] | (0.79) | [4] | 0.02 | [4] | 0.82 | (1.40) | 0.70 | |
Earnings (loss) per share attributable to discontinued operations: | ||||||||||||||||||||
Basic (in dollars per share) | 0 | [4] | (0.01) | [4] | 0 | [4] | (0.01) | [4] | (0.07) | [4] | (0.30) | [4] | (0.02) | [4] | 0.03 | [4] | (0.01) | (0.35) | (0.15) | |
Diluted (in dollars per share) | 0 | [4] | (0.01) | [4] | 0 | [4] | (0.01) | [4] | (0.07) | [4] | (0.29) | [4] | (0.02) | [4] | 0.03 | [4] | (0.01) | (0.35) | (0.14) | |
Earnings (loss) per share attributable to Stoneridge, Inc.: | ||||||||||||||||||||
Basic (in dollars per share) | 0.22 | [4] | 0.26 | [4] | 0.26 | [4] | 0.09 | [4] | (0.99) | [4] | 0 | [4] | (0.81) | [4] | 0.05 | [4] | 0.83 | (1.75) | 0.57 | |
Diluted (in dollars per share) | $ 0.22 | [4] | $ 0.26 | [4] | $ 0.25 | [4] | $ 0.08 | [4] | $ (0.99) | [4] | $ 0 | [4] | $ (0.81) | [4] | $ 0.05 | [4] | $ 0.81 | $ (1.75) | $ 0.56 | |
Goodwill impairment charge (benefit) | $ 51,458 | |||||||||||||||||||
Goodwill impairment loss (gain) attributable to noncontrolling interest | $ 6,142 | |||||||||||||||||||
(Loss) on early extinguishment of debt | (9,687) | $ (920) | (10,607) | |||||||||||||||||
Loss on disposal, net of tax | $ 16 | $ (113) | $ 55 | $ (168) | (890) | (6,548) | $ (1,138) | $ (210) | (8,576) | |||||||||||
PST [Member] | ||||||||||||||||||||
Earnings (loss) per share attributable to Stoneridge, Inc.: | ||||||||||||||||||||
Goodwill impairment charge (benefit) | 27,960 | (5,802) | 29,300 | $ 23,498 | 51,458 | |||||||||||||||
Goodwill impairment loss (gain) attributable to noncontrolling interest | $ 6,142 | $ (1,274) | $ 6,436 | $ 5,162 | $ 11,304 | |||||||||||||||
[1] | In addition to the PST goodwill impairment amounts in item (B) herein, a loss on early extinguishment of debt of $920 and $9,687 was recorded for the quarters ended September 30, 2014 and December 31, 2014, respectively. | |||||||||||||||||||
[2] | A gain (loss) on disposal of the Wiring business was recorded for $(168), $55, $(113) and $16 for the quarters ended March 31, 2015, June 30, 2015, September 30, 2015 and December 31, 2015, respectively. In addition, a loss on disposal of the Wiring business was recorded for $1,138, $6,548 and $890 for the quarters ended June 30, 2014, September 30, 2014 and December 31, 2014, respectively. | |||||||||||||||||||
[3] | Goodwill impairment charge (benefit) of $29,300, $(5,802), and $27,960 related to the PST segment was recorded for the quarters ended June 30, 2014, September 30, 2014 and December 31, 2014, respectively, of which $6,436, $(1,274) and $6,142, respectively, was attributable to noncontrolling interest. | |||||||||||||||||||
[4] | Earnings per share for the year may not equal the sum of the four historical quarters earnings per share due to changes in weighted-average basic and diluted shares outstanding. |
SCHEDULE II - VALUATION AND Q71
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounts Receivable Reserves | |||
Balance at beginning of period | $ 2,017 | $ 2,625 | $ 2,176 |
Charged to cost and expenses | 395 | 619 | 1,655 |
Write-offs | (1,346) | (1,227) | (1,206) |
Balance at end of period | 1,066 | 2,017 | 2,625 |
Valuation Allowance Of Deferred Tax Assets [Member] | |||
Balance at beginning of period | 67,907 | 71,827 | 71,790 |
Charged to cost and expenses | (7,957) | (2,786) | 453 |
Write-offs | (559) | (1,134) | (416) |
Balance at end of period | $ 59,391 | $ 67,907 | $ 71,827 |