Document_and_entity_informatio
Document and entity information | 9 Months Ended |
Sep. 30, 2014 | |
Document and Entity Information [Abstract] | ' |
Entity Registrant Name | 'Remy International, Inc. |
Entity Central Index Key | '0001046859 |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Accelerated Filer |
Document Type | '10-Q |
Document Period End Date | 30-Sep-14 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q3 |
Amendment Flag | 'false |
Entity Common Stock, Shares Outstanding | 31,995,332 |
Ticker Symbol | 'REMY |
Entity Well-known Seasoned Issuer | 'No |
Entity Voluntary Filers | 'No |
Entity Current Reporting Status | 'Yes |
Consolidated_balance_sheets
Consolidated balance sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $62,328 | $114,884 |
Trade accounts receivable (less allowances of $1,723 and $1,583) | 234,086 | 191,548 |
Other receivables | 18,022 | 21,023 |
Inventories | 184,397 | 159,340 |
Deferred income taxes | 34,916 | 36,329 |
Prepaid expenses and other current assets | 11,753 | 11,151 |
Total current assets | 545,502 | 534,275 |
Property, plant and equipment | 262,226 | 249,326 |
Less accumulated depreciation and amortization | -119,022 | -103,715 |
Property, plant and equipment, net | 143,204 | 145,611 |
Deferred financing costs, net of amortization | 3,298 | 3,802 |
Goodwill | 285,433 | 271,418 |
Intangibles, net | 117,278 | 89,909 |
Other noncurrent assets | 78,777 | 72,040 |
Total assets | 1,173,492 | 1,117,055 |
Current liabilities: | ' | ' |
Short-term debt | 7,305 | 2,369 |
Current maturities of long-term debt | 3,379 | 3,392 |
Accounts payable | 182,185 | 168,491 |
Accrued interest | 123 | 92 |
Accrued restructuring | 499 | 1,026 |
Other current liabilities and accrued expenses | 133,668 | 110,179 |
Total current liabilities | 327,159 | 285,549 |
Long-term debt, net of current maturities | 311,799 | 293,835 |
Postretirement benefits other than pensions | 1,478 | 1,628 |
Accrued pension benefits | 16,823 | 19,103 |
Deferred income taxes | 1,306 | 1,000 |
Other noncurrent liabilities | 28,320 | 24,783 |
Remy International, Inc. stockholders' equity: | ' | ' |
Common stock, Par value of $0.0001; 31,995,332 shares outstanding at September 30, 2014, and 31,981,544 shares outstanding at December 31, 2013 | 3 | 3 |
Treasury stock, at cost; 457,107 treasury shares at September 30, 2014, and 267,924 treasury shares at December 31, 2013 | -3,982 | -1,477 |
Additional paid-in capital | 326,595 | 320,687 |
Retained earnings | 212,185 | 213,418 |
Accumulated other comprehensive loss | -48,194 | -41,474 |
Total Remy International, Inc. stockholders' equity | 486,607 | 491,157 |
Total liabilities and equity | $1,173,492 | $1,117,055 |
Consolidated_balance_sheets_Ba
Consolidated balance sheets Balance Sheet Parenthtical (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Current assets: | ' | ' |
Allowance for doubtful accounts | $1,723 | $1,583 |
Stockholders' Equity: | ' | ' |
Common Stock, par value | $0.00 | $0.00 |
Common Stock, shares outstanding | 31,995,332 | 31,981,544 |
Treasury Stock, shares outstanding | 457,107 | 267,924 |
Consolidated_statements_of_ope
Consolidated statements of operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $287,508 | $262,832 | $887,095 | $826,908 |
Cost of goods sold | 256,480 | 210,600 | 743,454 | 664,996 |
Gross profit | 31,028 | 52,232 | 143,641 | 161,912 |
Selling, general, and administrative expenses | 35,166 | 29,760 | 104,434 | 102,325 |
Restructuring and other charges | 2,212 | 1,454 | 2,605 | 4,263 |
Operating income (loss) | -6,350 | 21,018 | 36,602 | 55,324 |
Interest expensebnet | 4,659 | 5,370 | 15,685 | 15,438 |
Loss on extinguishment of debt and refinancing fees | 0 | 0 | 0 | 4,256 |
Income (loss) before income taxes | -11,009 | 15,648 | 20,917 | 35,630 |
Income tax expense | 110 | 5,292 | 12,613 | 11,967 |
Net income (loss) | -11,119 | 10,356 | 8,304 | 23,663 |
Less net income attributable to noncontrolling interest | 0 | 0 | 0 | 659 |
Net income (loss) attributable to common stockholders | ($11,119) | $10,356 | $8,304 | $23,004 |
Basic earnings (loss) per share: | ' | ' | ' | ' |
Earnings (loss) per share | ($0.35) | $0.33 | $0.26 | $0.74 |
Weighted average shares outstanding | 31,514 | 31,240 | 31,470 | 31,196 |
Diluted earnings (loss) per share: | ' | ' | ' | ' |
Earnings (loss) per share | ($0.35) | $0.33 | $0.26 | $0.70 |
Weighted average shares outstanding | 31,514 | 31,383 | 31,585 | 31,338 |
Dividends declared per common share | $0.10 | $0.10 | $0.30 | $0.30 |
Consolidated_statements_of_com
Consolidated statements of comprehensive income (loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net income (loss) | ($11,119) | $10,356 | $8,304 | $23,663 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation adjustments | -6,877 | 5,566 | -3,822 | 336 |
Employee benefit plans, net of tax | 160 | 105 | -304 | -475 |
Total other comprehensive income (loss), net of tax | -9,987 | 10,238 | -6,720 | -1,911 |
Comprehensive income (loss) | -21,106 | 20,594 | 1,584 | 21,752 |
Less: Comprehensive income attributable to noncontrolling interest | 0 | 0 | 0 | 659 |
Less: Other comprehensive income attributable to noncontrolling interest- foreign currency translation | 0 | 0 | 0 | 200 |
Comprehensive income (loss) attributable to Remy International, Inc. | -21,106 | 20,594 | 1,584 | 20,893 |
Foreign Exchange Contract | ' | ' | ' | ' |
Other comprehensive income (loss): | ' | ' | ' | ' |
Derivative contracts, net of tax | -2,710 | 1,916 | -2,285 | -2,254 |
Commodity Contract | ' | ' | ' | ' |
Other comprehensive income (loss): | ' | ' | ' | ' |
Derivative contracts, net of tax | -626 | 2,714 | -292 | -1,029 |
Interest Rate Swap | ' | ' | ' | ' |
Other comprehensive income (loss): | ' | ' | ' | ' |
Derivative contracts, net of tax | $66 | ($63) | ($625) | $561 |
Consolidated_statements_of_cas
Consolidated statements of cash flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income (loss) | $8,304 | $23,663 |
Adjustments to reconcile net income to cash (used in) provided by operating activities: | ' | ' |
Depreciation and amortization | 29,787 | 25,767 |
Amortization of debt issuance costs | 752 | 868 |
Loss on extinguishment of debt and refinancing fees | 0 | 4,256 |
Stock-based compensation | 3,454 | 4,894 |
Deferred income taxes | 336 | 766 |
Accrued pension and postretirement benefits, net | -1,924 | -992 |
Restructuring and other charges | 2,605 | 4,263 |
Cash payments for restructuring charges | -2,256 | -6,093 |
Other | 1,053 | -1,732 |
Changes in operating assets and liabilities, net of restructuring charges: | ' | ' |
Accounts receivable | -32,111 | -24,546 |
Inventories | -13,598 | -5,300 |
Accounts payable | 7,418 | -8,402 |
Other current assets and liabilities, net | 16,405 | 8,842 |
Other noncurrent assets and liabilities, net | -26,963 | -10,917 |
Net cash (used in) provided by operating activities | -6,738 | 15,337 |
Cash flows from investing activities: | ' | ' |
Purchases of property, plant and equipment | -16,963 | -17,394 |
Net proceeds on sale of assets | 83 | 585 |
Acquisition of USA Industries, Inc., net of cash acquired of $109 | 40,070 | 0 |
Net cash used in investing activities | -56,950 | -16,809 |
Cash flows from financing activities: | ' | ' |
Change in short-term debt | 4,930 | -5,724 |
Proceeds from Long-term Lines of Credit | 51,970 | 0 |
Repayments of Long-term Lines of Credit | -31,722 | 0 |
Payments made on long-term debt, including capital leases | -2,541 | -289,861 |
Proceeds from issuance of long-term debt | 0 | 299,250 |
Dividend payments on common stock | -9,700 | -9,462 |
Purchase of treasury stock | -2,505 | -1,248 |
Debt issuance costs | 0 | -3,476 |
Purchase of and distributions to noncontrolling interest | 0 | -18,961 |
Other | 1,142 | 0 |
Net cash provided by (used in) financing activities | 11,574 | -29,482 |
Effect of exchange rate changes on cash and cash equivalents | -442 | 254 |
Net decrease in cash and cash equivalents | -52,556 | -30,700 |
Cash and cash equivalents at beginning of period | 114,884 | 111,733 |
Cash and cash equivalents at end of period | 62,328 | 81,033 |
Accounts Payable | ' | ' |
Noncash investing and financing activities: | ' | ' |
Purchases of property, plant and equipment | $2,946 | $1,678 |
Description_of_the_business
Description of the business | 9 Months Ended |
Sep. 30, 2014 | |
Description of the business [Abstract] | ' |
Description of the business | ' |
1. Description of the business | |
Business | |
Remy International, Inc. (together with its subsidiaries, “we”, “our”, “us”, “Remy” or the “Company”) is a leading global vehicle parts designer, manufacturer, remanufacturer, marketer and distributor of aftermarket and original equipment electrical components for automobiles, light-duty trucks, heavy-duty trucks and other vehicles. We sell our products worldwide primarily under the “Delco Remy”, “Remy”, “World Wide Automotive” and "USA Industries" brand names and our customers' widely recognized private label brand names. Our products include new and remanufactured, light-duty and heavy-duty starters and alternators for both original equipment and aftermarket applications, hybrid power technology, and multi-line products, such as constant velocity ("CV") axles, disc brake calipers, and steering gears. These products are principally sold or distributed to original equipment manufacturers (“OEMs”) for both original equipment manufacture and aftermarket operations, as well as to warehouse distributors and retail automotive parts chains. We sell our products principally in North America, Europe, South America and Asia. | |
We are one of the largest producers in the world of remanufactured starters and alternators for the aftermarket. Our remanufacturing operations obtain failed products, commonly known as cores, from our customers as returns. These cores are an essential material needed for the remanufacturing operations. We have expanded our operations to become a low cost, global manufacturer and remanufacturer with a more balanced business mix between the aftermarket and the original equipment market, especially in the heavy duty OEM market. | |
On August 14, 2012, Fidelity National Special Opportunities, Inc. (now known as Fidelity National Financial Ventures, LLC., or "FNFV") a wholly-owned subsidiary of Fidelity National Financial, Inc., or "FNF", a leading provider of title insurance, mortgage services and restaurant and diversified services, purchased additional shares of Remy International, Inc. common stock, thereby increasing its ownership position above 50%. As a result, FNF began consolidating the financial results of Remy in the third quarter of 2012. As of September 30, 2014 and December 31, 2013, FNFV held a 51% ownership interest in Remy, comprised of 16,342,508 shares of our common stock. | |
Spin-off and Merger Transactions | |
On September 7, 2014, we entered into agreements for a transaction (the "Transaction") with FNF. The Transaction will result in the indirect distribution of the shares of common stock of Remy that are held by FNF to the holders of its FNFV tracking stock. | |
In the Transaction, FNFV will contribute all of the 16,342,508 shares of Remy common stock that FNFV owns and a small subsidiary, Fidelity National Technology Imaging, LLC ("FNTI") into a newly-formed subsidiary ("New Remy"). New Remy will then be distributed to FNFV shareholders. Immediately following the distribution of New Remy to FNFV shareholders, New Remy and Remy will each engage in stock-for-stock mergers with subsidiaries of a new publicly-traded holding company, New Remy Holdco Corp. ("New Holdco"). In the mergers, FNFV shareholders will receive a total of 16,615,359 shares of New Holdco common stock, or approximately 0.18117 shares for each share of FNFV tracking stock that they own. The remaining stockholders of Remy (other than New Remy) will receive a total of 15,652,824 shares, or one share of New Holdco for each share of Remy they own. Remy currently has approximately 32.0 million shares of common stock outstanding and at the conclusion of the Transaction, New Holdco will have approximately 32.3 million shares of common stock outstanding. The Transaction should be tax-free to all existing Remy stockholders. | |
This structure will result in New Holdco becoming the new public parent of Remy. It is anticipated that, immediately following the mergers, New Holdco will change its name to "Remy International, Inc." and its shares will be listed on NASDAQ under the trading symbol "REMY". Under the organizational documents of New Holdco, the rights of the holders of the common stock of New Holdco will be the same as the rights of holders of Remy common stock. | |
The Transaction is subject to customary closing conditions, including Remy shareholder approval. The Transaction is expected to close in December 2014 or in the first quarter of 2015. |
Summary_of_significant_account
Summary of significant accounting policies | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||
Significant Accounting Policies | ' | |||||||||||||||
2. Summary of significant accounting policies | ||||||||||||||||
Interim condensed consolidated financial statements | ||||||||||||||||
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) for interim financial information. Accordingly, certain information and footnote disclosures normally included in annual financial statements have been condensed or omitted. These statements include all adjustments (consisting of normal recurring adjustments) that our management believes are necessary to present fairly our financial position, results of operations, and cash flows. We believe that the disclosures are adequate to make the information presented not misleading when read in conjunction with our audited consolidated financial statements and the notes thereto in our Annual Report on Form 10-K for the year ended December 31, 2013. | ||||||||||||||||
Operating results for the interim periods presented in this report are not necessarily indicative of the results that may be expected for any future interim period or for the full year. | ||||||||||||||||
Use of estimates | ||||||||||||||||
The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expense during the year. Actual results could differ from these estimates. | ||||||||||||||||
Government grants | ||||||||||||||||
We record government grants when there is reasonable assurance that the grant will be received and we will comply with the conditions attached to the grants received. Grants related to income are recorded as an offset to the related expense in the accompanying statements of operations. Grants related to assets are recorded as deferred revenue and recognized on a straight-line basis over the useful life of the related asset. We continue to evaluate our compliance with the conditions attached to the related grants. | ||||||||||||||||
We received various grants and subsidies during the three and nine month periods ended September 30, 2014 and 2013. The amounts recognized in the accompanying consolidated statements of operations as government grants were as follows: | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Reduction of cost of goods sold | $ | 1,417 | $ | 628 | $ | 2,496 | $ | 1,900 | ||||||||
Reduction of selling, general, and administrative expenses | $ | 193 | $ | 220 | $ | 579 | $ | 556 | ||||||||
As of September 30, 2014 and December 31, 2013, we had deferred revenue of $5,007,000 and $6,283,000, respectively, related to government grants. | ||||||||||||||||
Trade accounts receivable and allowance for doubtful accounts | ||||||||||||||||
Trade accounts receivable is stated at net realizable value, which approximates fair value. Substantially all of our trade accounts receivable are due from customers in the original equipment and aftermarket automotive industries, both domestically and internationally. Trade accounts receivable includes notes receivable of $45,823,000 and $27,154,000 as of September 30, 2014 and December 31, 2013, respectively. Trade accounts receivable is reduced by an allowance for amounts that are expected to become uncollectible in the future and for disputed items. We perform periodic credit evaluations of our customers' financial condition and generally do not require collateral. We maintain allowances for doubtful customer accounts for estimated losses resulting from the inability of our customers to make required payments. The allowance for doubtful accounts is developed based on several factors including customers' credit quality, historical write-off experience and any known specific issues or disputes which exist as of the balance sheet date. If the financial condition of our customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. | ||||||||||||||||
Warranty | ||||||||||||||||
We provide certain warranties relating to quality and performance of our products. An allowance for the estimated future cost of product warranties and other defective product returns is based on management's estimate of product failure rates and customer eligibility. If these factors differ from management's estimates, revisions to the estimated warranty liability may be required. The specific terms and conditions of the warranties vary depending upon the customer and the product sold. | ||||||||||||||||
Earnings per share | ||||||||||||||||
Basic earnings per share is calculated by dividing net earnings by the weighted average shares outstanding during the period. Diluted earnings per share is based on the weighted average number of shares outstanding plus the assumed issuance of common shares and related adjustment to net income attributable to common stockholders related to all potentially dilutive securities. For the three months ended September 30, 2014, in applying the treasury stock method, equivalent shares of unvested restricted stock and stock options of 96,359 shares were antidilutive and excluded from the basic and dilutive calculation. For the three months ended September 30, 2013, in applying the treasury stock method, equivalent shares of unvested restricted stock and stock options of 143,376 shares were included in the weighted average shares outstanding in the diluted calculation. For the nine months ended September 30, 2014 and 2013, in applying the treasury stock method, equivalent shares of unvested restricted stock of 115,018 and 142,131 shares, respectively, were included in the weighted average shares outstanding in the diluted calculation. Anti-dilutive stock options of 510,375 and 267,132 were excluded from the calculation of dilutive earnings per share for the three month periods ended September 30, 2014 and 2013, respectively. Anti-dilutive stock options of 290,887 and 216,619 were excluded from the calculation of dilutive earnings per share for the nine month periods ended September 30, 2014 and 2013, respectively. | ||||||||||||||||
Recent accounting adoptions | ||||||||||||||||
In July 2013, the FASB issued ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists to provide guidance on the presentation of unrecognized tax benefits. ASU 2013-11 requires an entity to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward with certain limited exceptions. ASU 2013-11 is effective for annual reporting periods beginning on or after December 15, 2013 and interim periods within those annual periods with earlier adoption permitted. We adopted this guidance on January 1, 2014. The adoption of this guidance did not have an impact on our consolidated financial position, results of operations or cash flows. | ||||||||||||||||
New accounting pronouncements | ||||||||||||||||
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). This update provides a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. The guidance also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. This update is effective for annual and interim periods beginning after December 15, 2016, which will require us to adopt these provisions in the first quarter of 2017. Early application is not permitted. This update permits the use of either the retrospective or cumulative effect transition method. We are evaluating the effect this guidance will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method nor have we determined the effect of the standard on our ongoing financial reporting. |
Fair_value_measurements
Fair value measurements | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Disclosures | ' | |||||||||||||||
3. Fair value measurements | ||||||||||||||||
FASB ASC Topic 820, Fair Value Measurements and Disclosures, clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based upon assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, FASB ASC Topic 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: | ||||||||||||||||
Level 1: Observable inputs such as quoted prices in active markets; | ||||||||||||||||
Level 2: Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and | ||||||||||||||||
Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. | ||||||||||||||||
An asset's or liability's fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used maximize the use of observable inputs and minimize the use of unobservable inputs. | ||||||||||||||||
Assets and liabilities measured at fair value are based on one or more of the following three valuation techniques noted in FASB ASC Topic 820: | ||||||||||||||||
A. | Market approach: Prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. | |||||||||||||||
B. | Cost approach: Amount that would be required to replace the service capacity of an asset (replacement cost). | |||||||||||||||
C. | Income approach: Techniques to convert future amounts to a single present amount based upon market expectations (including present value techniques, option-pricing and excess earnings models). | |||||||||||||||
Assets and liabilities remeasured and disclosed at fair value on a recurring basis as of September 30, 2014 and December 31, 2013, are set forth in the table below: | ||||||||||||||||
As of September 30, 2014 | As of December 31, 2013 | |||||||||||||||
(In thousands) | Asset/ | Level 2 | Valuation | Asset/ | Level 2 | Valuation | ||||||||||
(liability) | technique | (liability) | technique | |||||||||||||
Interest rate swap contracts | $ | (1,585 | ) | $ | (1,585 | ) | C | $ | 727 | $ | 727 | C | ||||
Foreign exchange contracts | 682 | 682 | C | 3,417 | 3,417 | C | ||||||||||
Commodity contracts | (1,823 | ) | (1,823 | ) | C | (1,333 | ) | (1,333 | ) | C | ||||||
We calculate the fair value of our interest rate swap contracts, commodity contracts and foreign currency contracts using quoted interest rate curves, quoted commodity forward rates and quoted currency forward rates. For contracts which, when aggregated by counterparty, are in a liability position, the discount rates are adjusted by the credit spread that market participants would apply if buying these contracts from our counterparties. | ||||||||||||||||
In addition to items that are measured at fair value on a recurring basis, we also have assets and liabilities that are measured at fair value on a nonrecurring basis. As these assets and liabilities are not measured at fair value on a recurring basis, they are not included in the tables above. Assets and liabilities that are measured at fair value on a nonrecurring basis include long-lived assets (see Note 7) and certain assets acquired in business acquisitions (see Note 20). We have determined that the fair value measurements included in each of these assets and liabilities rely primarily on our assumptions as observable inputs are not available. As such, we have determined that each of these fair value measurements reside within Level 3 of the fair value hierarchy. |
Financial_instruments
Financial instruments | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Financial Instruments [Abstract] | ' | ||||||||||||||||
Financial Instruments Disclosure | ' | ||||||||||||||||
4. Financial instruments | |||||||||||||||||
Foreign currency risk | |||||||||||||||||
We manufacture and sell our products primarily in North America, South America, Asia, Europe and Africa. As a result our financial results could be significantly affected by factors such as changes in foreign currency exchange rates or weak economic conditions in foreign markets in which we manufacture and sell our products. We generally try to use natural hedges within our foreign currency activities, including the matching of revenues and costs, to minimize foreign currency risk. Where natural hedges are not in place, we consider managing certain aspects of our foreign currency activities through the use of foreign exchange contracts. We primarily utilize forward exchange contracts with maturities generally within eighteen months to hedge against currency rate fluctuations, and are designated as hedges. | |||||||||||||||||
As of September 30, 2014 and December 31, 2013, we had the following outstanding foreign currency contracts that were entered into to hedge forecasted purchases and revenues, respectively: | |||||||||||||||||
(In thousands) | Currency denomination | ||||||||||||||||
September 30, | December 31, | ||||||||||||||||
Foreign currency contract | 2014 | 2013 | |||||||||||||||
South Korean Won Forward | $ | 80,193 | $ | 74,368 | |||||||||||||
Mexican Peso Contracts | $ | 73,370 | $ | 73,520 | |||||||||||||
Brazilian Real Forward | $ | 14,826 | $ | 11,427 | |||||||||||||
Hungarian Forint Forward | € | 12,895 | € | 14,416 | |||||||||||||
Great Britain Pound Forward | £ | 1,490 | £ | 3,735 | |||||||||||||
Accumulated unrealized net gains of $235,000 and $2,520,000 were recorded in accumulated other comprehensive income (loss) (AOCI) as of September 30, 2014 and December 31, 2013, respectively. As of September 30, 2014, gains of $333,000 are expected to be reclassified to the consolidated statement of operations within the next twelve months. During the nine months ended September 30, 2014, the Company hedged a firm commitment for foreign currency settlements in South Korean Won. The Company recognized a fair value hedge loss of $107,000 and of $11,000 in cost of goods sold, which offset the foreign currency loss on the related hedged item during the three and nine month period ended September 30, 2014, respectively. Any ineffectiveness during the three and nine month periods ended September 30, 2014 and 2013, respectively, was immaterial. | |||||||||||||||||
Interest rate risk | |||||||||||||||||
On March 27, 2013, we terminated our undesignated Term B Loan interest rate swap and transferred the value into a new undesignated interest rate swap agreement of $72,000,000 of the outstanding principal loan balance under which we swap a variable LIBOR rate with a floor of 1.25% to a fixed rate of 4.045% with an effective date of December 30, 2016 and expiration date of December 31, 2019. The notional value of this interest rate swap is $72,000,000, and is reduced by $187,500 quarterly from the effective date. Due to the significant value of the terminated swaps which were transferred into this new swap, this interest rate swap is an undesignated hedge and changes in the fair value are recorded as interest expense-net in the accompanying consolidated statements of operations. | |||||||||||||||||
On March 27, 2013, we also entered into a designated interest rate swap agreement for $72,000,000 of the outstanding principal balance of our long term debt. Under the terms of the new interest rate swap agreement, we swap a variable LIBOR rate with a floor of 1.25% to a fixed rate of 2.75% with an effective date of December 30, 2016 and expiration date of December 31, 2019. The notional value of this interest rate swap is $72,000,000, and is reduced by $187,500 quarterly from the effective date. This interest rate swap has been designated as a cash flow hedging instrument. Accumulated unrealized gains of $427,000, and $1,455,000, excluding the tax effect, were recorded in accumulated other comprehensive income (loss) (AOCI) as of September 30, 2014, and December 31, 2013, respectively. As of September 30, 2014, no gains are expected to be reclassified to the consolidated statement of operations within the next twelve months. Any ineffectiveness during the three and nine month periods ended September 30, 2014 and 2013, respectively, was immaterial. | |||||||||||||||||
The interest rate swaps reduce our overall interest rate risk. However, due to the remaining outstanding borrowings on the Amended and Restated Term B Loan and other borrowing facilities that continue to have variable interest rates, management believes that interest rate risk to us could be material if there are significant adverse changes in interest rates. | |||||||||||||||||
Commodity price risk | |||||||||||||||||
Our production processes are dependent upon the supply of certain components whose raw materials are exposed to price fluctuations on the open market. The primary purpose of our commodity price forward contract activity is to manage the volatility associated with forecasted purchases. We monitor our commodity price risk exposures regularly to maximize the overall effectiveness of our commodity forward contracts. The principal raw material hedged is copper. Forward contracts are used to mitigate commodity price risk associated with raw materials, generally related to purchases forecast for up to twenty-four months in the future. Additionally, we purchase certain commodities during the normal course of business which result in physical delivery and are excluded from hedge accounting. | |||||||||||||||||
We had thirty-seven commodity price hedge contracts outstanding at September 30, 2014, and thirty-two commodity price hedge contracts outstanding at December 31, 2013, with combined notional quantities of 7,169 and 6,368 metric tons of copper, respectively. These contracts mature within the next eighteen months. These contracts were designated as cash flow hedging instruments. Accumulated unrealized losses of $1,799,000 and $1,319,000, excluding the tax effect, were recorded in AOCI as of September 30, 2014 and December 31, 2013, respectively. As of September 30, 2014, losses of $1,527,000 are expected to be reclassified to the accompanying consolidated statement of operations within the next 12 months. Any ineffectiveness during the three and nine month periods ended September 30, 2014 and 2013, respectively, was immaterial. | |||||||||||||||||
Other | |||||||||||||||||
We present our derivative positions and any related material collateral under master netting agreements on a gross basis. We have entered into International Swaps and Derivatives Association agreements with each of its significant derivative counterparties. These agreements provide bilateral netting and offsetting of accounts that are in a liability position with those that are in an asset position. These agreements do not require us to maintain a minimum credit rating in order to be in compliance with the terms of the agreements and do not contain any margin call provisions or collateral requirements that could be triggered by derivative instruments in a net liability position. As of September 30, 2014, we have not posted any collateral to support derivatives in a liability position. | |||||||||||||||||
For derivatives designated as cash flow hedges, changes in the time value are excluded from the assessment of hedge effectiveness. Unrealized gains and losses associated with ineffective hedges, determined using the change in fair value method, are recognized in the accompanying consolidated statements of operations. Derivative gains and losses included in AOCI for effective hedges are reclassified into the accompanying consolidated statements of operations upon recognition of the hedged transaction. | |||||||||||||||||
Any derivative instrument designated initially, but no longer effective as a hedge, or initially not effective as a hedge, is recorded at fair value and the related gains and losses are recognized in the accompanying consolidated statements of operations. Our undesignated hedges are primarily our interest rate swaps whose fair value at inception of the instrument due to the rollover of existing interest rate swaps resulted in ineffectiveness. The following table discloses the fair values and balance sheet locations of our derivative instruments: | |||||||||||||||||
Asset derivatives | Liability derivatives | ||||||||||||||||
(In thousands) | Balance sheet location | September 30, 2014 | December 31, 2013 | Balance sheet location | September 30, 2014 | December 31, 2013 | |||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||
Commodity contracts | Prepaid expenses and | $ | 43 | $ | 257 | Other current liabilities | $ | 1,548 | $ | — | |||||||
other current assets | and accrued expenses | ||||||||||||||||
Commodity contracts | Other noncurrent assets | — | 195 | Other noncurrent liabilities | 318 | 1,785 | |||||||||||
Foreign currency contracts | Prepaid expenses and | 2,090 | 3,630 | Other current liabilities | 1,025 | 141 | |||||||||||
other current assets | and accrued expenses | ||||||||||||||||
Foreign currency contracts | Other noncurrent assets | 29 | 108 | Other noncurrent liabilities | 412 | 180 | |||||||||||
Interest rate swap contracts | Other noncurrent assets | 427 | 1,455 | Other noncurrent liabilities | — | — | |||||||||||
Total derivatives designated as hedging instruments | $ | 2,589 | $ | 5,645 | $ | 3,303 | $ | 2,106 | |||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Interest rate swap contracts | Other noncurrent assets | $ | — | $ | — | Other noncurrent liabilities | $ | 2,012 | $ | 728 | |||||||
Total derivatives not designated as hedging instruments | $ | — | $ | — | $ | 2,012 | $ | 728 | |||||||||
The following tables disclose the effect of our derivative instruments on the accompanying consolidated statement of operations for the three months ended September 30, 2014 (in thousands): | |||||||||||||||||
Derivatives designated as cash flow hedging instruments | Amount of gain (loss) recognized in OCI on derivatives (effective portion) | Location of gain (loss) reclassified from AOCI into income (effective portion) | Amount of gain (loss) reclassified from AOCI into income (effective portion) | Location of gain (loss) recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) | Amount of gain (loss) recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) | ||||||||||||
Commodity contracts | $ | (1,651 | ) | Cost of goods sold | $ | (624 | ) | Cost of goods sold | $ | (24 | ) | ||||||
Foreign currency contracts | (2,495 | ) | Cost of goods sold | 1,020 | Cost of goods sold | — | |||||||||||
Interest rate swap contracts | 107 | Interest expense–net | — | Interest expense–net | — | ||||||||||||
$ | (4,039 | ) | $ | 396 | $ | (24 | ) | ||||||||||
Derivatives not designated as hedging instruments | Location of gain (loss) recognized in income on derivatives | Amount of gain (loss) recognized in income on derivatives | |||||||||||||||
Interest rate swap | Interest expense–net | $ | 49 | ||||||||||||||
The following tables disclose the effect of our derivative instruments on the accompanying consolidated statement of operations for the three months ended September 30, 2013 (in thousands): | |||||||||||||||||
Derivatives designated as cash flow hedging instruments | Amount of gain (loss) recognized in OCI on derivatives (effective portion) | Location of gain (loss) reclassified from AOCI into income (effective portion) | Amount of gain (loss) reclassified from AOCI into income (effective portion) | Location of gain (loss) recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) | Amount of gain (loss) recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) | ||||||||||||
Commodity contracts | $ | 2,863 | Cost of goods sold | $ | (1,591 | ) | Cost of goods sold | $ | 28 | ||||||||
Foreign currency contracts | 4,494 | Cost of goods sold | 2,068 | Cost of goods sold | — | ||||||||||||
Interest rate swap contracts | (102 | ) | Interest expense–net | — | Interest expense–net | — | |||||||||||
$ | 7,255 | $ | 477 | $ | 28 | ||||||||||||
Derivatives not designated as hedging instruments | Location of gain (loss) recognized in income on derivatives | Amount of gain (loss) recognized in income on derivatives | |||||||||||||||
Interest rate swap contracts | Interest expense–net | $ | (137 | ) | |||||||||||||
The following tables disclose the effect of our derivative instruments on the accompanying consolidated statement of operations for the nine months ended September 30, 2014 (in thousands): | |||||||||||||||||
Derivatives designated as cash flow hedging instruments | Amount of gain (loss) recognized in OCI on derivatives (effective portion) | Location of gain (loss) reclassified from AOCI into income (effective portion) | Amount of gain (loss) reclassified from AOCI into income (effective portion) | Location of gain (loss) recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) | Amount of gain (loss) recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) | ||||||||||||
Commodity contracts | $ | (3,314 | ) | Cost of goods sold | $ | (2,834 | ) | Cost of goods sold | $ | (39 | ) | ||||||
Foreign currency contracts | 289 | Cost of goods sold | 3,429 | Cost of goods sold | — | ||||||||||||
Interest rate swap contracts | (1,028 | ) | Interest expense–net | — | Interest expense–net | — | |||||||||||
$ | (4,053 | ) | $ | 595 | $ | (39 | ) | ||||||||||
Derivatives not designated as hedging instruments | Location of gain (loss) recognized in income on derivatives | Amount of gain (loss) recognized in income on derivatives | |||||||||||||||
Interest rate swap | Interest expense–net | $ | (1,284 | ) | |||||||||||||
The following tables disclose the effect of our derivative instruments on the accompanying consolidated statement of operations for the nine months ended September 30, 2013 (in thousands): | |||||||||||||||||
Derivatives designated as cash flow hedging instruments | Amount of gain (loss) recognized in OCI on derivatives (effective portion) | Location of gain (loss) reclassified from AOCI into income (effective portion) | Amount of gain (loss) reclassified from AOCI into income (effective portion) | Location of gain (loss) recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) | Amount of gain (loss) recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) | ||||||||||||
Commodity contracts | $ | (4,071 | ) | Cost of goods sold | $ | (2,374 | ) | Cost of goods sold | $ | (58 | ) | ||||||
Foreign currency contracts | 1,988 | Cost of goods sold | 4,887 | Cost of goods sold | — | ||||||||||||
Interest rate swap contracts | 922 | Interest expense–net | — | Interest expense–net | — | ||||||||||||
$ | (1,161 | ) | $ | 2,513 | $ | (58 | ) | ||||||||||
Derivatives not designated as hedging instruments | Location of gain (loss) recognized in income on derivatives | Amount of gain (loss) recognized in income on derivatives | |||||||||||||||
Interest rate swap contracts | Interest expense–net | $ | 986 | ||||||||||||||
Concentrations of credit risk | |||||||||||||||||
Financial instruments, which potentially subject us to concentrations of credit risk, consist primarily of accounts receivable and cash investments. We require placement of cash in financial institutions evaluated as highly creditworthy. Our customer base includes global light and commercial vehicle manufacturers and a large number of retailers, distributors and installers of automotive aftermarket parts. Our credit evaluation process and the geographical dispersion of sales transactions help to mitigate credit risk concentration. | |||||||||||||||||
Accounts receivable factoring arrangements | |||||||||||||||||
We have entered into factoring agreements with various domestic and European financial institutions to sell our accounts receivable under nonrecourse agreements. These are treated as a sale. The transactions are accounted for as a reduction in accounts receivable as the agreements transfer effective control over and risk related to the receivables to the buyers. We do not service any domestic accounts after the factoring has occurred. We do not have any servicing assets or liabilities. We utilize factoring arrangements as an integral part of financing for us. The cost of factoring such accounts receivable is reflected in the accompanying consolidated statements of operations as interest expense-net with other financing costs. The cost of factoring such accounts receivable for the three months ended September 30, 2014 and 2013 was $1,199,000 and $1,437,000, respectively. The cost of factoring such accounts receivable for the nine months ended September 30, 2014 and 2013 was $3,745,000 and $4,316,000, respectively. Gross amounts factored under these facilities as of September 30, 2014 and December 31, 2013 were $237,703,000 and $244,940,000, respectively. Any change in the availability of these factoring arrangements could have a material adverse effect on our financial condition. |
Inventories
Inventories | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Inventory [Abstract] | ' | |||||||
Inventory Disclosure | ' | |||||||
5. Inventories | ||||||||
Net inventories consisted of the following: | ||||||||
September 30, | December 31, | |||||||
(In thousands) | 2014 | 2013 | ||||||
Raw materials | $ | 52,421 | $ | 42,322 | ||||
Core inventory | 38,152 | 36,581 | ||||||
Work-in-process | 9,511 | 8,398 | ||||||
Finished goods | 84,313 | 72,039 | ||||||
$ | 184,397 | $ | 159,340 | |||||
Raw materials also include materials consumed in the manufacturing and remanufacturing process, but not directly incorporated into the finished products. |
Property_plant_and_equipment
Property, plant and equipment | 9 Months Ended |
Sep. 30, 2014 | |
Property, Plant and Equipment [Abstract] | ' |
Property, Plant and Equipment Disclosure | ' |
6. Property, plant and equipment | |
Depreciation and amortization expense of property, plant, and equipment for the nine months ended September 30, 2014 and 2013 was $16,681,000 and $14,377,000, respectively. |
Goodwill_and_other_intangible_
Goodwill and other intangible assets | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure | ' | |||||||||||||||||||||||
7. Goodwill and other intangible assets | ||||||||||||||||||||||||
The following table represents the carrying value of other intangible assets: | ||||||||||||||||||||||||
As of September 30, 2014 | As of December 31, 2013 | |||||||||||||||||||||||
(In thousands) | Carrying | Accumulated | Net | Carrying | Accumulated | Net | ||||||||||||||||||
value | amortization | value | amortization | |||||||||||||||||||||
Definite-life intangibles: | ||||||||||||||||||||||||
Intellectual property | $ | 32,039 | $ | 5,341 | $ | 26,698 | $ | 16,810 | $ | 4,583 | $ | 12,227 | ||||||||||||
Customer relationships | 46,500 | 20,784 | 25,716 | 35,500 | 17,746 | 17,754 | ||||||||||||||||||
Customer contract | 111,121 | 95,613 | 15,508 | 97,789 | 86,061 | 11,728 | ||||||||||||||||||
Lease intangible | 299 | 143 | 156 | — | — | — | ||||||||||||||||||
Total | 189,959 | 121,881 | 68,078 | 150,099 | 108,390 | 41,709 | ||||||||||||||||||
Indefinite-life intangibles: | ||||||||||||||||||||||||
Trade names | 49,200 | — | 49,200 | 48,200 | — | 48,200 | ||||||||||||||||||
Intangible assets, net | $ | 239,159 | $ | 121,881 | $ | 117,278 | $ | 198,299 | $ | 108,390 | $ | 89,909 | ||||||||||||
Goodwill | $ | 285,433 | $ | — | $ | 285,433 | $ | 271,418 | $ | — | $ | 271,418 | ||||||||||||
Definite-lived intangible assets are being amortized to reflect the pattern of economic benefit consumed. | ||||||||||||||||||||||||
We perform impairment testing annually or more frequently when events or circumstances indicate that the carrying amount of the above intangibles may be impaired. | ||||||||||||||||||||||||
On January 13, 2014, we acquired substantially all of the assets of United Starters and Alternators Industries, Inc. ("USA Industries") pursuant to the terms and conditions of the Asset Purchase Agreement. See Note 20 for further information. As a result of the acquisition, we assigned preliminary values to all assets and liabilities acquired, including the customer relationships intangible of $11,000,000 with a useful life of 10 years, $1,000,000 to value the USA Industries trade name with an indefinite life, $328,000 to out-of-market lease intangibles recognized over the remaining term of the lease agreements, and $14,015,000 to goodwill in the purchase price allocation during the nine months ended September 30, 2014. | ||||||||||||||||||||||||
During the nine months ended September 30, 2014, we had customer contract intangible additions of approximately $13,332,000, with a weighted average useful life of 1.8 years based on the estimated useful life of the contracts. We also added $13,930,000 in intellectual property intangibles in connection with a cross licensing arrangement with Tecnomatic as part of a legal settlement (See Note 19) and $1,299,000 of patent filing costs. The Level 3 fair value associated with the Tecnomatic cross licensing arrangement was determined by an independent appraiser using the relief of royalty approach. This method allocates value based on what the Company would be willing to pay as a royalty to a third-party owner of the intellectual property or trade name in order to exploit the economic benefits. The weighted average useful life of these intellectual property intangibles was 17.1 years as of September 30, 2014. |
Other_noncurrent_assets
Other noncurrent assets | 9 Months Ended |
Sep. 30, 2014 | |
Other noncurrent assets [Abstract] | ' |
Other Assets Disclosure | ' |
8. Other noncurrent assets | |
Other noncurrent assets primarily consisted of core return rights of $39,546,000 and noncurrent deferred tax assets of $24,224,000 as of September 30, 2014. Other noncurrent assets primarily consisted of core return rights of $37,250,000 and noncurrent deferred tax assets of $22,113,000 as of December 31, 2013. |
Other_current_liabilities_and_
Other current liabilities and accrued expenses | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Other current liabilities and accrued expenses [Abstract] | ' | |||||||||||||||
Other current liabilities and accrued expenses | ' | |||||||||||||||
9. Other current liabilities and accrued expenses | ||||||||||||||||
Other current liabilities and accrued expenses consisted of the following: | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
(In thousands) | 2014 | 2013 | ||||||||||||||
Accrued warranty | $ | 24,765 | $ | 27,083 | ||||||||||||
Accrued wages and benefits | 23,354 | 20,016 | ||||||||||||||
Current portion of customer obligations | 4,394 | 4,560 | ||||||||||||||
Rebates, stocklifts, discounts and returns | 23,134 | 18,922 | ||||||||||||||
Current deferred revenue | 1,145 | 2,270 | ||||||||||||||
Other | 56,876 | 37,328 | ||||||||||||||
$ | 133,668 | $ | 110,179 | |||||||||||||
Changes to our current and noncurrent accrued warranty were as follows: | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Balance at beginning of period | $ | 29,827 | $ | 29,069 | $ | 30,781 | $ | 27,194 | ||||||||
Provision for warranty | 11,358 | 12,065 | 32,576 | 32,535 | ||||||||||||
Payments and charges against the accrual | (12,247 | ) | (10,732 | ) | (35,782 | ) | (29,327 | ) | ||||||||
Increased warranty accruals due to business acquisitions (Note 20) | — | — | 1,363 | — | ||||||||||||
Balance at end of period | $ | 28,938 | $ | 30,402 | $ | 28,938 | $ | 30,402 | ||||||||
Other_noncurrent_liabilities
Other noncurrent liabilities | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Other Liabilities, Noncurrent [Abstract] | ' | |||||||
Other noncurrent liabilities | ' | |||||||
10. Other noncurrent liabilities | ||||||||
Other noncurrent liabilities consisted of the following: | ||||||||
September 30, | December 31, | |||||||
(In thousands) | 2014 | 2013 | ||||||
Customer obligations, net of current portion | $ | 344 | $ | — | ||||
Noncurrent deferred revenue | 4,153 | 4,755 | ||||||
Other | 23,823 | 20,028 | ||||||
$ | 28,320 | $ | 24,783 | |||||
Restructuring_and_other_charge
Restructuring and other charges | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||
Restructuring and Related Activities Disclosure | ' | |||||||||||||||||||
11 | Restructuring and other charges | |||||||||||||||||||
Total restructuring and other charges of $2,605,000 were recorded for the nine months ended September 30, 2014. These charges consisted of $1,182,000 of employee termination benefits, $547,000 of other exit costs and fixed asset impairment charges of $876,000. The charges were primarily related to the closure of our Mezokovesd, Hungary plant and restructuring actions in our North American operations. The fixed asset impairment charges primarily relate to specific equipment in our North American operations. Machinery and equipment impairment was based on estimated salvage values for equipment based on a Level 3 fair value approach. | ||||||||||||||||||||
Total restructuring and other charges of $4,263,000 were recorded during the nine months ended September 30, 2013. These charges consisted of $2,987,000 of employee termination benefits and $1,276,000 of other exit costs. The severance charges primarily related to continued costs related to the closure of our Mezokovesd, Hungary plant, restructuring actions in our China operations in association with our acquisition of our noncontrolling interest in our majority-owned Chinese joint venture (see Note 22), reductions in force in our North American facilities and lease termination costs. | ||||||||||||||||||||
The following table summarizes the activity in our accrual for restructuring and other charges for the three and nine month periods ended September 30, (in thousands): | ||||||||||||||||||||
2014 | Termination | Exit | Total | |||||||||||||||||
benefits | costs | |||||||||||||||||||
Accrual at December 31, 2013 | $ | 981 | $ | 45 | $ | 1,026 | ||||||||||||||
Provision | 228 | 86 | 314 | |||||||||||||||||
Payments | (950 | ) | (106 | ) | (1,056 | ) | ||||||||||||||
Accrued at March 31, 2014 | $ | 259 | $ | 25 | $ | 284 | ||||||||||||||
Provision | 2 | 77 | 79 | |||||||||||||||||
Payments | (113 | ) | (97 | ) | (210 | ) | ||||||||||||||
Accrued at June 30, 2014 | $ | 148 | $ | 5 | $ | 153 | ||||||||||||||
Provision | 952 | 384 | 1,336 | |||||||||||||||||
Payments | (673 | ) | (317 | ) | (990 | ) | ||||||||||||||
Accrued at September 30, 2014 | $ | 427 | $ | 72 | $ | 499 | ||||||||||||||
2013 | Termination | Exit | Total | |||||||||||||||||
benefits | costs | |||||||||||||||||||
Accrual at December 31, 2012 | $ | 3,573 | $ | 106 | $ | 3,679 | ||||||||||||||
Provision | 370 | 311 | 681 | |||||||||||||||||
Payments | (1,832 | ) | (331 | ) | (2,163 | ) | ||||||||||||||
Accrued at March 31, 2013 | $ | 2,111 | $ | 86 | $ | 2,197 | ||||||||||||||
Provision | 1,196 | 932 | 2,128 | |||||||||||||||||
Payments | (1,870 | ) | (916 | ) | (2,786 | ) | ||||||||||||||
Accrued at June 30, 2013 | $ | 1,437 | $ | 102 | $ | 1,539 | ||||||||||||||
Provision | 1,421 | 33 | 1,454 | |||||||||||||||||
Payments | (1,086 | ) | (58 | ) | (1,144 | ) | ||||||||||||||
Accrued at September 30, 2013 | $ | 1,772 | $ | 77 | $ | 1,849 | ||||||||||||||
Significant components of restructuring and other charges were as follows (in thousands): | ||||||||||||||||||||
Total | Expense incurred in | Estimated | ||||||||||||||||||
expected | Nine | Twelve | Twelve | future | ||||||||||||||||
costs | months ended | months ended | months ended | expense | ||||||||||||||||
September 30, | December 31, | December 31, | ||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
2014 Activities | ||||||||||||||||||||
Severance | $ | 1,146 | $ | 962 | $ | — | $ | — | $ | 184 | ||||||||||
Exit costs | 462 | 338 | — | — | 124 | |||||||||||||||
$ | 1,608 | $ | 1,300 | $ | — | $ | — | $ | 308 | |||||||||||
2013 Activities | ||||||||||||||||||||
Severance | $ | 1,756 | $ | — | $ | 1,756 | $ | — | $ | — | ||||||||||
Exit costs | 692 | — | 692 | — | — | |||||||||||||||
$ | 2,448 | $ | — | $ | 2,448 | $ | — | $ | — | |||||||||||
2012 Activities | ||||||||||||||||||||
Severance | $ | 4,753 | $ | 220 | $ | 795 | $ | 3,738 | $ | — | ||||||||||
Exit costs | 1,501 | 209 | 823 | 410 | 59 | |||||||||||||||
Other charges | 1,687 | — | — | 1,687 | — | |||||||||||||||
$ | 7,941 | $ | 429 | $ | 1,618 | $ | 5,835 | $ | 59 | |||||||||||
Debt
Debt | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt Disclosure | ' | |||||||
12. Debt | ||||||||
Borrowings under long-term debt arrangements, net of discounts, consisted of the following: | ||||||||
September 30, | December 31, | |||||||
(In thousands) | 2014 | 2013 | ||||||
Asset-Based Revolving Credit Facility, First-Amendment-Maturity date of September 5, 2018 | $ | 20,248 | $ | — | ||||
Amended and Restated Term B Loan-Maturity date of March 5, 2020 | 293,000 | 295,001 | ||||||
Total Senior Credit Facility and Notes | 313,248 | 295,001 | ||||||
Capital leases | 1,930 | 2,226 | ||||||
Less current maturities | (3,379 | ) | (3,392 | ) | ||||
Long-term debt less current maturities | $ | 311,799 | $ | 293,835 | ||||
On March 5, 2013, we entered into a First Amendment to our existing ABL Revolver Credit Agreement ("ABL First Amendment") to extend the maturity date of the Asset-Based Revolving Credit Facility ("ABL") from December 17, 2015 to September 5, 2018 and reduce the borrowing rate. The ABL First Amendment bears an interest rate to a defined Base Rate plus 0.50%-1.00% per year or, at our election, at an applicable LIBOR Rate plus 1.50%-2.00% per year and is paid monthly. The ABL First Amendment maintains the current availability at $95,000,000, but may be increased, under certain circumstances, by $20,000,000. The ABL First Amendment is secured by substantially all domestic accounts receivable and inventory. At September 30, 2014, the ABL First Amendment balance was $20,248,000. Based upon the collateral supporting the ABL First Amendment, the amount borrowed, and the outstanding letters of credit of $13,810,000, there was additional availability for borrowing of $56,775,000 on September 30, 2014. We will incur an unused commitment fee of 0.375% on the unused amount of commitments under the ABL First Amendment. | ||||||||
On March 5, 2013, we entered into a $300,000,000 Amended and Restated Term B Loan Credit Agreement ("Amended and Restated Term B Loan") to refinance the existing $286,978,000 Term B Loan, extend the maturity from December 17, 2016 to March 5, 2020, and reduce the borrowing rate. The Amended and Restated Term B Loan bears an interest rate consisting of LIBOR (subject to a floor of 1.25%) plus 3.00% per year with an original issue discount of $750,000. The Amended and Restated Term B Loan also contains an option to increase the borrowing provided certain conditions are satisfied, including maintaining a maximum leverage ratio. The Amended and Restated Term B Loan is secured by a first priority lien on the stock of our subsidiaries and substantially all domestic assets other than accounts receivable and inventory pledged to the ABL First Amendment. Principal payments in the amount of $750,000 are due at the end of each calendar quarter with termination and final payment no later than March 5, 2020. As a result of the refinancing of our Term B Loan syndication, we recorded a loss on extinguishment of debt and refinancing fees of $4,256,000 during the quarter ended March 31, 2013. The Amended and Restated Term B Loan is subject to an excess cash calculation which may require the payment of additional principal on an annual basis. At September 30, 2014, the average borrowing rate, including the impact of the interest rate swaps, was 4.25%. | ||||||||
As of September 30, 2014, the estimated fair value of our Amended and Restated Term B Loan was $291,434,000, which was $1,566,000 less than the carrying value. As of December 31, 2013, the estimated fair value of our Term B Loan was $300,157,000, which was $5,156,000 more than the carrying value. The Level 2 fair market values are based on established market prices as of September 30, 2014 and December 31, 2013. The fair value estimates do not necessarily reflect the values we could realize in the current markets. Because of their short-term nature or variable interest rate, we believe the carrying value for short-term debt and the revolving credit agreement closely approximates their fair value. | ||||||||
All of our credit agreements contain various covenants and representations that are customary for transactions of this nature. We were in compliance with all covenants as of September 30, 2014. The credit agreements contain various restrictive covenants, which include, among other things: (i) a maximum leverage ratio; (ii) a minimum interest coverage ratio; (iii) mandatory prepayments upon certain asset sales and debt issuances; and (iv) limitations on the payment of dividends in excess of a specified amount. The term loan also includes events of default customary for a facility of this type, including a cross-default provision under which the lenders may declare the loan in default if we (i) fail to make a payment when due under any debt having a principal amount greater than $5.0 million or (ii) breach any other covenant in any such debt as a result of which the holders of such debt are permitted to accelerate its maturity. | ||||||||
Short-term debt | ||||||||
We have revolving credit facilities with three Korean banks with a total facility amount of approximately $12,374,000 of which $2,380,000 was borrowed at an average interest rate of 3.16% at September 30, 2014. In Hungary, there is one revolving credit facility with one bank for a total credit facility of $1,186,000 of which nothing is borrowed at September 30, 2014. In China there is a revolving credit facility with one bank for a total credit facility of $10,000,000 of which $4,926,000 was borrowed at an average interest rate of 4.15% at September 30, 2014. | ||||||||
Capital leases | ||||||||
Capital leases have been capitalized using nominal interest rates ranging from 4.0% to 15.1% as determined by the dates we entered into the leases. We had assets under capital leases of approximately $2,755,000 at September 30, 2014 and approximately $3,050,000 at December 31, 2013, net of accumulated amortization. |
Stockholders_equity
Stockholders' equity | 9 Months Ended |
Sep. 30, 2014 | |
Stockholders' Equity Attributable to Parent [Abstract] | ' |
Stockholders' Equity Note Disclosure | ' |
13. Stockholders' equity | |
Common stock | |
On December 12, 2012, we amended our Amended and Restated Certificate of Incorporation. The amendment authorizes the Company to issue 280,000,000 shares, consisting of 240,000,000 shares of common stock, par value $0.0001 per share, and 40,000,000 shares of preferred stock, par value $0.0001 per share. As of September 30, 2014, there were 31,995,332 common stock shares outstanding and no preferred stock shares outstanding. | |
The holders of common stock are entitled to one vote on all matters properly submitted on which the common stockholders are entitled to vote. | |
Treasury stock | |
During the nine months ended September 30, 2014, we withheld 114,291 shares at cost, or $2,505,000, to satisfy tax obligations for vesting of restricted stock shares granted to our employees under the Remy International, Inc. Omnibus Incentive Plan, or "Omnibus Incentive Plan". In addition, 74,892 shares were forfeited and returned to treasury stock during the nine months ended September 30, 2014 for no value pursuant to the Omnibus Incentive Plan. | |
During the nine months ended September 30, 2013, we withheld 67,087 shares at cost, or $1,248,000, to satisfy tax obligations for vesting of restricted stock shares granted to our employees under the Omnibus Incentive Plan. In addition, 42,698 shares were forfeited and returned to treasury stock during the nine months ended September 30, 2013 for no value pursuant to the Omnibus Incentive Plan. | |
Dividend payments | |
Our Board of Directors declared cash dividends of ten cents ($0.10) per share in January 2014, April 2014 and July 2014, respectively. Cash dividends paid during the nine months ended September 30, 2014 were $9,700,000, which also included accrued cash dividends paid on restricted stock vestings. As of September 30, 2014, a dividend payable of $262,000 was recorded for unvested restricted stock and is payable upon vesting. | |
On October 29, 2014, our Board of Directors declared a quarterly cash dividend of ten cents ($0.10) per share, payable on November 26, 2014, to stockholders of record as of November 12, 2014. |
Reclassifications_out_of_accum
Reclassifications out of accumulated other comprehensive income (loss) (Notes) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Reclassifications Out of Accumulated Other Comprehensive Income (Loss) [Abstract] | ' | ||||||||||||||||||||||||
Comprehensive Income (Loss) Note [Text Block] | ' | ||||||||||||||||||||||||
14. Reclassifications out of accumulated other comprehensive income (loss) | |||||||||||||||||||||||||
The following table discloses the changes in each component of accumulated other comprehensive income, net of tax for the three and nine months ended September 30, 2014 (in thousands): | |||||||||||||||||||||||||
Foreign currency translation adjustment | Unrealized gains (losses) on currency hedges | Unrealized gains (losses) on commodity hedges | Interest rate swaps | Employee benefit plan adjustment | Accumulated other comprehensive income (loss) | ||||||||||||||||||||
Balances at December 31, 2013 | $ | (18,105 | ) | $ | 2,520 | $ | (6,332 | ) | $ | (688 | ) | $ | (18,869 | ) | $ | (41,474 | ) | ||||||||
Other comprehensive income (loss) before reclassifications | (765 | ) | (886 | ) | (2,122 | ) | (281 | ) | (11 | ) | (4,065 | ) | |||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | (636 | ) | 600 | — | 97 | 61 | ||||||||||||||||||
Balances at March 31, 2014 | $ | (18,870 | ) | $ | 998 | $ | (7,854 | ) | $ | (969 | ) | $ | (18,783 | ) | $ | (45,478 | ) | ||||||||
Other comprehensive income (loss) before reclassifications | 3,820 | 3,109 | 1,101 | (410 | ) | (39 | ) | 7,581 | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | (1,162 | ) | 755 | — | 97 | (310 | ) | |||||||||||||||||
Balances at June 30, 2014 | $ | (15,050 | ) | $ | 2,945 | $ | (5,998 | ) | $ | (1,379 | ) | $ | (18,725 | ) | $ | (38,207 | ) | ||||||||
Other comprehensive income (loss) before reclassifications | (6,877 | ) | (1,957 | ) | (1,020 | ) | 66 | 63 | (9,725 | ) | |||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | (753 | ) | 394 | — | 97 | (262 | ) | |||||||||||||||||
Balances at September 30, 2014 | $ | (21,927 | ) | $ | 235 | $ | (6,624 | ) | $ | (1,313 | ) | $ | (18,565 | ) | $ | (48,194 | ) | ||||||||
The following table discloses the changes in each component of accumulated other comprehensive income, net of tax for the three and nine months ended September 30, 2013 (in thousands): | |||||||||||||||||||||||||
Foreign currency translation adjustment | Unrealized gains (losses) on currency hedges | Unrealized gains (losses) on commodity hedges | Interest rate swaps | Employee benefit plan adjustment | Accumulated other comprehensive income (loss) | ||||||||||||||||||||
Balances at December 31, 2012 | $ | (19,860 | ) | $ | 3,426 | $ | (6,316 | ) | $ | (1,574 | ) | $ | (25,983 | ) | $ | (50,307 | ) | ||||||||
Other comprehensive income (loss) before reclassifications | (3,172 | ) | 513 | (1,282 | ) | (270 | ) | 102 | (4,109 | ) | |||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | (1,081 | ) | (48 | ) | — | 346 | (783 | ) | ||||||||||||||||
Balances at March 31, 2013 | $ | (23,032 | ) | $ | 2,858 | $ | (7,646 | ) | $ | (1,844 | ) | $ | (25,535 | ) | $ | (55,199 | ) | ||||||||
Other comprehensive income (loss) before reclassifications | (2,258 | ) | (2,498 | ) | (2,991 | ) | 894 | (154 | ) | (7,007 | ) | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | (1,104 | ) | 578 | — | 76 | (450 | ) | |||||||||||||||||
Balances at June 30, 2013 | $ | (25,290 | ) | $ | (744 | ) | $ | (10,059 | ) | $ | (950 | ) | $ | (25,613 | ) | $ | (62,656 | ) | |||||||
Other comprehensive income (loss) before reclassifications | 5,566 | 3,472 | 1,762 | (63 | ) | (105 | ) | 10,632 | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | (1,556 | ) | 952 | — | 210 | (394 | ) | |||||||||||||||||
Balances at September 30, 2013 | $ | (19,724 | ) | $ | 1,172 | $ | (7,345 | ) | $ | (1,013 | ) | $ | (25,508 | ) | $ | (52,418 | ) | ||||||||
The following table discloses the effect of reclassifications of accumulated other comprehensive income on the accompanying consolidated statement of operations (in thousands): | |||||||||||||||||||||||||
Details about Accumulated Other Comprehensive Income (Loss) Components | Three months ended September 30, | Affected Line Item in the Statement Where Net Income is Presented | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Gains (losses) on cash flow hedges: | |||||||||||||||||||||||||
Foreign currency contracts | $ | 1,020 | $ | 2,068 | Cost of goods sold | ||||||||||||||||||||
Commodity contracts | (648 | ) | (1,563 | ) | Cost of goods sold | ||||||||||||||||||||
372 | 505 | Total before tax | |||||||||||||||||||||||
(13 | ) | 99 | Tax benefit (expense) | ||||||||||||||||||||||
$ | 359 | $ | 604 | Net of tax | |||||||||||||||||||||
Amortization of employee benefit plan costs: | |||||||||||||||||||||||||
Prior service costs | $ | 454 | $ | 454 | Selling, general and administrative expenses | ||||||||||||||||||||
Net actuarial loss | (613 | ) | (800 | ) | Selling, general and administrative expenses | ||||||||||||||||||||
(159 | ) | (346 | ) | Total before tax | |||||||||||||||||||||
62 | 136 | Tax benefit (expense) | |||||||||||||||||||||||
$ | (97 | ) | $ | (210 | ) | Net of tax | |||||||||||||||||||
Total reclassifications for the period | $ | 262 | $ | 394 | Net of tax | ||||||||||||||||||||
The following table discloses the effect of reclassifications of accumulated other comprehensive income on the accompanying consolidated statement of operations (in thousands): | |||||||||||||||||||||||||
Details about Accumulated Other Comprehensive Income (Loss) Components | Nine months ended September 30, | Affected Line Item in the Statement Where Net Income is Presented | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Gains (losses) on cash flow hedges: | |||||||||||||||||||||||||
Foreign currency contracts | $ | 3,429 | $ | 4,887 | Cost of goods sold | ||||||||||||||||||||
Commodity contracts | (2,873 | ) | (2,432 | ) | Cost of goods sold | ||||||||||||||||||||
556 | 2,455 | Total before tax | |||||||||||||||||||||||
246 | (196 | ) | Tax benefit (expense) | ||||||||||||||||||||||
$ | 802 | $ | 2,259 | Net of tax | |||||||||||||||||||||
Amortization of employee benefit plan costs: | |||||||||||||||||||||||||
Prior service costs | $ | 1,362 | $ | 1,362 | Selling, general and administrative expenses | ||||||||||||||||||||
Net actuarial loss | (1,839 | ) | (2,400 | ) | Selling, general and administrative expenses | ||||||||||||||||||||
(477 | ) | (1,038 | ) | Total before tax | |||||||||||||||||||||
186 | 406 | Tax benefit (expense) | |||||||||||||||||||||||
$ | (291 | ) | $ | (632 | ) | Net of tax | |||||||||||||||||||
Total reclassifications for the period | $ | 511 | $ | 1,627 | Net of tax | ||||||||||||||||||||
Disclosure of Reclassification Amount | ' | ||||||||||||||||||||||||
Details about Accumulated Other Comprehensive Income (Loss) Components | Nine months ended September 30, | Affected Line Item in the Statement Where Net Income is Presented | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Gains (losses) on cash flow hedges: | |||||||||||||||||||||||||
Foreign currency contracts | $ | 3,429 | $ | 4,887 | Cost of goods sold | ||||||||||||||||||||
Commodity contracts | (2,873 | ) | (2,432 | ) | Cost of goods sold | ||||||||||||||||||||
556 | 2,455 | Total before tax | |||||||||||||||||||||||
246 | (196 | ) | Tax benefit (expense) | ||||||||||||||||||||||
$ | 802 | $ | 2,259 | Net of tax | |||||||||||||||||||||
Amortization of employee benefit plan costs: | |||||||||||||||||||||||||
Prior service costs | $ | 1,362 | $ | 1,362 | Selling, general and administrative expenses | ||||||||||||||||||||
Net actuarial loss | (1,839 | ) | (2,400 | ) | Selling, general and administrative expenses | ||||||||||||||||||||
(477 | ) | (1,038 | ) | Total before tax | |||||||||||||||||||||
186 | 406 | Tax benefit (expense) | |||||||||||||||||||||||
$ | (291 | ) | $ | (632 | ) | Net of tax | |||||||||||||||||||
Total reclassifications for the period | $ | 511 | $ | 1,627 | Net of tax | ||||||||||||||||||||
Details about Accumulated Other Comprehensive Income (Loss) Components | Three months ended September 30, | Affected Line Item in the Statement Where Net Income is Presented | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Gains (losses) on cash flow hedges: | |||||||||||||||||||||||||
Foreign currency contracts | $ | 1,020 | $ | 2,068 | Cost of goods sold | ||||||||||||||||||||
Commodity contracts | (648 | ) | (1,563 | ) | Cost of goods sold | ||||||||||||||||||||
372 | 505 | Total before tax | |||||||||||||||||||||||
(13 | ) | 99 | Tax benefit (expense) | ||||||||||||||||||||||
$ | 359 | $ | 604 | Net of tax | |||||||||||||||||||||
Amortization of employee benefit plan costs: | |||||||||||||||||||||||||
Prior service costs | $ | 454 | $ | 454 | Selling, general and administrative expenses | ||||||||||||||||||||
Net actuarial loss | (613 | ) | (800 | ) | Selling, general and administrative expenses | ||||||||||||||||||||
(159 | ) | (346 | ) | Total before tax | |||||||||||||||||||||
62 | 136 | Tax benefit (expense) | |||||||||||||||||||||||
$ | (97 | ) | $ | (210 | ) | Net of tax | |||||||||||||||||||
Total reclassifications for the period | $ | 262 | $ | 394 | Net of tax | ||||||||||||||||||||
Income_taxes
Income taxes | 9 Months Ended |
Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure | ' |
15. Income taxes | |
We compute on a quarterly basis an estimated annual effective tax rate considering ordinary income and related income tax expense. Ordinary income refers to income (loss) before income tax expense excluding significant, unusual, or infrequently occurring items. The tax effect of an unusual or infrequently occurring item is recorded in the interim period in which it occurs. Other items included in income tax expense in the periods in which they occur include the cumulative effect of changes in tax laws or rates, foreign exchange gains and losses, adjustments to uncertain tax positions, and adjustments to our valuation allowance due to changes in judgment regarding the realizability of deferred tax assets in future years. | |
The effective income tax rate for the three and nine months ended September 30, 2014, differs from the U.S. federal income tax rate primarily due to effect of foreign taxable income, the increase in our valuation allowance for certain tax credits, and nondeductible transaction costs. For the three and nine months ended September 30, 2014, we recognized tax expense of $2,485,000 related to an increase in our valuation allowance for certain state tax credits and tax expense of $982,000 related to nondeductible transaction costs. The effective income tax rate for the three and nine months ended September 30, 2013, differs from the U.S. federal income tax rate primarily due to the effect of foreign taxable income, valuation allowance utilization in certain foreign jurisdictions, and tax credits against the U.S. net income reported in the financial statements. | |
We have total unrecognized tax benefits of $12,553,000 and $11,456,000 that have been recorded as liabilities as of September 30, 2014 and December 31, 2013, respectively, and we are uncertain as to if or when such amounts may be settled. During the three months ended September 30, 2014 and 2013, we recorded uncertain tax positions of $114,000 and $210,000, respectively. During the nine months ended September 30, 2014 and 2013, we recorded uncertain tax positions of $1,129,000 and $1,419,000, respectively. |
Employee_benefit_plans
Employee benefit plans | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | |||||||||||||||
Pension and Other Postretirement Benefits Disclosure | ' | |||||||||||||||
16. Employee benefit plans | ||||||||||||||||
The components of expense for the plans were as follows (in thousands): | ||||||||||||||||
Pension benefits: | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
Components of expense | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Service costs | $ | 286 | $ | 273 | $ | 850 | $ | 754 | ||||||||
Interest costs | 754 | 693 | 2,262 | 2,066 | ||||||||||||
Expected return on plan assets | (759 | ) | (665 | ) | (2,293 | ) | (1,982 | ) | ||||||||
Recognized net actuarial loss | 163 | 344 | 489 | 1,032 | ||||||||||||
Net periodic pension cost | $ | 444 | $ | 645 | $ | 1,308 | $ | 1,870 | ||||||||
Postretirement health care and life insurance plans: | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
Components of expense | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Interest costs | $ | 20 | $ | 19 | $ | 61 | $ | 58 | ||||||||
Amortization of prior service cost | (454 | ) | (454 | ) | (1,362 | ) | (1,362 | ) | ||||||||
Recognized net actuarial loss | 450 | 456 | 1,350 | 1,368 | ||||||||||||
Net periodic cost | $ | 16 | $ | 21 | $ | 49 | $ | 64 | ||||||||
Cash flows - employee benefit plans | ||||||||||||||||
We contributed $3,164,000 and $2,585,000 to our pension plans during the nine months ended September 30, 2014 and 2013, respectively. We expect to contribute a total of $2,626,000 to our U.S. pension plans and $1,496,000 to our International pension plans in 2014. The postretirement health care plan is funded as benefits are paid. |
Stockbased_compensation
Stock-based compensation | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Share-based Compensation [Abstract] | ' | |||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments | ' | |||||||||||||||
17 | Stock-based compensation | |||||||||||||||
On February 14, 2013, we filed a Form S-8 to register 5,500,000 shares which may be issued pursuant to the Omnibus Incentive Plan. The Omnibus Incentive Plan became effective on October 27, 2010, was amended on March 24, 2011, and permits our Compensation Committee to grant nonqualified stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance units and other cash or share based awards to our employees and non-employee directors. As of September 30, 2014, there were 3,078,861 shares available to be issued under the Omnibus Incentive Plan. | ||||||||||||||||
During the nine months ended September 30, 2014, executive officers and other key employees received restricted stock awards of 178,279 common shares with a weighted average grant date value of $21.99, based on the closing price of our common stock on the respective grant date as reported on the NASDAQ Stock Market. These awards are 50% time-based and 50% performance-based. The time-based restricted shares vest equally over a three-year period and one-third of the performance-based restricted shares will be available to vest for each of the calendar years 2014, 2015 and 2016 based on a target operating income for each of the years. Additionally, executive officers and other key employees were granted 237,640 stock option awards which vest equally over a three-year period with a term of seven years and a weighted average exercise price of $21.99. | ||||||||||||||||
Also during the nine months ended September 30, 2014, our Board of Directors received restricted stock awards of 27,072 common shares and stock option awards of 36,083 common shares. One-half of the restricted stock shares and stock options granted to the Board of Directors vest at each anniversary of the grant date. Restricted stock granted to the Board of Directors were valued at $21.98, which was the closing price of our common stock on the grant date as reported on the NASDAQ Stock Market. Stock options granted to the Board of Directors have a term of seven years and an exercise price of $21.98. | ||||||||||||||||
We estimated the grant date fair value of all stock options granted during the nine months ended September 30, 2014 using the Black-Scholes valuation model. The weighted average valuation per share was $7.07 based on the following assumptions: Risk-free interest rate: 1.53%, Dividend Yield: 1.82%, Expected Volatility: 43.20% and Expected Term: 4.5 years. | ||||||||||||||||
Shares issued upon exercise of stock options were 2,397 during the nine months ended September 30, 2014. There were no stock option exercises during the nine months ended September 30, 2013. | ||||||||||||||||
Noncash compensation expense related to all types of awards was recognized for the three and nine months ended September 30, as follows: | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Stock-based compensation expense | $ | 893 | $ | 1,648 | $ | 3,454 | $ | 4,894 | ||||||||
If factors change and we employ different assumptions, stock-based compensation expense may differ significantly from what we have recorded in the past. If there are any modifications or cancellations of the underlying unvested securities, we may be required to accelerate, increase or cancel any remaining unearned stock-based compensation expense. Future stock-based compensation expense and unearned stock-based compensation will increase to the extent that we grant additional equity awards to employees or we assume unvested equity awards in connection with acquisitions. |
Business_segment_and_geographi
Business segment and geographical information | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Segments, Geographical Areas [Abstract] | ' | |||||||||||||||
Segment Reporting Disclosure | ' | |||||||||||||||
18. Business segment and geographical information | ||||||||||||||||
We manage our business and operate in a single reportable business segment. | ||||||||||||||||
We are a multi-national corporation with operations in many countries, including the United States, Canada, Mexico, Brazil, China, Hungary, South Korea, United Kingdom, Belgium and Tunisia. As a result, our financial results could be significantly affected by factors such as changes in foreign currency exchange rates or weak economic conditions in the foreign markets where we distribute our products. Our operating results are exposed to changes in exchange rates between the U.S. dollar and non-U.S. currencies. Exposure to variability in foreign currency exchange rates is managed primarily through the use of natural hedges, whereby funding obligations and assets are both denominated in the local currency, and through selective currency hedges. From time to time, we enter into exchange agreements to manage our exposure arising from fluctuating exchange rates related to specific transactions. Refer to Note 4. Sales are attributed to geographic locations based on the point of sale. | ||||||||||||||||
Information about our net sales by region was as follows: | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Net sales to external customers: | ||||||||||||||||
United States | $ | 187,079 | $ | 172,706 | $ | 578,878 | $ | 550,728 | ||||||||
Europe | 20,399 | 21,571 | 66,262 | 68,092 | ||||||||||||
Other Americas | 12,305 | 14,663 | 35,042 | 45,457 | ||||||||||||
Asia | 67,725 | 53,892 | 206,913 | 162,631 | ||||||||||||
Total net sales | $ | 287,508 | $ | 262,832 | $ | 887,095 | $ | 826,908 | ||||||||
Other_commitments_and_continge
Other commitments and contingencies | 9 Months Ended |
Sep. 30, 2014 | |
Other commitments and contingencies [Abstract] | ' |
Commitments and Contingencies Disclosure | ' |
19. Other commitments and contingencies | |
We are party to various legal actions and administrative proceedings and subject to various claims, including those relating to commercial transactions, product liability, safety, health, taxes, environmental and other matters. We believe that none of such actions, other than those discussed below, depart from customary litigation arising in the ordinary course of business. We review these matters on an ongoing basis and follow the provisions of FASB ASC Topic 450, Contingencies, when making accrual and disclosure decisions. For legal proceedings where it has been determined that a loss is both probable and reasonably estimable, a liability has been recorded in our accompanying consolidated financial statements. For legal proceedings where it has been determined that a loss is either probable but the amount or range of loss is not reasonably estimable, or reasonably possible, we provide disclosure with respect to the matter. | |
Actual losses may materially differ from the amounts recorded and the ultimate outcomes of our pending cases are generally not yet determinable. At present we do not believe that the ultimate resolution of currently pending legal proceedings, either individually or in the aggregate, will have a material adverse effect on our financial condition. However, litigation matters are inherently uncertain, and we cannot currently quantify our ultimate liability for unresolved litigation matters, including those referred to below. As a result, it is possible that such liability could materially affect our consolidated financial position or our results of operations or cash flows for an individual reporting period. | |
Remy Componentes S. de R.L. de C.V. vs. Corporativo Industrial y Empresarial Lorva, S.A. de C.V. ("Lorva") | |
In December 2012, Lorva, a former vendor, filed a judicial claim against Remy in the federal court in San Luis Potosi, Mexico requesting the rescission of two alleged operational service contracts. Remy filed a timely response in January 2013. The collection of evidence and witness testimony concluded in the civil case, and the parties filed their written closing argument briefs in the fourth quarter of 2013. In March 2014, the first instance sentence was issued by the court determining Lorva has the right to rescind both contracts and collect the benefit sought in the amount of approximately $17,380,000 for liquidated damages and outstanding invoices. In April 2014, we filed an appeal to this ruling in the Fourth District Court in San Luis Potosi, Mexico. On October 2, 2014, the Fourth District Court in San Luis Potosi, Mexico ruled on the appeal filed in April 2014. The court reduced the first sentence issued in March 2014 from $17,380,000 to payment of invoices and amounts due of $121,000 plus Lorva's costs and attorney fees. Both Lorva and Remy filed a timely appeal on October 24, 2014. We believe it is probable that we should prevail on final appeal based on legal arguments and the facts of this case. This appeal is expected to take approximately six to twelve months to complete. As of September 30, 2014, we continue to maintain an immaterial accrual related to this matter. | |
Remy, Inc. vs. Tecnomatic S.p.A. | |
In March 2011, Tecnomatic filed a lawsuit against Remy International, Inc., its Mexican subsidiaries and two other entities alleging breach of contract and the misappropriation of trade secrets, and requested damages of $110,000,000. | |
On September 11, 2014, we announced entry into a Settlement Agreement and Mutual General Release (the "Agreement") to settle all disputes that existed among us and Tecnomatic. In addition, we entered into a cross licensing arrangement of certain patents with Tecnomatic. The value of the patents received from Tecnomatic is approximately $13,930,000. (See Note 7.) Pursuant to the Agreement and the cross licensing arrangement, we paid to Tecnomatic a $16,000,000 cash payment in September 2014 and will pay a $16,000,000 cash payment on or before March 15, 2015. During the quarter ended September 30, 2014, we recorded revenue for the patents provided to Tecnomatic of $720,000 in net sales and expense of $18,790,000 related to this settlement in cost of goods sold in the accompanying unaudited consolidated statement of operations. |
Acquisition_Notes
Acquisition (Notes) | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Acquisitions [Abstract] | ' | ||||
Mergers, Acquisitions and Dispositions Disclosures | ' | ||||
20. Acquisition | |||||
Acquisition of United Starters and Alternators Industries, Inc. | |||||
On January 13, 2014, we acquired substantially all of the assets of USA Industries pursuant to the terms and conditions of the Asset Purchase Agreement. USA Industries is a leading North American distributor of premium quality remanufactured and new alternators, starters, constant velocity (CV) axles and disc brake calipers for the light-duty aftermarket. We believe the USA Industries acquisition provides us with a strong platform to leverage our distribution channels with an enhanced portfolio and expand beyond our core rotating electric products. In connection with the closing of the transaction, the assets were placed in Remy USA Industries, L.L.C., a wholly-owned subsidiary of the Company. The results of operations of USA Industries have been included in our consolidated results of operations since the acquisition date. | |||||
As of September 30, 2014, the purchase price was $40,179,000, consisting of $38,679,000 in cash and $1,500,000 cash held in escrow. The preliminary purchase price allocation based on our best estimate of the fair value as of the acquisition date was as follows (in thousands): | |||||
Cash | $ | 109 | |||
Trade accounts receivable | 7,811 | ||||
Inventories | 13,834 | ||||
Prepaid expenses and other current assets | 43 | ||||
Property, plant and equipment | 462 | ||||
Goodwill | 14,015 | ||||
Intangible assets | 12,328 | ||||
Other noncurrent assets | 5,779 | ||||
Total assets acquired | $ | 54,381 | |||
Accounts payable | $ | 8,370 | |||
Other current liabilities and accrued expenses | 5,440 | ||||
Other noncurrent liabilities | 392 | ||||
Total liabilities acquired | $ | 14,202 | |||
Net assets acquired | $ | 40,179 | |||
Goodwill of $14,015,000, which is deductible for tax purposes, has been recorded based on the amount of the purchase price that exceeds the preliminary fair value of the net assets acquired. We expect to complete the purchase price allocation by December 2014. | |||||
For the three months ended September 30, 2014, we recognized customer relationships amortization of $275,000 and lease intangible amortization of $75,000, which all were included in cost of goods sold in the accompanying consolidated statement of operations. | |||||
For the nine months ended September 30, 2014, we recognized a finished goods inventory step-up of $3,474,000, customer relationships amortization of $787,000 and lease intangible amortization of $172,000, which all were included in cost of goods sold in the accompanying consolidated statement of operations. |
Executive_officer_separation_N
Executive officer separation (Notes) | 9 Months Ended |
Sep. 30, 2014 | |
Executive officer separation [Abstract] | ' |
Other Income and Other Expense Disclosure | ' |
21. Executive officer separation | |
On January 31, 2013, we entered into a Transition, Noncompetition and Release Agreement (the "Agreement") with John H. Weber, our former President and Chief Executive Officer, effective February 28, 2013. Pursuant to the terms of the Agreement, Mr. Weber received a lump sum cash payment of $7,000,000 (a decrease to diluted earnings per share of $0.14, net of tax), which is included in selling, general and administrative expenses in the accompanying unaudited consolidated statement of operations for the nine months ended September 30, 2013. |
Purchase_of_noncontrolling_int
Purchase of noncontrolling interest (Notes) | 9 Months Ended |
Sep. 30, 2014 | |
Purchase of noncontrolling interest [Abstract] | ' |
Noncontrolling Interest Disclosure | ' |
22. Purchase of noncontrolling interest | |
In June 2013, we acquired the remaining 49% noncontrolling ownership interest of our Chinese joint venture, Remy Hubei Electric Co. Ltd. ("REH") for $14,628,000, consisting of cash payment of $8,107,000 and dividends declared and subsequently paid to the noncontrolling interest holder in excess of their ownership percentage of $6,521,000. As a result of this transaction, REH became a wholly-owned subsidiary of Remy on June 24, 2013. During the quarter ended June 30, 2013, we recorded an adjustment to our additional paid-in capital of $9,166,000 in connection with the acquisition of the noncontrolling interest. |
Related_Party_Transactions_Not
Related Party Transactions (Notes) | 9 Months Ended |
Sep. 30, 2014 | |
Related Party Transaction [Line Items] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
23. Related party transactions | |
FNF and related subsidiaries participated in our Amended and Restated Term B Loan Credit Agreement on March 5, 2013 and held $29,475,000 principal amount of our Amended and Restated Term B loan as of September 30, 2014. Additionally, FNF and related subsidiaries held $29,700,000 principal amount of our Term B loan as of December 31, 2013. | |
As part of the proposed Transactions described in Note 1, FNF has agreed to reimburse us for 50% of our costs incurred related to the Transaction. The amount due from FNF was $1,357,000 as of September 30, 2014, which is included in other receivables, with the offset recorded in additional paid-in capital, in the accompanying unaudited consolidated balance sheet. | |
In November 2013, John H. Weber, a member of the Remy Board of Directors, was appointed as the Chief Executive Officer of VIA Motors ("VIA"), a privately held electric vehicle development and manufacturing company and one of our existing customers since 2011. Net sales to VIA were $1,042,000 and $1,285,000 during the three and nine months ended September 30, 2014, respectively. As of September 30, 2014, we have an outstanding receivable from VIA of $1,105,000 which is included within accounts receivable. |
Summary_of_significant_account1
Summary of significant accounting policies (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Use of Estimates, Policy | ' |
Use of estimates | |
The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expense during the year. Actual results could differ from these estimates. | |
Government Grants, Policy | ' |
Government grants | |
We record government grants when there is reasonable assurance that the grant will be received and we will comply with the conditions attached to the grants received. Grants related to income are recorded as an offset to the related expense in the accompanying statements of operations. Grants related to assets are recorded as deferred revenue and recognized on a straight-line basis over the useful life of the related asset. We continue to evaluate our compliance with the conditions attached to the related grants. | |
Trade and Other Accounts Receivable, Policy | ' |
Trade accounts receivable and allowance for doubtful accounts | |
Trade accounts receivable is stated at net realizable value, which approximates fair value. Substantially all of our trade accounts receivable are due from customers in the original equipment and aftermarket automotive industries, both domestically and internationally. Trade accounts receivable includes notes receivable of $45,823,000 and $27,154,000 as of September 30, 2014 and December 31, 2013, respectively. Trade accounts receivable is reduced by an allowance for amounts that are expected to become uncollectible in the future and for disputed items. We perform periodic credit evaluations of our customers' financial condition and generally do not require collateral. We maintain allowances for doubtful customer accounts for estimated losses resulting from the inability of our customers to make required payments. The allowance for doubtful accounts is developed based on several factors including customers' credit quality, historical write-off experience and any known specific issues or disputes which exist as of the balance sheet date. If the financial condition of our customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. | |
Standard Product Warranty, Policy | ' |
Warranty | |
We provide certain warranties relating to quality and performance of our products. An allowance for the estimated future cost of product warranties and other defective product returns is based on management's estimate of product failure rates and customer eligibility. If these factors differ from management's estimates, revisions to the estimated warranty liability may be required. The specific terms and conditions of the warranties vary depending upon the customer and the product sold. | |
Earnings Per Share, Policy | ' |
Earnings per share | |
Basic earnings per share is calculated by dividing net earnings by the weighted average shares outstanding during the period. Diluted earnings per share is based on the weighted average number of shares outstanding plus the assumed issuance of common shares and related adjustment to net income attributable to common stockholders related to all potentially dilutive securities. For the three months ended September 30, 2014, in applying the treasury stock method, equivalent shares of unvested restricted stock and stock options of 96,359 shares were antidilutive and excluded from the basic and dilutive calculation. For the three months ended September 30, 2013, in applying the treasury stock method, equivalent shares of unvested restricted stock and stock options of 143,376 shares were included in the weighted average shares outstanding in the diluted calculation. For the nine months ended September 30, 2014 and 2013, in applying the treasury stock method, equivalent shares of unvested restricted stock of 115,018 and 142,131 shares, respectively, were included in the weighted average shares outstanding in the diluted calculation. Anti-dilutive stock options of 510,375 and 267,132 were excluded from the calculation of dilutive earnings per share for the three month periods ended September 30, 2014 and 2013, respectively. Anti-dilutive stock options of 290,887 and 216,619 were excluded from the calculation of dilutive earnings per share for the nine month periods ended September 30, 2014 and 2013, respectively. | |
Recently Adopted Accounting Standards, Policy | ' |
Recent accounting adoptions | |
In July 2013, the FASB issued ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists to provide guidance on the presentation of unrecognized tax benefits. ASU 2013-11 requires an entity to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward with certain limited exceptions. ASU 2013-11 is effective for annual reporting periods beginning on or after December 15, 2013 and interim periods within those annual periods with earlier adoption permitted. We adopted this guidance on January 1, 2014. The adoption of this guidance did not have an impact on our consolidated financial position, results of operations or cash flows. | |
New accounting pronouncements | |
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). This update provides a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. The guidance also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. This update is effective for annual and interim periods beginning after December 15, 2016, which will require us to adopt these provisions in the first quarter of 2017. Early application is not permitted. This update permits the use of either the retrospective or cumulative effect transition method. We are evaluating the effect this guidance will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method nor have we determined the effect of the standard on our ongoing financial reporting. | |
Fair Value of Financial Instruments, Policy | ' |
We calculate the fair value of our interest rate swap contracts, commodity contracts and foreign currency contracts using quoted interest rate curves, quoted commodity forward rates and quoted currency forward rates. For contracts which, when aggregated by counterparty, are in a liability position, the discount rates are adjusted by the credit spread that market participants would apply if buying these contracts from our counterparties. | |
In addition to items that are measured at fair value on a recurring basis, we also have assets and liabilities that are measured at fair value on a nonrecurring basis. As these assets and liabilities are not measured at fair value on a recurring basis, they are not included in the tables above. Assets and liabilities that are measured at fair value on a nonrecurring basis include long-lived assets (see Note 7) and certain assets acquired in business acquisitions (see Note 20). We have determined that the fair value measurements included in each of these assets and liabilities rely primarily on our assumptions as observable inputs are not available. As such, we have determined that each of these fair value measurements reside within Level 3 of the fair value hierarchy. | |
Derivatives, Policy | ' |
Other | |
We present our derivative positions and any related material collateral under master netting agreements on a gross basis. We have entered into International Swaps and Derivatives Association agreements with each of its significant derivative counterparties. These agreements provide bilateral netting and offsetting of accounts that are in a liability position with those that are in an asset position. These agreements do not require us to maintain a minimum credit rating in order to be in compliance with the terms of the agreements and do not contain any margin call provisions or collateral requirements that could be triggered by derivative instruments in a net liability position. As of September 30, 2014, we have not posted any collateral to support derivatives in a liability position. | |
For derivatives designated as cash flow hedges, changes in the time value are excluded from the assessment of hedge effectiveness. Unrealized gains and losses associated with ineffective hedges, determined using the change in fair value method, are recognized in the accompanying consolidated statements of operations. Derivative gains and losses included in AOCI for effective hedges are reclassified into the accompanying consolidated statements of operations upon recognition of the hedged transaction. | |
Any derivative instrument designated initially, but no longer effective as a hedge, or initially not effective as a hedge, is recorded at fair value and the related gains and losses are recognized in the accompanying consolidated statements of operations. Our undesignated hedges are primarily our interest rate swaps whose fair value at inception of the instrument due to the rollover of existing interest rate swaps resulted in ineffectiveness. | |
Accounts Receivable Factoring Arrangements | ' |
Accounts receivable factoring arrangements | |
We have entered into factoring agreements with various domestic and European financial institutions to sell our accounts receivable under nonrecourse agreements. These are treated as a sale. The transactions are accounted for as a reduction in accounts receivable as the agreements transfer effective control over and risk related to the receivables to the buyers. We do not service any domestic accounts after the factoring has occurred. We do not have any servicing assets or liabilities. We utilize factoring arrangements as an integral part of financing for us. The cost of factoring such accounts receivable is reflected in the accompanying consolidated statements of operations as interest expense-net with other financing costs. | |
Income Tax, Policy | ' |
We compute on a quarterly basis an estimated annual effective tax rate considering ordinary income and related income tax expense. Ordinary income refers to income (loss) before income tax expense excluding significant, unusual, or infrequently occurring items. The tax effect of an unusual or infrequently occurring item is recorded in the interim period in which it occurs. Other items included in income tax expense in the periods in which they occur include the cumulative effect of changes in tax laws or rates, foreign exchange gains and losses, adjustments to uncertain tax positions, and adjustments to our valuation allowance due to changes in judgment regarding the realizability of deferred tax assets in future years. | |
Commitments and Contingencies, Policy | ' |
We are party to various legal actions and administrative proceedings and subject to various claims, including those relating to commercial transactions, product liability, safety, health, taxes, environmental and other matters. We believe that none of such actions, other than those discussed below, depart from customary litigation arising in the ordinary course of business. We review these matters on an ongoing basis and follow the provisions of FASB ASC Topic 450, Contingencies, when making accrual and disclosure decisions. For legal proceedings where it has been determined that a loss is both probable and reasonably estimable, a liability has been recorded in our accompanying consolidated financial statements. For legal proceedings where it has been determined that a loss is either probable but the amount or range of loss is not reasonably estimable, or reasonably possible, we provide disclosure with respect to the matter. |
Summary_of_significant_account2
Summary of significant accounting policies (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||
Schedule of Government Grants | ' | |||||||||||||||
The amounts recognized in the accompanying consolidated statements of operations as government grants were as follows: | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Reduction of cost of goods sold | $ | 1,417 | $ | 628 | $ | 2,496 | $ | 1,900 | ||||||||
Reduction of selling, general, and administrative expenses | $ | 193 | $ | 220 | $ | 579 | $ | 556 | ||||||||
Fair_value_measurements_Tables
Fair value measurements (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value, by Balance Sheet Grouping | ' | |||||||||||||||
Assets and liabilities remeasured and disclosed at fair value on a recurring basis as of September 30, 2014 and December 31, 2013, are set forth in the table below: | ||||||||||||||||
As of September 30, 2014 | As of December 31, 2013 | |||||||||||||||
(In thousands) | Asset/ | Level 2 | Valuation | Asset/ | Level 2 | Valuation | ||||||||||
(liability) | technique | (liability) | technique | |||||||||||||
Interest rate swap contracts | $ | (1,585 | ) | $ | (1,585 | ) | C | $ | 727 | $ | 727 | C | ||||
Foreign exchange contracts | 682 | 682 | C | 3,417 | 3,417 | C | ||||||||||
Commodity contracts | (1,823 | ) | (1,823 | ) | C | (1,333 | ) | (1,333 | ) | C |
Financial_instruments_Tables
Financial instruments (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Financial Instruments [Abstract] | ' | ||||||||||||||||
Schedule of Derivative Instruments | ' | ||||||||||||||||
As of September 30, 2014 and December 31, 2013, we had the following outstanding foreign currency contracts that were entered into to hedge forecasted purchases and revenues, respectively: | |||||||||||||||||
(In thousands) | Currency denomination | ||||||||||||||||
September 30, | December 31, | ||||||||||||||||
Foreign currency contract | 2014 | 2013 | |||||||||||||||
South Korean Won Forward | $ | 80,193 | $ | 74,368 | |||||||||||||
Mexican Peso Contracts | $ | 73,370 | $ | 73,520 | |||||||||||||
Brazilian Real Forward | $ | 14,826 | $ | 11,427 | |||||||||||||
Hungarian Forint Forward | € | 12,895 | € | 14,416 | |||||||||||||
Great Britain Pound Forward | £ | 1,490 | £ | 3,735 | |||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | ' | ||||||||||||||||
The following table discloses the fair values and balance sheet locations of our derivative instruments: | |||||||||||||||||
Asset derivatives | Liability derivatives | ||||||||||||||||
(In thousands) | Balance sheet location | September 30, 2014 | December 31, 2013 | Balance sheet location | September 30, 2014 | December 31, 2013 | |||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||
Commodity contracts | Prepaid expenses and | $ | 43 | $ | 257 | Other current liabilities | $ | 1,548 | $ | — | |||||||
other current assets | and accrued expenses | ||||||||||||||||
Commodity contracts | Other noncurrent assets | — | 195 | Other noncurrent liabilities | 318 | 1,785 | |||||||||||
Foreign currency contracts | Prepaid expenses and | 2,090 | 3,630 | Other current liabilities | 1,025 | 141 | |||||||||||
other current assets | and accrued expenses | ||||||||||||||||
Foreign currency contracts | Other noncurrent assets | 29 | 108 | Other noncurrent liabilities | 412 | 180 | |||||||||||
Interest rate swap contracts | Other noncurrent assets | 427 | 1,455 | Other noncurrent liabilities | — | — | |||||||||||
Total derivatives designated as hedging instruments | $ | 2,589 | $ | 5,645 | $ | 3,303 | $ | 2,106 | |||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Interest rate swap contracts | Other noncurrent assets | $ | — | $ | — | Other noncurrent liabilities | $ | 2,012 | $ | 728 | |||||||
Total derivatives not designated as hedging instruments | $ | — | $ | — | $ | 2,012 | $ | 728 | |||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | ' | ||||||||||||||||
The following tables disclose the effect of our derivative instruments on the accompanying consolidated statement of operations for the three months ended September 30, 2014 (in thousands): | |||||||||||||||||
Derivatives designated as cash flow hedging instruments | Amount of gain (loss) recognized in OCI on derivatives (effective portion) | Location of gain (loss) reclassified from AOCI into income (effective portion) | Amount of gain (loss) reclassified from AOCI into income (effective portion) | Location of gain (loss) recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) | Amount of gain (loss) recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) | ||||||||||||
Commodity contracts | $ | (1,651 | ) | Cost of goods sold | $ | (624 | ) | Cost of goods sold | $ | (24 | ) | ||||||
Foreign currency contracts | (2,495 | ) | Cost of goods sold | 1,020 | Cost of goods sold | — | |||||||||||
Interest rate swap contracts | 107 | Interest expense–net | — | Interest expense–net | — | ||||||||||||
$ | (4,039 | ) | $ | 396 | $ | (24 | ) | ||||||||||
Derivatives not designated as hedging instruments | Location of gain (loss) recognized in income on derivatives | Amount of gain (loss) recognized in income on derivatives | |||||||||||||||
Interest rate swap | Interest expense–net | $ | 49 | ||||||||||||||
The following tables disclose the effect of our derivative instruments on the accompanying consolidated statement of operations for the three months ended September 30, 2013 (in thousands): | |||||||||||||||||
Derivatives designated as cash flow hedging instruments | Amount of gain (loss) recognized in OCI on derivatives (effective portion) | Location of gain (loss) reclassified from AOCI into income (effective portion) | Amount of gain (loss) reclassified from AOCI into income (effective portion) | Location of gain (loss) recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) | Amount of gain (loss) recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) | ||||||||||||
Commodity contracts | $ | 2,863 | Cost of goods sold | $ | (1,591 | ) | Cost of goods sold | $ | 28 | ||||||||
Foreign currency contracts | 4,494 | Cost of goods sold | 2,068 | Cost of goods sold | — | ||||||||||||
Interest rate swap contracts | (102 | ) | Interest expense–net | — | Interest expense–net | — | |||||||||||
$ | 7,255 | $ | 477 | $ | 28 | ||||||||||||
Derivatives not designated as hedging instruments | Location of gain (loss) recognized in income on derivatives | Amount of gain (loss) recognized in income on derivatives | |||||||||||||||
Interest rate swap contracts | Interest expense–net | $ | (137 | ) |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Inventory [Abstract] | ' | |||||||
Schedule of Inventory, Current | ' | |||||||
Net inventories consisted of the following: | ||||||||
September 30, | December 31, | |||||||
(In thousands) | 2014 | 2013 | ||||||
Raw materials | $ | 52,421 | $ | 42,322 | ||||
Core inventory | 38,152 | 36,581 | ||||||
Work-in-process | 9,511 | 8,398 | ||||||
Finished goods | 84,313 | 72,039 | ||||||
$ | 184,397 | $ | 159,340 | |||||
Goodwill_and_other_intangible_1
Goodwill and other intangible assets (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Schedule of Intangible Assets and Goodwill | ' | |||||||||||||||||||||||
The following table represents the carrying value of other intangible assets: | ||||||||||||||||||||||||
As of September 30, 2014 | As of December 31, 2013 | |||||||||||||||||||||||
(In thousands) | Carrying | Accumulated | Net | Carrying | Accumulated | Net | ||||||||||||||||||
value | amortization | value | amortization | |||||||||||||||||||||
Definite-life intangibles: | ||||||||||||||||||||||||
Intellectual property | $ | 32,039 | $ | 5,341 | $ | 26,698 | $ | 16,810 | $ | 4,583 | $ | 12,227 | ||||||||||||
Customer relationships | 46,500 | 20,784 | 25,716 | 35,500 | 17,746 | 17,754 | ||||||||||||||||||
Customer contract | 111,121 | 95,613 | 15,508 | 97,789 | 86,061 | 11,728 | ||||||||||||||||||
Lease intangible | 299 | 143 | 156 | — | — | — | ||||||||||||||||||
Total | 189,959 | 121,881 | 68,078 | 150,099 | 108,390 | 41,709 | ||||||||||||||||||
Indefinite-life intangibles: | ||||||||||||||||||||||||
Trade names | 49,200 | — | 49,200 | 48,200 | — | 48,200 | ||||||||||||||||||
Intangible assets, net | $ | 239,159 | $ | 121,881 | $ | 117,278 | $ | 198,299 | $ | 108,390 | $ | 89,909 | ||||||||||||
Goodwill | $ | 285,433 | $ | — | $ | 285,433 | $ | 271,418 | $ | — | $ | 271,418 | ||||||||||||
Other_current_liabilities_and_1
Other current liabilities and accrued expenses (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Other current liabilities and accrued expenses [Abstract] | ' | |||||||||||||||
Schedule of Accrued Liabilities | ' | |||||||||||||||
Other current liabilities and accrued expenses consisted of the following: | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
(In thousands) | 2014 | 2013 | ||||||||||||||
Accrued warranty | $ | 24,765 | $ | 27,083 | ||||||||||||
Accrued wages and benefits | 23,354 | 20,016 | ||||||||||||||
Current portion of customer obligations | 4,394 | 4,560 | ||||||||||||||
Rebates, stocklifts, discounts and returns | 23,134 | 18,922 | ||||||||||||||
Current deferred revenue | 1,145 | 2,270 | ||||||||||||||
Other | 56,876 | 37,328 | ||||||||||||||
$ | 133,668 | $ | 110,179 | |||||||||||||
Schedule of Product Warranty Liability | ' | |||||||||||||||
Changes to our current and noncurrent accrued warranty were as follows: | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Balance at beginning of period | $ | 29,827 | $ | 29,069 | $ | 30,781 | $ | 27,194 | ||||||||
Provision for warranty | 11,358 | 12,065 | 32,576 | 32,535 | ||||||||||||
Payments and charges against the accrual | (12,247 | ) | (10,732 | ) | (35,782 | ) | (29,327 | ) | ||||||||
Increased warranty accruals due to business acquisitions (Note 20) | — | — | 1,363 | — | ||||||||||||
Balance at end of period | $ | 28,938 | $ | 30,402 | $ | 28,938 | $ | 30,402 | ||||||||
Other_noncurrent_liabilities_T
Other noncurrent liabilities (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Other Liabilities, Noncurrent [Abstract] | ' | |||||||
Other Noncurrent Liabilities | ' | |||||||
Other noncurrent liabilities consisted of the following: | ||||||||
September 30, | December 31, | |||||||
(In thousands) | 2014 | 2013 | ||||||
Customer obligations, net of current portion | $ | 344 | $ | — | ||||
Noncurrent deferred revenue | 4,153 | 4,755 | ||||||
Other | 23,823 | 20,028 | ||||||
$ | 28,320 | $ | 24,783 | |||||
Restructuring_and_other_charge1
Restructuring and other charges (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||
Schedule of Restructuring Reserve by Type of Cost | ' | |||||||||||||||||||
The following table summarizes the activity in our accrual for restructuring and other charges for the three and nine month periods ended September 30, (in thousands): | ||||||||||||||||||||
2014 | Termination | Exit | Total | |||||||||||||||||
benefits | costs | |||||||||||||||||||
Accrual at December 31, 2013 | $ | 981 | $ | 45 | $ | 1,026 | ||||||||||||||
Provision | 228 | 86 | 314 | |||||||||||||||||
Payments | (950 | ) | (106 | ) | (1,056 | ) | ||||||||||||||
Accrued at March 31, 2014 | $ | 259 | $ | 25 | $ | 284 | ||||||||||||||
Provision | 2 | 77 | 79 | |||||||||||||||||
Payments | (113 | ) | (97 | ) | (210 | ) | ||||||||||||||
Accrued at June 30, 2014 | $ | 148 | $ | 5 | $ | 153 | ||||||||||||||
Provision | 952 | 384 | 1,336 | |||||||||||||||||
Payments | (673 | ) | (317 | ) | (990 | ) | ||||||||||||||
Accrued at September 30, 2014 | $ | 427 | $ | 72 | $ | 499 | ||||||||||||||
2013 | Termination | Exit | Total | |||||||||||||||||
benefits | costs | |||||||||||||||||||
Accrual at December 31, 2012 | $ | 3,573 | $ | 106 | $ | 3,679 | ||||||||||||||
Provision | 370 | 311 | 681 | |||||||||||||||||
Payments | (1,832 | ) | (331 | ) | (2,163 | ) | ||||||||||||||
Accrued at March 31, 2013 | $ | 2,111 | $ | 86 | $ | 2,197 | ||||||||||||||
Provision | 1,196 | 932 | 2,128 | |||||||||||||||||
Payments | (1,870 | ) | (916 | ) | (2,786 | ) | ||||||||||||||
Accrued at June 30, 2013 | $ | 1,437 | $ | 102 | $ | 1,539 | ||||||||||||||
Provision | 1,421 | 33 | 1,454 | |||||||||||||||||
Payments | (1,086 | ) | (58 | ) | (1,144 | ) | ||||||||||||||
Accrued at September 30, 2013 | $ | 1,772 | $ | 77 | $ | 1,849 | ||||||||||||||
Schedule of Restructuring and Related Costs | ' | |||||||||||||||||||
Significant components of restructuring and other charges were as follows (in thousands): | ||||||||||||||||||||
Total | Expense incurred in | Estimated | ||||||||||||||||||
expected | Nine | Twelve | Twelve | future | ||||||||||||||||
costs | months ended | months ended | months ended | expense | ||||||||||||||||
September 30, | December 31, | December 31, | ||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
2014 Activities | ||||||||||||||||||||
Severance | $ | 1,146 | $ | 962 | $ | — | $ | — | $ | 184 | ||||||||||
Exit costs | 462 | 338 | — | — | 124 | |||||||||||||||
$ | 1,608 | $ | 1,300 | $ | — | $ | — | $ | 308 | |||||||||||
2013 Activities | ||||||||||||||||||||
Severance | $ | 1,756 | $ | — | $ | 1,756 | $ | — | $ | — | ||||||||||
Exit costs | 692 | — | 692 | — | — | |||||||||||||||
$ | 2,448 | $ | — | $ | 2,448 | $ | — | $ | — | |||||||||||
2012 Activities | ||||||||||||||||||||
Severance | $ | 4,753 | $ | 220 | $ | 795 | $ | 3,738 | $ | — | ||||||||||
Exit costs | 1,501 | 209 | 823 | 410 | 59 | |||||||||||||||
Other charges | 1,687 | — | — | 1,687 | — | |||||||||||||||
$ | 7,941 | $ | 429 | $ | 1,618 | $ | 5,835 | $ | 59 | |||||||||||
Debt_Tables
Debt (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of Debt | ' | |||||||
Borrowings under long-term debt arrangements, net of discounts, consisted of the following: | ||||||||
September 30, | December 31, | |||||||
(In thousands) | 2014 | 2013 | ||||||
Asset-Based Revolving Credit Facility, First-Amendment-Maturity date of September 5, 2018 | $ | 20,248 | $ | — | ||||
Amended and Restated Term B Loan-Maturity date of March 5, 2020 | 293,000 | 295,001 | ||||||
Total Senior Credit Facility and Notes | 313,248 | 295,001 | ||||||
Capital leases | 1,930 | 2,226 | ||||||
Less current maturities | (3,379 | ) | (3,392 | ) | ||||
Long-term debt less current maturities | $ | 311,799 | $ | 293,835 | ||||
Reclassifications_out_of_accum1
Reclassifications out of accumulated other comprehensive income (loss) (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
The following table discloses the changes in each component of accumulated other comprehensive income, net of tax for the three and nine months ended September 30, 2014 (in thousands): | The following table discloses the changes in each component of accumulated other comprehensive income, net of tax for the three and nine months ended September 30, 2013 (in thousands): | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | Unrealized gains (losses) on currency hedges | Unrealized gains (losses) on commodity hedges | Interest rate swaps | Employee benefit plan adjustment | Accumulated other comprehensive income (loss) | Foreign currency translation adjustment | Unrealized gains (losses) on currency hedges | Unrealized gains (losses) on commodity hedges | Interest rate swaps | Employee benefit plan adjustment | Accumulated other comprehensive income (loss) | |||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2013 | $ | (18,105 | ) | $ | 2,520 | $ | (6,332 | ) | $ | (688 | ) | $ | (18,869 | ) | $ | (41,474 | ) | Balances at December 31, 2012 | $ | (19,860 | ) | $ | 3,426 | $ | (6,316 | ) | $ | (1,574 | ) | $ | (25,983 | ) | $ | (50,307 | ) | |||||||||||||||
Other comprehensive income (loss) before reclassifications | (765 | ) | (886 | ) | (2,122 | ) | (281 | ) | (11 | ) | (4,065 | ) | Other comprehensive income (loss) before reclassifications | (3,172 | ) | 513 | (1,282 | ) | (270 | ) | 102 | (4,109 | ) | |||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | (636 | ) | 600 | — | 97 | 61 | |||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | (1,081 | ) | (48 | ) | — | 346 | (783 | ) | |||||||||||||||||||||||||||||||||||||||||
Balances at March 31, 2014 | $ | (18,870 | ) | $ | 998 | $ | (7,854 | ) | $ | (969 | ) | $ | (18,783 | ) | $ | (45,478 | ) | |||||||||||||||||||||||||||||||||
Balances at March 31, 2013 | $ | (23,032 | ) | $ | 2,858 | $ | (7,646 | ) | $ | (1,844 | ) | $ | (25,535 | ) | $ | (55,199 | ) | |||||||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | 3,820 | 3,109 | 1,101 | (410 | ) | (39 | ) | 7,581 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | (2,258 | ) | (2,498 | ) | (2,991 | ) | 894 | (154 | ) | (7,007 | ) | |||||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | (1,162 | ) | 755 | — | 97 | (310 | ) | ||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | (1,104 | ) | 578 | — | 76 | (450 | ) | ||||||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2014 | $ | (15,050 | ) | $ | 2,945 | $ | (5,998 | ) | $ | (1,379 | ) | $ | (18,725 | ) | $ | (38,207 | ) | |||||||||||||||||||||||||||||||||
Balances at June 30, 2013 | $ | (25,290 | ) | $ | (744 | ) | $ | (10,059 | ) | $ | (950 | ) | $ | (25,613 | ) | $ | (62,656 | ) | ||||||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | (6,877 | ) | (1,957 | ) | (1,020 | ) | 66 | 63 | (9,725 | ) | Other comprehensive income (loss) before reclassifications | 5,566 | 3,472 | 1,762 | (63 | ) | (105 | ) | 10,632 | |||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | (753 | ) | 394 | — | 97 | (262 | ) | Amounts reclassified from accumulated other comprehensive income (loss) | — | (1,556 | ) | 952 | — | 210 | (394 | ) | |||||||||||||||||||||||||||||||||
Balances at September 30, 2014 | $ | (21,927 | ) | $ | 235 | $ | (6,624 | ) | $ | (1,313 | ) | $ | (18,565 | ) | $ | (48,194 | ) | Balances at September 30, 2013 | $ | (19,724 | ) | $ | 1,172 | $ | (7,345 | ) | $ | (1,013 | ) | $ | (25,508 | ) | $ | (52,418 | ) | |||||||||||||||
Disclosure of Reclassification Amount | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
Details about Accumulated Other Comprehensive Income (Loss) Components | Nine months ended September 30, | Affected Line Item in the Statement Where Net Income is Presented | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Gains (losses) on cash flow hedges: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency contracts | $ | 3,429 | $ | 4,887 | Cost of goods sold | |||||||||||||||||||||||||||||||||||||||||||||
Commodity contracts | (2,873 | ) | (2,432 | ) | Cost of goods sold | |||||||||||||||||||||||||||||||||||||||||||||
556 | 2,455 | Total before tax | ||||||||||||||||||||||||||||||||||||||||||||||||
246 | (196 | ) | Tax benefit (expense) | |||||||||||||||||||||||||||||||||||||||||||||||
$ | 802 | $ | 2,259 | Net of tax | ||||||||||||||||||||||||||||||||||||||||||||||
Amortization of employee benefit plan costs: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Prior service costs | $ | 1,362 | $ | 1,362 | Selling, general and administrative expenses | |||||||||||||||||||||||||||||||||||||||||||||
Net actuarial loss | (1,839 | ) | (2,400 | ) | Selling, general and administrative expenses | |||||||||||||||||||||||||||||||||||||||||||||
(477 | ) | (1,038 | ) | Total before tax | ||||||||||||||||||||||||||||||||||||||||||||||
186 | 406 | Tax benefit (expense) | ||||||||||||||||||||||||||||||||||||||||||||||||
$ | (291 | ) | $ | (632 | ) | Net of tax | ||||||||||||||||||||||||||||||||||||||||||||
Total reclassifications for the period | $ | 511 | $ | 1,627 | Net of tax | |||||||||||||||||||||||||||||||||||||||||||||
Details about Accumulated Other Comprehensive Income (Loss) Components | Three months ended September 30, | Affected Line Item in the Statement Where Net Income is Presented | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Gains (losses) on cash flow hedges: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency contracts | $ | 1,020 | $ | 2,068 | Cost of goods sold | |||||||||||||||||||||||||||||||||||||||||||||
Commodity contracts | (648 | ) | (1,563 | ) | Cost of goods sold | |||||||||||||||||||||||||||||||||||||||||||||
372 | 505 | Total before tax | ||||||||||||||||||||||||||||||||||||||||||||||||
(13 | ) | 99 | Tax benefit (expense) | |||||||||||||||||||||||||||||||||||||||||||||||
$ | 359 | $ | 604 | Net of tax | ||||||||||||||||||||||||||||||||||||||||||||||
Amortization of employee benefit plan costs: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Prior service costs | $ | 454 | $ | 454 | Selling, general and administrative expenses | |||||||||||||||||||||||||||||||||||||||||||||
Net actuarial loss | (613 | ) | (800 | ) | Selling, general and administrative expenses | |||||||||||||||||||||||||||||||||||||||||||||
(159 | ) | (346 | ) | Total before tax | ||||||||||||||||||||||||||||||||||||||||||||||
62 | 136 | Tax benefit (expense) | ||||||||||||||||||||||||||||||||||||||||||||||||
$ | (97 | ) | $ | (210 | ) | Net of tax | ||||||||||||||||||||||||||||||||||||||||||||
Total reclassifications for the period | $ | 262 | $ | 394 | Net of tax | |||||||||||||||||||||||||||||||||||||||||||||
Employee_benefit_plans_Tables
Employee benefit plans (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Defined Benefit Plans Disclosures | ' | |||||||||||||||
The components of expense for the plans were as follows (in thousands): | ||||||||||||||||
Pension benefits: | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
Components of expense | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Service costs | $ | 286 | $ | 273 | $ | 850 | $ | 754 | ||||||||
Interest costs | 754 | 693 | 2,262 | 2,066 | ||||||||||||
Expected return on plan assets | (759 | ) | (665 | ) | (2,293 | ) | (1,982 | ) | ||||||||
Recognized net actuarial loss | 163 | 344 | 489 | 1,032 | ||||||||||||
Net periodic pension cost | $ | 444 | $ | 645 | $ | 1,308 | $ | 1,870 | ||||||||
Postretirement health care and life insurance plans: | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
Components of expense | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Interest costs | $ | 20 | $ | 19 | $ | 61 | $ | 58 | ||||||||
Amortization of prior service cost | (454 | ) | (454 | ) | (1,362 | ) | (1,362 | ) | ||||||||
Recognized net actuarial loss | 450 | 456 | 1,350 | 1,368 | ||||||||||||
Net periodic cost | $ | 16 | $ | 21 | $ | 49 | $ | 64 | ||||||||
Stockbased_compensation_Tables
Stock-based compensation (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Share-based Compensation [Abstract] | ' | |||||||||||||||
Allocated Share-based Compensation Expense | ' | |||||||||||||||
Noncash compensation expense related to all types of awards was recognized for the three and nine months ended September 30, as follows: | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Stock-based compensation expense | $ | 893 | $ | 1,648 | $ | 3,454 | $ | 4,894 | ||||||||
Business_segment_and_geographi1
Business segment and geographical information (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Segments, Geographical Areas [Abstract] | ' | |||||||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | ' | |||||||||||||||
Information about our net sales by region was as follows: | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Net sales to external customers: | ||||||||||||||||
United States | $ | 187,079 | $ | 172,706 | $ | 578,878 | $ | 550,728 | ||||||||
Europe | 20,399 | 21,571 | 66,262 | 68,092 | ||||||||||||
Other Americas | 12,305 | 14,663 | 35,042 | 45,457 | ||||||||||||
Asia | 67,725 | 53,892 | 206,913 | 162,631 | ||||||||||||
Total net sales | $ | 287,508 | $ | 262,832 | $ | 887,095 | $ | 826,908 | ||||||||
Acquisition_Tables
Acquisition (Tables) | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Acquisitions [Abstract] | ' | ||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | ' | ||||
The preliminary purchase price allocation based on our best estimate of the fair value as of the acquisition date was as follows (in thousands): | |||||
Cash | $ | 109 | |||
Trade accounts receivable | 7,811 | ||||
Inventories | 13,834 | ||||
Prepaid expenses and other current assets | 43 | ||||
Property, plant and equipment | 462 | ||||
Goodwill | 14,015 | ||||
Intangible assets | 12,328 | ||||
Other noncurrent assets | 5,779 | ||||
Total assets acquired | $ | 54,381 | |||
Accounts payable | $ | 8,370 | |||
Other current liabilities and accrued expenses | 5,440 | ||||
Other noncurrent liabilities | 392 | ||||
Total liabilities acquired | $ | 14,202 | |||
Net assets acquired | $ | 40,179 | |||
Description_of_the_business_De
Description of the business (Details) | 9 Months Ended |
Sep. 30, 2014 | |
Statement | ' |
SharesContributedByMajorityShareholder | 16,615,359 |
Share Exchange Ratio | 0.18117 |
Common Stock Shares Held by Noncontrolling Shareholders | 15,652,824 |
Entity Common Stock, Shares Outstanding | 31,995,332 |
Common Stock Shares Outstanding After Business Combination | 32,300,000 |
Majority Shareholder [Member] | ' |
Statement | ' |
Shares held by majority stakeholder | 16,342,508 |
Significant investor's ownership percentage | 51.00% |
Summary_of_significant_account3
Summary of significant accounting policies (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Gain (Loss) on Sale of Accounts Receivable | ($1,199) | ($1,437) | ($3,745) | ($4,316) | ' |
Notes, Loans and Financing Receivable, Net, Current | 45,823 | ' | 45,823 | ' | 27,154 |
Weighted Average Number Diluted Shares Outstanding Adjustment | 96,359 | 143,376 | 115,018 | 142,131 | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 510,375 | 267,132 | 290,887 | 216,619 | ' |
Government Grant | ' | ' | ' | ' | ' |
Deferred Revenue | 5,007 | ' | 5,007 | ' | 6,283 |
Reduction of cost of goods sold | 1,417 | 628 | 2,496 | 1,900 | ' |
Reduction of selling, general, and administrative expenses | $193 | $220 | $579 | $556 | ' |
Fair_value_measurements_Detail
Fair value measurements (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Interest Rate Swap | ' | ' |
Assets/(Liabilities) | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net | ($1,585) | $727 |
Interest Rate Swap | Fair Value, Inputs, Level 2 | ' | ' |
Assets/(Liabilities) | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net | -1,585 | 727 |
Foreign Exchange Contract | ' | ' |
Assets/(Liabilities) | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net | 682 | 3,417 |
Foreign Exchange Contract | Fair Value, Inputs, Level 2 | ' | ' |
Assets/(Liabilities) | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net | 682 | 3,417 |
Commodity Contract | ' | ' |
Assets/(Liabilities) | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net | -1,823 | -1,333 |
Commodity Contract | Fair Value, Inputs, Level 2 | ' | ' |
Assets/(Liabilities) | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net | ($1,823) | ($1,333) |
Financial_instruments_Details
Financial instruments (Details) | 3 Months Ended | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | |
USD ($) | USD ($) | Foreign Exchange Contract | Foreign Exchange Contract | Foreign Exchange Contract | Foreign Exchange Contract | Foreign Exchange Contract | Foreign Exchange Contract | Foreign Exchange Contract | Foreign Exchange Contract | Foreign Exchange Contract | Foreign Exchange Contract | Foreign Exchange Contract | Foreign Exchange Contract | |
USD ($) | USD ($) | South Korean Won Forward | South Korean Won Forward | Mexican Peso Contracts | Mexican Peso Contracts | Brazilian Real Forward | Brazilian Real Forward | Hungary Forint Forward | Hungary Forint Forward | Great Britain Pound Forward | Great Britain Pound Forward | |||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | EUR (€) | GBP (£) | GBP (£) | |||||
Derivative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum Term of Credit Risk Derivatives | ' | ' | '18 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated unrealized gains/losses recorded in accumulated other comprehensive income, net of tax | ' | ' | $235,000 | $2,520,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash flow hedge gain/loss to be reclassified within twelve months | ' | ' | 333,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (Loss) on Foreign Currency Fair Value Hedge Derivatives | 107,000 | 11,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount of foreign currency derivatives | ' | ' | ' | ' | $80,193,000 | $74,368,000 | $73,370,000 | $73,520,000 | $14,826,000 | $11,427,000 | € 12,895,000 | € 14,416,000 | £ 1,490,000 | £ 3,735,000 |
Financial_instruments_Interest
Financial instruments Interest Rate Risk (Details) (Interest Rate Swap, USD $) | 9 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2013 | |
Not Designated as Hedging Instrument | ' | ' |
Derivative | ' | ' |
Derivative, Amount of Hedged Item | $72,000,000 | ' |
Derivative, lower variable interest rate range | 1.25% | ' |
Derivative, fixed interest rate | 4.05% | ' |
Notional Amount of Interest Rate Cash Flow Hedge Derivatives | 72,000,000 | ' |
Quarterly Notional Reduction, Derivatives | 187,500 | ' |
Designated as Hedging Instrument | ' | ' |
Derivative | ' | ' |
Derivative, Amount of Hedged Item | 72,000,000 | ' |
Derivative, lower variable interest rate range | 1.25% | ' |
Derivative, fixed interest rate | 2.75% | ' |
Notional Amount of Interest Rate Cash Flow Hedge Derivatives | 72,000,000 | ' |
Quarterly Notional Reduction, Derivatives | 187,500 | ' |
Accumulated unrealized gains/losses recorded in accumulated other comprehensive income, before tax | 427,000 | 1,455,000 |
Cash flow hedge gain/loss to be reclassified within twelve months | $0 | ' |
Financial_instruments_Commodit
Financial instruments Commodity Price Risk (Details) (Commodity Contract, USD $) | 6 Months Ended | 9 Months Ended | |
Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | |
Commodity Contract | ' | ' | ' |
Derivative, number of instruments held | ' | 37 | 32 |
Investment contract weight | ' | 7,169 | 6,368 |
Maximum Term of Credit Risk Derivatives | '18 months | ' | ' |
Accumulated unrealized gains/losses recorded in accumulated other comprehensive income, before tax | ' | ($1,799,000) | ($1,319,000) |
Cash flow hedge gain/loss to be reclassified within twelve months | ' | ($1,527,000) | ' |
Financial_instruments_Balance_
Financial instruments Balance Sheet Locations (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Designated as Hedging Instrument | ' | ' |
Derivatives, Fair Value | ' | ' |
Total derivative assets | $2,589 | $5,645 |
Total derivative liabilities | 3,303 | 2,106 |
Designated as Hedging Instrument | Commodity Contract | ' | ' |
Derivatives, Fair Value | ' | ' |
Prepaid expenses and other current assets | 43 | 257 |
Other noncurrent assets | 0 | 195 |
Other current liabilities and accrued expenses | 1,548 | 0 |
Other noncurrent liabilities | 318 | 1,785 |
Designated as Hedging Instrument | Foreign Exchange Contract | ' | ' |
Derivatives, Fair Value | ' | ' |
Prepaid expenses and other current assets | 2,090 | 3,630 |
Other noncurrent assets | 29 | 108 |
Other current liabilities and accrued expenses | 1,025 | 141 |
Other noncurrent liabilities | 412 | 180 |
Designated as Hedging Instrument | Interest Rate Swap | ' | ' |
Derivatives, Fair Value | ' | ' |
Other noncurrent assets | 427 | 1,455 |
Other noncurrent liabilities | 0 | 0 |
Not Designated as Hedging Instrument | ' | ' |
Derivatives, Fair Value | ' | ' |
Total derivative assets | 0 | 0 |
Total derivative liabilities | 2,012 | 728 |
Not Designated as Hedging Instrument | Interest Rate Swap | ' | ' |
Derivatives, Fair Value | ' | ' |
Other noncurrent assets | 0 | 0 |
Other noncurrent liabilities | $2,012 | $728 |
Financial_instruments_Income_S
Financial instruments Income Statement Locations (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Designated as Hedging Instrument | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' | ' |
Amount of gain (loss) recognized in OCI on derivatives (effective portion) | ($4,039) | $7,255 | ($4,053) | ($1,161) |
Amount of gain (loss) reclassified from AOCI into income (effective portion) | 396 | 477 | 595 | 2,513 |
Amount of gain (loss) recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) | -24 | 28 | -39 | -58 |
Designated as Hedging Instrument | Commodity Contract | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' | ' |
Amount of gain (loss) recognized in OCI on derivatives (effective portion) | -1,651 | 2,863 | -3,314 | -4,071 |
Amount of gain (loss) reclassified from AOCI into income (effective portion) | -624 | -1,591 | -2,834 | -2,374 |
Amount of gain (loss) recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) | -24 | 28 | -39 | -58 |
Designated as Hedging Instrument | Foreign Exchange Contract | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' | ' |
Amount of gain (loss) recognized in OCI on derivatives (effective portion) | -2,495 | 4,494 | 289 | 1,988 |
Amount of gain (loss) reclassified from AOCI into income (effective portion) | 1,020 | 2,068 | 3,429 | 4,887 |
Amount of gain (loss) recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) | 0 | 0 | 0 | 0 |
Designated as Hedging Instrument | Interest Rate Swap | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' | ' |
Amount of gain (loss) recognized in OCI on derivatives (effective portion) | 107 | -102 | -1,028 | 922 |
Amount of gain (loss) reclassified from AOCI into income (effective portion) | 0 | 0 | 0 | 0 |
Amount of gain (loss) recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) | 0 | 0 | 0 | 0 |
Not Designated as Hedging Instrument | Interest Rate Swap | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' | ' |
Amount of gain (loss) recognized in income on derivatives | $49 | ($137) | ($1,284) | $986 |
Financial_instruments_Factorin
Financial instruments Factoring Accounts Receivable (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Financial Instruments [Abstract] | ' | ' | ' | ' | ' |
Gain (loss) on sale of accounts receivable | $1,199 | $1,437 | $3,745 | $4,316 | ' |
Accounts receivable factored, gross | $237,703 | ' | $237,703 | ' | $244,940 |
Inventories_Details
Inventories (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory [Abstract] | ' | ' |
Raw materials | $52,421 | $42,322 |
Core inventory | 38,152 | 36,581 |
Work-in-process | 9,511 | 8,398 |
Finished goods | 84,313 | 72,039 |
Inventories | $184,397 | $159,340 |
Property_plant_and_equipment_D
Property, plant and equipment (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Property, Plant and Equipment [Abstract] | ' | ' |
Depreciation and amortization expense of property, plant, and equipment | $16,681,000 | $14,377,000 |
Goodwill_and_other_intangible_2
Goodwill and other intangible assets (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
Intellectual Property | Intellectual Property | Customer Contracts | Definite-Life Intangible | Definite-Life Intangible | Definite-Life Intangible | Definite-Life Intangible | Definite-Life Intangible | Definite-Life Intangible | Definite-Life Intangible | Definite-Life Intangible | Definite-Life Intangible | Definite-Life Intangible | Indefinite-Life Intagible | Indefinite-Life Intagible | USA Industries Acquisition | USA Industries Acquisition | USA Industries Acquisition | USA Industries Acquisition | |||
Intellectual Property | Intellectual Property | Customer Relationships | Customer Relationships | Customer Contracts | Customer Contracts | Lease Agreements | Lease Agreements | Trade Names | Trade Names | Customer Relationships | Lease Agreements | Trade Names | |||||||||
Intangible Assets and Goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Gross | ' | ' | ' | ' | ' | $189,959,000 | $150,099,000 | $32,039,000 | $16,810,000 | $46,500,000 | $35,500,000 | $111,121,000 | $97,789,000 | $299,000 | $0 | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Accumulated Amortization | ' | ' | ' | ' | ' | 121,881,000 | 108,390,000 | 5,341,000 | 4,583,000 | 20,784,000 | 17,746,000 | 95,613,000 | 86,061,000 | 143,000 | 0 | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Net | ' | ' | ' | ' | ' | 68,078,000 | 41,709,000 | 26,698,000 | 12,227,000 | 25,716,000 | 17,754,000 | 15,508,000 | 11,728,000 | 156,000 | 0 | ' | ' | ' | ' | ' | ' |
Indefinite-Lived Intangible Assets, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49,200,000 | 48,200,000 | ' | ' | ' | ' |
Indefinite-Lived Intangible Assets, Accumulated Amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' |
Indefinite-Lived Intangible Assets, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49,200,000 | 48,200,000 | ' | ' | ' | ' |
Intangible Assets, Gross (Excluding Goodwill) | 239,159,000 | 198,299,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible Assets, Accumulated Amortization | 121,881,000 | 108,390,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible Assets, Net (Excluding Goodwill) | 117,278,000 | 89,909,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill, Gross | 285,433,000 | 271,418,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill, Amortization | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill, Net | 285,433,000 | 271,418,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-lived Intangible Assets Acquired | ' | ' | 13,930,000 | 1,299,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,000,000 | 328,000 | ' |
Indefinite-lived Intangible Assets Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | ' | ' | ' | '17 years 1 month | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' |
Business Acquisition, Goodwill, Expected Tax Deductible Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,015,000 | ' | ' | ' |
Finite-Lived Intangible Assets, Period Increase (Decrease) | ' | ' | ' | ' | $13,332,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | ' | ' | '1 year 10 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other_noncurrent_assets_Detail
Other noncurrent assets (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Other noncurrent assets [Abstract] | ' | ' |
Noncurrent deferred tax assets | $24,224,000 | $22,113,000 |
Noncurrent core return rights | $39,546,000 | $37,250,000 |
Other_current_liabilities_and_2
Other current liabilities and accrued expenses Other Current Liabilities (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other current liabilities and accrued expenses [Abstract] | ' | ' |
Accrued warranty | $24,765 | $27,083 |
Accrued wages and benefits | 23,354 | 20,016 |
Current portion of customer obligations | 4,394 | 4,560 |
Rebates, stocklifts, discounts and returns | 23,134 | 18,922 |
Current deferred revenue | 1,145 | 2,270 |
Other | 56,876 | 37,328 |
Other current liabilities and accrued expenses | $133,668 | $110,179 |
Other_current_liabilities_and_3
Other current liabilities and accrued expenses Warranty (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Other current liabilities and accrued expenses [Abstract] | ' | ' | ' | ' |
Balance at beginning of period | $29,827 | $29,069 | $30,781 | $27,194 |
Provision for warranty | 11,358 | 12,065 | 32,576 | 32,535 |
Payments and charges against the accrual | -12,247 | -10,732 | -35,782 | -29,327 |
Increased warranty accruals due to business acquisitions (Note 20) | 0 | 0 | 1,363 | 0 |
Balance at end of period | $28,938 | $30,402 | $28,938 | $30,402 |
Other_noncurrent_liabilities_D
Other noncurrent liabilities (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Liabilities, Noncurrent [Abstract] | ' | ' |
Customer Advances or Deposits, Noncurrent | $344 | $0 |
Noncurrent deferred revenue | 4,153 | 4,755 |
Other | 23,823 | 20,028 |
Other noncurrent liabilities | $28,320 | $24,783 |
Restructuring_and_other_charge2
Restructuring and other charges Restructing Detail (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Restructuring and Related Activities [Abstract] | ' | ' | ' | ' |
Restructuring and other charges | $2,212 | $1,454 | $2,605 | $4,263 |
Severance costs | ' | ' | 1,182 | 2,987 |
Business exit costs | ' | ' | 547 | 1,276 |
Asset Impairment Charges | ' | ' | $876 | ' |
Restructuring_and_other_charge3
Restructuring and other charges Restructuring Rollforward Table (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | |||||||||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 |
Employee Severance | Employee Severance | Employee Severance | Employee Severance | Employee Severance | Employee Severance | Business Exit Costs | Business Exit Costs | Business Exit Costs | Business Exit Costs | Business Exit Costs | Business Exit Costs | Total Restructuring | Total Restructuring | Total Restructuring | Total Restructuring | Total Restructuring | Total Restructuring | |||||
Restructuring Cost and Reserve | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring reserve, beginning of period | ' | ' | ' | ' | $148 | $259 | $981 | $1,437 | $2,111 | $3,573 | $5 | $25 | $45 | $102 | $86 | $106 | $153 | $284 | $1,026 | $1,539 | $2,197 | $3,679 |
Restructuring and other charges | 2,212 | 1,454 | 2,605 | 4,263 | 952 | 2 | 228 | 1,421 | 1,196 | 370 | 384 | 77 | 86 | 33 | 932 | 311 | 1,336 | 79 | 314 | 1,454 | 2,128 | 681 |
Payments for restructuring | ' | ' | -2,256 | -6,093 | -673 | -113 | -950 | -1,086 | -1,870 | -1,832 | -317 | -97 | -106 | -58 | -916 | -331 | -990 | -210 | -1,056 | -1,144 | -2,786 | -2,163 |
Restructuring reserve, end of period | ' | ' | ' | ' | $427 | $148 | $259 | $1,772 | $1,437 | $2,111 | $72 | $5 | $25 | $77 | $102 | $86 | $499 | $153 | $284 | $1,849 | $1,539 | $2,197 |
Restructuring_and_other_charge4
Restructuring and other charges Significant Components (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
Total Expected Costs | Total Expected Costs | Total Expected Costs | Restructuring Charges | Restructuring Charges | Restructuring Charges | Restructuring Charges | Restructuring Charges | Restructuring Charges | Restructuring Charges | Restructuring Charges | Restructuring Charges | Estimated Future Expense | Estimated Future Expense | Estimated Future Expense | |||||
2014 | 2013 | 2012 | 2014 | 2014 | 2014 | 2013 | 2013 | 2013 | 2012 | 2012 | 2012 | 2014 | 2013 | 2012 | |||||
Restructuring Cost and Reserve | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Severance costs | ' | ' | $1,182 | $2,987 | $1,146 | $1,756 | $4,753 | $962 | $0 | $0 | $0 | $1,756 | $0 | $220 | $795 | $3,738 | $184 | $0 | $0 |
Business exit costs | ' | ' | 547 | 1,276 | 462 | 692 | 1,501 | 338 | 0 | 0 | 0 | 692 | 0 | 209 | 823 | 410 | 124 | 0 | 59 |
Other restructuring costs | ' | ' | ' | ' | ' | ' | 1,687 | ' | ' | ' | ' | ' | ' | 0 | 0 | 1,687 | ' | ' | 0 |
Restructuring and other charges | $2,212 | $1,454 | $2,605 | $4,263 | $1,608 | $2,448 | $7,941 | $1,300 | $0 | $0 | $0 | $2,448 | $0 | $429 | $1,618 | $5,835 | $308 | $0 | $59 |
Debt_Details
Debt (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Long-term Debt | $313,248 | $295,001 |
Capital leases | 1,930 | 2,226 |
Less current maturities | 3,379 | 3,392 |
Long-term debt less current maturities | 311,799 | 293,835 |
Asset-Based Revolving Credit Facility, First Amendment | ' | ' |
Long-term Debt | 20,248 | 0 |
Amended and Restated Term B Loan Facility | ' | ' |
Long-term Debt | $293,000 | $295,001 |
Debt_First_Amendment_AssetBase
Debt First Amendment Asset-Based Revolving Credit Facility (Details) (Asset-Based Revolving Credit Facility, First Amendment, USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Debt Instrument | ' |
Line of credit facility, maximum borrowing capacity | $95,000,000 |
Line of credit facility, additional borrowing capacity | 20,000,000 |
Line of credit facility, fair value of amount outstanding | 20,248,000 |
Letters of credit outstanding, amount | 13,810,000 |
Line of credit facility, current borrowing capacity | $56,775,000 |
Line of credit facility, commitment fee percentage | 0.38% |
Minimum | ' |
Debt Instrument | ' |
Debt instrument, basis spread on fixed rate | 0.50% |
Debt instrument, basis spread on variable rate | 1.50% |
Maximum | ' |
Debt Instrument | ' |
Debt instrument, basis spread on fixed rate | 1.00% |
Debt instrument, basis spread on variable rate | 2.00% |
Debt_Amended_and_Restated_Term
Debt Amended and Restated Term B Loan Facility (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 |
Amended and Restated Term B Loan Facility | Amended and Restated Term B Loan Facility | Term B Loan Facility | ||||||
Debt Instrument | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, face amount | ' | ' | ' | ' | ' | $300,000 | ' | $286,978 |
Debt instrument, unamortized discount | ' | ' | ' | ' | ' | 750 | ' | ' |
Debt instrument, interest rate, stated percentage rate range, minimum | ' | ' | ' | ' | ' | 1.25% | ' | ' |
Debt instrument, basis spread on variable rate | ' | ' | ' | ' | ' | 3.00% | ' | ' |
Debt instrument, periodic payment, principal | ' | ' | ' | ' | ' | 750 | ' | ' |
Loss on extinguishment of debt and refinancing fees | 0 | 0 | 4,256 | 0 | 4,256 | ' | ' | ' |
Debt, weighted average interest rate | ' | ' | ' | ' | ' | 4.25% | ' | ' |
Long-term debt, fair value | ' | ' | ' | ' | ' | 291,434 | 300,157 | ' |
Fair value, option, aggregate differences, long-term debt instruments | ' | ' | ' | ' | ' | -1,566 | 5,156 | ' |
Covenant agreement, minimum payment missed to fall into default | ' | ' | ' | ' | ' | $5,000 | ' | ' |
Debt_Short_Term_Debt_Details
Debt Short Term Debt (Details) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
South Korea | ' |
Short-term Debt | ' |
Short-term debt, number of lenders | 3 |
Line of credit facility, maximum borrowing capacity | $12,374 |
Line of credit facility, amount outstanding | 2,380 |
Short-term debt, weighted average interest rate | 3.16% |
Hungary | ' |
Short-term Debt | ' |
Short-term debt, number of lenders | 1 |
Line of credit facility, maximum borrowing capacity | 1,186 |
Line of credit facility, amount outstanding | 0 |
CHINA | ' |
Short-term Debt | ' |
Short-term debt, number of lenders | 1 |
Line of credit facility, maximum borrowing capacity | 10,000 |
Line of credit facility, amount outstanding | $4,926 |
Short-term debt, weighted average interest rate | 4.15% |
Debt_Capital_Lease_Details
Debt Capital Lease (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Debt Disclosure [Abstract] | ' | ' |
Capital lease, capitalization rate lower bound | 4.00% | ' |
Capital lease, capitalization rate higher bound | 15.10% | ' |
Capital leases, balance sheet, assets by major class, net | $2,755 | $3,050 |
Stockholders_equity_Details
Stockholders' equity (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | |||||
Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | |
Subsequent Event | ||||||||
Total shares authorized | ' | ' | ' | ' | ' | ' | 280,000,000 | ' |
Common Stock, shares authorized | ' | ' | ' | ' | ' | ' | 240,000,000 | ' |
Common Stock, par value | $0.00 | ' | ' | $0.00 | ' | $0.00 | $0.00 | ' |
Preferred Stock, shares authorized | ' | ' | ' | ' | ' | ' | 40,000,000 | ' |
Preferred Stock, par or stated value per share | ' | ' | ' | ' | ' | ' | $0.00 | ' |
Common Stock, shares outstanding | 31,995,332 | ' | ' | 31,995,332 | ' | 31,981,544 | ' | ' |
Preferred Stock, shares outstanding | 0 | ' | ' | 0 | ' | ' | ' | ' |
Common Stock, Voting Rights | ' | ' | ' | '1 | ' | ' | ' | ' |
Treasury Stock, shares acquired | ' | ' | ' | 114,291 | 67,087 | ' | ' | ' |
Purchase of treasury stock | ' | ' | ' | $2,505,000 | $1,248,000 | ' | ' | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited | ' | ' | ' | 74,892 | 42,698 | ' | ' | ' |
Dividends declared per common share | $0.10 | $0.10 | $0.10 | $0.30 | $0.30 | ' | ' | $0.10 |
Payments of ordinary dividends, common stock | ' | ' | ' | -9,700,000 | -9,462,000 | ' | ' | ' |
Dividends payable | ($262,000) | ' | ' | ($262,000) | ' | ' | ' | ' |
Reclassifications_out_of_accum2
Reclassifications out of accumulated other comprehensive income (loss) Changes in Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 |
Beginning Balance | ($38,207) | ($45,478) | ($41,474) | ($62,656) | ($55,199) | ($50,307) |
Other comprehensive income (loss) before reclassifications | -9,725 | 7,581 | -4,065 | 10,632 | -7,007 | -4,109 |
Amounts reclassified from accumulated other comprehensive income (loss) | -262 | -310 | 61 | -394 | -450 | -783 |
Ending Balance | -48,194 | -38,207 | -45,478 | -52,418 | -62,656 | -55,199 |
Accumulated Translation Adjustment | ' | ' | ' | ' | ' | ' |
Beginning Balance | -15,050 | -18,870 | -18,105 | -25,290 | -23,032 | -19,860 |
Other comprehensive income (loss) before reclassifications | -6,877 | 3,820 | -765 | 5,566 | -2,258 | -3,172 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | 0 | 0 | 0 | 0 |
Ending Balance | -21,927 | -15,050 | -18,870 | -19,724 | -25,290 | -23,032 |
Accumulated Defined Benefit Plans Adjustment | ' | ' | ' | ' | ' | ' |
Beginning Balance | -18,725 | -18,783 | -18,869 | -25,613 | -25,535 | -25,983 |
Other comprehensive income (loss) before reclassifications | 63 | -39 | -11 | -105 | -154 | 102 |
Amounts reclassified from accumulated other comprehensive income (loss) | 97 | 97 | 97 | 210 | 76 | 346 |
Ending Balance | -18,565 | -18,725 | -18,783 | -25,508 | -25,613 | -25,535 |
Foreign Exchange Contract | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | ' | ' | ' | ' | ' | ' |
Beginning Balance | 2,945 | 998 | 2,520 | -744 | 2,858 | 3,426 |
Other comprehensive income (loss) before reclassifications | -1,957 | 3,109 | -886 | 3,472 | -2,498 | 513 |
Amounts reclassified from accumulated other comprehensive income (loss) | -753 | -1,162 | -636 | -1,556 | -1,104 | -1,081 |
Ending Balance | 235 | 2,945 | 998 | 1,172 | -744 | 2,858 |
Commodity Contract | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | ' | ' | ' | ' | ' | ' |
Beginning Balance | -5,998 | -7,854 | -6,332 | -10,059 | -7,646 | -6,316 |
Other comprehensive income (loss) before reclassifications | -1,020 | 1,101 | -2,122 | 1,762 | -2,991 | -1,282 |
Amounts reclassified from accumulated other comprehensive income (loss) | 394 | 755 | 600 | 952 | 578 | -48 |
Ending Balance | -6,624 | -5,998 | -7,854 | -7,345 | -10,059 | -7,646 |
Interest Rate Swap | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | ' | ' | ' | ' | ' | ' |
Beginning Balance | -1,379 | -969 | -688 | -950 | -1,844 | -1,574 |
Other comprehensive income (loss) before reclassifications | 66 | -410 | -281 | -63 | 894 | -270 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | 0 | 0 | 0 | 0 |
Ending Balance | ($1,313) | ($1,379) | ($969) | ($1,013) | ($950) | ($1,844) |
Reclassifications_out_of_accum3
Reclassifications out of accumulated other comprehensive income (loss) Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated other comprehensive loss | ($48,194) | ($38,207) | ($45,478) | ($52,418) | ($62,656) | ($55,199) | ($48,194) | ($52,418) | ($41,474) | ($50,307) |
Other comprehensive income (loss) before reclassifications | -9,725 | 7,581 | -4,065 | 10,632 | -7,007 | -4,109 | ' | ' | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 262 | 310 | -61 | 394 | 450 | 783 | ' | ' | ' | ' |
Cost of goods sold | 256,480 | ' | ' | 210,600 | ' | ' | 743,454 | 664,996 | ' | ' |
Total before tax | -11,009 | ' | ' | 15,648 | ' | ' | 20,917 | 35,630 | ' | ' |
Tax (expense) or benefit | -110 | ' | ' | -5,292 | ' | ' | -12,613 | -11,967 | ' | ' |
Net income attributable to common stockholders | -11,119 | ' | ' | 10,356 | ' | ' | 8,304 | 23,004 | ' | ' |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | Foreign Exchange Contract | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive loss | 235 | 2,945 | 998 | 1,172 | -744 | 2,858 | 235 | 1,172 | 2,520 | 3,426 |
Other comprehensive income (loss) before reclassifications | -1,957 | 3,109 | -886 | 3,472 | -2,498 | 513 | ' | ' | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 753 | 1,162 | 636 | 1,556 | 1,104 | 1,081 | ' | ' | ' | ' |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | Commodity Contract | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive loss | -6,624 | -5,998 | -7,854 | -7,345 | -10,059 | -7,646 | -6,624 | -7,345 | -6,332 | -6,316 |
Other comprehensive income (loss) before reclassifications | -1,020 | 1,101 | -2,122 | 1,762 | -2,991 | -1,282 | ' | ' | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | -394 | -755 | -600 | -952 | -578 | 48 | ' | ' | ' | ' |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | ERROR in label resolution. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive loss | -1,313 | -1,379 | -969 | -1,013 | -950 | -1,844 | -1,313 | -1,013 | -688 | -1,574 |
Other comprehensive income (loss) before reclassifications | 66 | -410 | -281 | -63 | 894 | -270 | ' | ' | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | ' | ' |
Accumulated Defined Benefit Plans Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive loss | -18,565 | -18,725 | -18,783 | -25,508 | -25,613 | -25,535 | -18,565 | -25,508 | -18,869 | -25,983 |
Other comprehensive income (loss) before reclassifications | 63 | -39 | -11 | -105 | -154 | 102 | ' | ' | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | -97 | -97 | -97 | -210 | -76 | -346 | ' | ' | ' | ' |
Accumulated Translation Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive loss | -21,927 | -15,050 | -18,870 | -19,724 | -25,290 | -23,032 | -21,927 | -19,724 | -18,105 | -19,860 |
Other comprehensive income (loss) before reclassifications | -6,877 | 3,820 | -765 | 5,566 | -2,258 | -3,172 | ' | ' | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | ' | ' |
Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to common stockholders | 262 | ' | ' | 394 | ' | ' | 511 | 1,627 | ' | ' |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total before tax | 372 | ' | ' | 505 | ' | ' | 556 | 2,455 | ' | ' |
Tax (expense) or benefit | -13 | ' | ' | 99 | ' | ' | 246 | -196 | ' | ' |
Net income attributable to common stockholders | 359 | ' | ' | 604 | ' | ' | 802 | 2,259 | ' | ' |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | Foreign Exchange Contract | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of goods sold | 1,020 | ' | ' | 2,068 | ' | ' | 3,429 | 4,887 | ' | ' |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | Commodity Contract | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of goods sold | -648 | ' | ' | -1,563 | ' | ' | -2,873 | -2,432 | ' | ' |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Defined Benefit Plans Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prior-service costs | 454 | ' | ' | 454 | ' | ' | 1,362 | 1,362 | ' | ' |
Actuarial losses | -613 | ' | ' | -800 | ' | ' | -1,839 | -2,400 | ' | ' |
Total before tax | -159 | ' | ' | -346 | ' | ' | -477 | -1,038 | ' | ' |
Tax (expense) or benefit | 62 | ' | ' | 136 | ' | ' | 186 | 406 | ' | ' |
Net income attributable to common stockholders | ($97) | ' | ' | ($210) | ' | ' | ($291) | ($632) | ' | ' |
Income_taxes_income_taxes_Deta
Income taxes income taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' |
Valuation Allowance, Deferred Tax Asset, Change in Amount | ' | ' | $2,485,000 | ' | ' |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount | ' | ' | 982,000 | ' | ' |
Unrecognized tax benefits | 12,553,000 | ' | 12,553,000 | ' | 11,456,000 |
Unrecognized tax benefits, period increase (decrease) | $114,000 | $210,000 | $1,129,000 | $1,419,000 | ' |
Employee_benefit_plans_Details
Employee benefit plans (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Defined Benefit Plan Disclosure | ' | ' | ' | ' |
Current year contributions | ' | ' | $3,164,000 | $2,585,000 |
Pension benefits: | ' | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' | ' |
Service costs | 286,000 | 273,000 | 850,000 | 754,000 |
Interest costs | 754,000 | 693,000 | 2,262,000 | 2,066,000 |
Expected return on plan assets | -759,000 | -665,000 | -2,293,000 | -1,982,000 |
Recognized net actuarial loss | 163,000 | 344,000 | 489,000 | 1,032,000 |
Net periodic cost (benefit) | 444,000 | 645,000 | 1,308,000 | 1,870,000 |
Postretirement health care and life insurance plans: | ' | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' | ' |
Interest costs | 20,000 | 19,000 | 61,000 | 58,000 |
Amortization of prior service cost | -454,000 | -454,000 | -1,362,000 | -1,362,000 |
Recognized net actuarial loss | 450,000 | 456,000 | 1,350,000 | 1,368,000 |
Net periodic cost (benefit) | 16,000 | 21,000 | 49,000 | 64,000 |
United States | ' | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' | ' |
Total expected current year contributions | ' | ' | 2,626,000 | ' |
International | ' | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' | ' |
Total expected current year contributions | ' | ' | $1,496,000 | ' |
Stockbased_compensation_Detail
Stock-based compensation (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Mar. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award | ' | ' | ' | ' | ' |
Allocated share-based compensation expense | $893 | $1,648 | $3,454 | $4,894 | ' |
Share-based compensation arrangement by share-based payment award, number of shares authorized | ' | ' | ' | ' | 5,500,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 3,078,861 | ' | 3,078,861 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | ' | ' | 2,397 | 0 | ' |
Executive Officers and Key Employees | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award | ' | ' | ' | ' | ' |
Share-based compensation arrangement by share-based payment award, shares issued in period | ' | ' | 178,279 | ' | ' |
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value | ' | ' | $21.99 | ' | ' |
Share-based compensation arrangement by share-based payment award, options, grants in period, gross | ' | ' | 237,640 | ' | ' |
Share-based compensation arrangement by share-based payment award, options, outstanding, weighted average exercise price | $21.99 | ' | $21.99 | ' | ' |
Award allocation percentage, time based, shares | ' | ' | 50.00% | ' | ' |
Award allocation percentage, performance based, shares | ' | ' | 50.00% | ' | ' |
Annual vesting percentage, time based, shares | ' | ' | 33.00% | ' | ' |
Annual vesting percentage, performance based, shares | ' | ' | 33.00% | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | ' | ' | '7 years | ' | ' |
Share-based compensation arrangement by share-based payment award, options, grants in period, weighted average grant date fair value | ' | ' | $7.07 | ' | ' |
Share-based compensation arrangement by share-based payment award, fair value assumptions, risk free interest rate | ' | ' | 1.53% | ' | ' |
Share-based compensation arrangement by share-based payment award, fair value assumptions, expected dividend rate | ' | ' | 1.82% | ' | ' |
Share-based compensation arrangement by share-based payment award, fair value assumptions, expected volatility rate | ' | ' | 43.20% | ' | ' |
Share-based compensation arrangement by share-based payment award, fair value assumptions, expected term | ' | ' | '4 years 6 months | ' | ' |
Board of Directors | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award | ' | ' | ' | ' | ' |
Share-based compensation arrangement by share-based payment award, shares issued in period | ' | ' | 27,072 | ' | ' |
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value | ' | ' | $21.98 | ' | ' |
Share-based compensation arrangement by share-based payment award, options, grants in period, gross | ' | ' | 36,083 | ' | ' |
Share-based compensation arrangement by share-based payment award, options, outstanding, weighted average exercise price | $21.98 | ' | $21.98 | ' | ' |
Annual vesting percentage, years one and two, shares | ' | ' | 50.00% | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | ' | ' | '7 years | ' | ' |
Share-based compensation arrangement by share-based payment award, options, grants in period, weighted average grant date fair value | ' | ' | $7.07 | ' | ' |
Share-based compensation arrangement by share-based payment award, fair value assumptions, risk free interest rate | ' | ' | 1.53% | ' | ' |
Share-based compensation arrangement by share-based payment award, fair value assumptions, expected dividend rate | ' | ' | 1.82% | ' | ' |
Share-based compensation arrangement by share-based payment award, fair value assumptions, expected volatility rate | ' | ' | 43.20% | ' | ' |
Share-based compensation arrangement by share-based payment award, fair value assumptions, expected term | ' | ' | '4 years 6 months | ' | ' |
Business_segment_and_geographi2
Business segment and geographical information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Segment Reporting Information | ' | ' | ' | ' |
Net sales | $287,508 | $262,832 | $887,095 | $826,908 |
United States | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' |
Net sales | 187,079 | 172,706 | 578,878 | 550,728 |
Europe | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' |
Net sales | 20,399 | 21,571 | 66,262 | 68,092 |
Other Americas | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' |
Net sales | 12,305 | 14,663 | 35,042 | 45,457 |
Asia Pacific | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' |
Net sales | $67,725 | $53,892 | $206,913 | $162,631 |
Other_commitments_and_continge1
Other commitments and contingencies (Details) (USD $) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2014 | Sep. 30, 2014 | |
Lorva | ' | ' |
Loss Contingencies | ' | ' |
Loss Contingency, Damages Sought | ' | $17,380,000 |
Loss Contingency, Estimate of Possible Loss | 121,000 | 121,000 |
Tecnomatic | ' | ' |
Loss Contingencies | ' | ' |
Loss Contingency, Damages Sought | ' | 110,000,000 |
Remy, Inc. vs. Tecnomatic S.p.A. [Member] | ' | ' |
Loss Contingencies | ' | ' |
Royalty Revenue | ' | 720,000 |
Loss Contingency, Loss in Period | 18,790,000 | ' |
Remy, Inc. vs. Tecnomatic S.p.A. [Member] | ' | ' |
Loss Contingencies | ' | ' |
Payments for Legal Settlements | ' | 16,000,000 |
Loss Contingency Accrual, Period Increase (Decrease) | ' | 16,000,000 |
Intellectual Property | ' | ' |
Loss Contingencies | ' | ' |
Finite-lived Intangible Assets Acquired | $13,930,000 | $1,299,000 |
Acquisition_Details
Acquisition (Details) (USA Industries Acquisition, USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
Customer Relationships | Customer Relationships | Lease Agreements | Lease Agreements | |||
Business Acquisition | ' | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred | $40,179,000 | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Gross | 38,679,000 | ' | ' | ' | ' | ' |
Escrow Deposit | 1,500,000 | ' | ' | ' | ' | ' |
Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | ' | 109,000 | ' | ' | ' | ' |
Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | ' | 7,811,000 | ' | ' | ' | ' |
Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | ' | 13,834,000 | ' | ' | ' | ' |
Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | ' | 43,000 | ' | ' | ' | ' |
Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | ' | 462,000 | ' | ' | ' | ' |
Recognized Identifiable Assets Acquired and Liabilities Assumed, Goodwill | ' | 14,015,000 | ' | ' | ' | ' |
Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | ' | 12,328,000 | ' | ' | ' | ' |
Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | ' | 5,779,000 | ' | ' | ' | ' |
Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | ' | 54,381,000 | ' | ' | ' | ' |
Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | ' | 8,370,000 | ' | ' | ' | ' |
Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | ' | 5,440,000 | ' | ' | ' | ' |
Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | ' | 392,000 | ' | ' | ' | ' |
Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | ' | 14,202,000 | ' | ' | ' | ' |
Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | ' | 40,179,000 | ' | ' | ' | ' |
Finished Goods Inventory Step-Up | 3,474,000 | ' | ' | ' | ' | ' |
Amortization of Intangible Assets | ' | ' | $275,000 | $787,000 | $75,000 | $172,000 |
Executive_officer_separation_D
Executive officer separation (Details) (USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 |
Executive officer separation [Abstract] | ' |
Executive Officer Separation, Payment | $7,000 |
Executive Officer Separation, Diluted Earnings Per Share Impact | $0.14 |
Purchase_of_noncontrolling_int1
Purchase of noncontrolling interest (Details) (USD $) | 3 Months Ended |
Jun. 30, 2013 | |
Purchase of noncontrolling interest [Abstract] | ' |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners Prior to Purchase | 49.00% |
Noncontrolling Interest, Acquisition Value | $14,628,000 |
Cash Payments to Noncontrolling Interests, Excluding Dividends | 8,107,000 |
Noncontrolling Interest Dividends in Excess of Ownership Percentage | 6,521,000 |
Adjustments to Additional Paid in Capital, Other | $9,166,000 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Majority Shareholder [Member] | VIA Motors [Member] | VIA Motors [Member] | Majority Shareholder [Member] | Majority Shareholder [Member] | |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
debt held by majority stakeholder | $29,475,000 | ' | ' | ' | $29,700,000 |
Due from Related Parties, Current | ' | 1,105,000 | 1,105,000 | 1,357,000 | ' |
Related Party Transaction, Other Revenues from Transactions with Related Party | ' | $1,042,000 | $1,285,000 | ' | ' |